Sentences with phrase «make payment of the due premium»

Grace Period: In case of failure of the premium payment within the given time, a 15 days» grace period is allowed to the insured to make payment of the due premium in monthly mode and 30 days in other modes.

Not exact matches

The amount of money paid or due to be paid when a person insured under a life insurance policy dies, after adjustments for any outstanding policy loans, dividends, paid - up additions or late premium payments (if applicable) are made.

In case of your failure to pay premiums on time, you will get a notification from the insurer to make sure that you have made payments of all the due premiums within a fixed grace period.

Grace Period is the time provided to the policyholder over and above the exact due date to make the payment for the renewal premium without lapsing the policy or reducing any of the policy benefits.

If the Plan Participant fails to make any premium payment due in respect of the Coverage extended to them, subject to the discretion of the Insurance Company, such Coverage will lapse.

The court also held that because the insurer had previously accepted 22 premium payments during the grace period (a short period of time after the premium due date during which an insurer will still provide coverage if a premium payment is made) did not mean that it had waived its right to terminate the policy in this case, because the grace period had expired.On the 22 prior occasions, the payment was made during the grace period, but again, in this case, it had expired.

For additional protection and peace of mind, you can add a disability waiver of premium rider that will protect your if you are disabled prior to age 60 and can not make your payments due to a loss of income.

This option makes the most sense after premium payments are no longer due for a life insurance policy and there is no need to increase the death benefit through the purchase of additional paid up coverage.

If you don't pay the premium on or before the due date, the company will provide you a grace period of 30 days to make the payment (in case of monthly premiums, the grace period is only for 15 days).

Continuing the prior example, assume that Sheila had accumulated a whopping $ 100,000 policy loan against her $ 105,000 cash value, and consequently just received a notification from the life insurance company that her policy is about to lapse due to the size of the loan (unless she makes not only the ongoing premium payments but also 6 % / year loan interest payments, which she is not interested in doing).

In case, any of the covered critical illness occurs, depending upon the selected coverage options, the Life Insured is paid the Sum Assured on Critical Illness, subject to Policy being operational on the date on which the critical illness occurs of the life insured and the payment of all the due premiums have been made.

In the case of an unforeseen demise of the life insured, the Nominee will be paid the Death Benefit, subject to the Policy being operative and the payment has been made for all the due premiums.

Make sure to renew the policy before the policy expires and to do that, you will need to submit the required documents and payment of interest as well as the due premiums.

You can make the advance premium payment only 30 days before the due date of your active policy.

It is the extension in the number of days after premium payment due date during which the policyholder can make the payment.

Grace period: Offers a grace period of 30 days in case you miss the due date to make the premium payment in case of yearly, semi-annual and quarterly mode.

The period of time an insurance policy remains in effect after the premium due date has passed without a payment being made.

However, if the employee makes a premium payment equal to the value of the term life insurance and / or cash value received, then there is no income tax due.

You may also qualify for a payment reduction if you pay the premium in full when it comes due instead of making monthly payments.

An insurance grace period is a defined amount of time after the premium is due in which a policyholder can make a premium payment without coverage lapsing.

Depending on the type of life insurance policy, if a premium is due there is a grace period while payment can still be made to keep the policy in force.

if the transaction is delayed or not effected for incomplete or incorrect information or due to non-availability / insufficient funds in the said bank account, I will make alternative arrangements for payments of the said premium contribution and will not hold Exide Life Insurance Company Limited or Bank responsible for the same.

Update the revised rates on the OneInsure App to make sure that there is no confusion during the time of premium payment and you will be able to see the correct premium amount due in the dashboard.