Sentences with phrase «nominee during the payout period»
Option B - Income Protection Under this option, the Death Benefit shall be payable as Monthly Income (payouts made each month) to your nominee during the payout period as chosen by you at inception of policy.
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In case of demise after premium paying term or during the payout period, the nominee receives the sum assured along with other benefits and the lump sum of payout left in the insured's account.
If the person whose life is insured passes way during the payout period, the nominee receives the balance outstanding payouts.
In case of the unfortunate event of death of policyholder during the income benefit period, the remaining payouts will be made to the nominee.
Note: In case, the life assured passes away during the policy period, the insurance company pays the sum assured to the nominee as per the payout opted by the policyholder.
In the event of death during the payout period, regular instalments as per the Maturity Benefits will be paid to the nominee.
Note: In case of death of the life insured during the payout period, the nominee can exercise an option to either continue receiving the Income Benefit and one — time Terminal Benefit or opt for the Commuted Value of the same.
o Monthly Income Benefit: In case of death of the life insured during the policy term, the nominee is entitled to receive the monthly income that starts from the date of death till the end of the policy term, subject to a guaranteed payout for a minimum period of 36 months.
The nominee however has the option to withdraw the discounted value of the future payouts at any time during the said period.
In case of death of the policyholder during the guaranteed payout period, annuity is payable to the nominee.
In case of death during the payout period (16th to 30th year), the maturity benefit for the remaining payout period is then payable to the nominee.
In case of death of the life insured during the payout period, the guaranteed payouts are paid to the nominee till the end of the 17th year.