Pure term plans pay online in the event of death
of life insured during the tenure of the plan.
If life insured dies before the maturity date, highest of the following would be paid as death benefit.
You can add accident benefit option where equal amount of sum assured would be paid in case
life insured dies in accident.
When life insured is diagnosed with any of the critical ailments such as cancer, heart attacks and vascular disease.
As the advisor explains that this is done to avoid any wrong selection of
life insured which will be detrimental to all other less risky insured lives.
But in this policy you will
get life insured covered even after completion of the policy term till death.
This life benefit is for the
primary life insured only with maximum 50 years of age for the eligible person as per medical underwriting.
You would get just 105 % of premiums paid in case of death of
life insured apart from guaranteed additions.
In case of death
of life insured, the nominee receives the death benefit payout.
Date of commencement of risk:
If life insured is > 8 years of age, date of commencement is immediately; else it would be after attaining 8 years of age.
This plan provide various discount options like less premium amount depending on premium payment frequency, in case
female life insured and off course for higher sum assured value.
Their Legacy Whole
Life insures people ages 50 — 80 and is guaranteed approval with a fixed premium.
Bharti AXA Life Premium Waiver Rider: - Under this rider future premiums will be waived off in case of critical illness (for rider taken
by Life Insured) and under Critical Illness / Death or ATPD / Both incase Rider is taken by proposer).
a) Single claim option: A lump sum equal to sum assured would be payable
for life insured on survival after 28 days following the confirmation of diagnosis of Critical Ilness.
On survival of
life insured till maturity of the policy, Guaranteed Sum Assured on maturity equal to 20 % of Sum Assured plus accrued Annual bonuses and Final bonus is payable.
o Level Cover: The death payout under this plan option pays the opted sum assured to the nominee in the event of death of
life insured during the policy term.
In case of death of
life insured within the last 4 years as well, there is a 48 months» Guaranteed Monthly Income available with this plan
2) Survival or Maturity Benefits: If
life insured survives after 12 years of the tenure of the plan, survivor would get Basic Sum Assured + Loyalty Additions (if any).
In the event of death of
Life Insured due to an accident, the Sum Assured under the Rider will be paid to the Policyholder / nominee in addition to the Sum Assured under the base policy and the rider will cease to exist.
39 Years (* Rider term can not be greater than Maximum expiry age less entry age of
Life Insured at inception of the rider)
Recurring Payout Option: Under this payout option, the nominee receives 10 % of the sum assured on the death of
life insured as an immediate payment once the claim is accepted.The balance amount of sum assured is paid either as monthly or yearly income.
Permanent disability rider can be availed in case
life insured suffers permanent disability due to some reason.
It is payable on death or at the end of policy year when
Life Insured attains age 75, whichever is earlier.
In case of death of
Life Insured after discontinuance of a policy within lock - in period of first five policy years, the policy gets terminated by paying the fund value as per the discontinued policy fund to the nominee.
There is survival period clause
where life insured should survive atleast 28 days after the Critical Illness is confirmed through medical tests or certified by medical practioner.
3) Death Benefit: In case of unfortunate demise of
Life Insured while the Policy is In - Force, the Death Benefit payable to the nominee will be highest of a) Fund Value b) Sum Assured (minus withdrawals if any) c) 105 % of premiums paid
For
Life Insured with entry age below 5 years: For minor lives, where the entry age is below 5 years, in case of death during the 1 year and 11 months from the date of commencement of the policy, 105 % of total premiums paid till date of death.
Option III: On the occurrence of first critical illness of
life insured before the age of 65 years and during the first 30 policy years, the insurer pays 50 % of the sum assured on death (maximum of Rs 50 lacs) and the future premiums are waived off.
Avail 150 % of the sum assured as Death Benefit, in the event of death of
life insured occurring as a result of an accident
Founded in 1996, today 5Star
Life insures over 800,000 lives with $ 41.8 B insurance in force.
Their Legacy
Whole Life insures people ages 50 — 80 and is guaranteed approval with a fixed premium.
If any one of the 2
Joint Life Insured dies within the policy tenure, the prevailing Sum Assured as on the date of death would be paid out and the policy will automatically continue on the life of the other person with a reduced premium.
«Guaranteed 48 hours Fund Value release» means release of the cheque on intimation of death of
Life Insured towards the Fund Value accrued under your policy, in the beneficiary's name within 48 hours and does not in any way indicate acceptance of any other policy liability.
Term life insures against the death of the policyholder and pays a lump sum to the beneficiaries during a specified period of time, typically from 5 to 30 years.
Up to the age of 60 years of the
older life insured, Sum Assured on 2nd death is reduced to the extent of Partial Withdrawals made during the last two years prior the date of death.
If
life insured claims major stage of Critical Illness and it is accepted by company, all future premiums would be waived off and policy would continue for the rest of the term of the policy.
The 7 yr forward mortality experienced from Sep 30th 2006 (my estimate: 38 mortalities) works out around at 30 % of the
initial lives insured (which I make 123 after adjusting for later policy - sales and 1 policy addition), whereas the CDC 2008 (white male / female) data predicts 59 % for the 7 yr forward mortality rate at the average age which was 84 in Sept 2006.
The Company holds a well - diversified portfolio of 75 lives (86 policies) with an
average life insured age of 91.0 years.
Life Insured flying in an aircraft other than as a bonafide passenger on an aircraft of a licensed airline,
Under some plans, the premium for the Spouse Life Assured is waived off in the event of death of
Principal Life Insured.
Phrases with «life insured»