Sentences with phrase «nominee of the policy»

What all information does an insurance company checks when a claim is made by nominee of a policy holder and how do they ensure verification of the information?

Yes, good option for policy holders (or rather nominees of the policy holder).

Just like a life insurance policy, on the demise of the insured life the plan hands the sum assured to the nominee of the policy i.e. the child.

Only the death benefit is available under this policy which means that if the insured person dies then the complete sum assured is paid to the nominee of the policy.

Under this plan you can only avail death benefits i.e. if the life insured dies, then the entire sum assured is handed to the nominee of the policy.

Hence, child plans provide the nominee of the policy a death benefit in case of the unfortunate death of the policy holder.

In case the insured dies after the completion of first 5 years of the policy, the nominee of the policy receives the basic sum assured + accrued guarantee addition + simple reversionary bonus + final reversionary bonus (if any), which can be paid as a lump - sum or as an annuity, or as a combination of two.

Term insurance plans like most other different types of life insurance policies offer tax free death benefit to the nominees of the policy holder.

The nominees of the policy can claim death benefits from the insurer in the event of death of the insured during the tenure of the policy.

Death benefit is paid as the total sum assured amount to the nominee of the policy in case of uncertain demise of the insured person of the policy.

Under this rider benefit the nominee of the policy receives the extra sum assured amount on top of basic sum assured amount in case of accidental demise of the insured person.

If the insured person dies during the tenure of the policy, then the death benefit is paid to the nominee of the policy i.e. the child as the sum assured amount, which is 105 % of the total premium paid till demise.

In case the policy holder dies in between the term tenure, then the policy sum assured with bonus amount will be paid to nominee of the policy.

If the policy holder dies during the policy term, the nominee of the policy holder gets Sum Assured.

On receiving the documents, the fund value of the plan is paid to the nominee of the policy.

Under such circumstances, the nominee of the policy holder will be paid the sum assured of the term plan.

In case of suicide within 12 months or commencement or revival of policy, the nominee of the policy will be to 80 % of the premiums paid

You can also keep your address updated with the help of this new technology and the nominees of your policy can find the policies at one location.

On the demise of the insured person, the nominee of the policy receives the sum assured on death along with vested reversionary bonus and terminal bonus, if any.

Term insurance is the simplest form of life insurance plan that offers comprehensive life coverage over a period of time and in case the insured person dies during the tenure of the policy, the guaranteed death benefit is payable to the nominee of the policy.

The process to change the nominee of the policy is very simple and hassle - free.

These features make endowment plan more preferable for risk - averse investors as it also provides maturity benefit apart from death benefit offered to the nominee of the policy in case of an eventuality.

By using the policy to take up a loan, the nominees of the policy might be deprived of this benefit.

If the death occurs after the completion of 5 policy years but before the completion of policy tenure or before the maturity date of the policy then the sum assured amount along with the loyalty addition is payable to the nominee of the policy.

He nominated his wife as the nominee of the policy he purchased.

In case of demise of the pensioner during the policy tenure of 10 years, the purchase price of the policy is refunded to the nominee of the policy.

In case, the policyholder does the same act within a year of policy renewal then the nominee of policy wee receive either the surrender benefits or the 80 % of the premium paid whichever is higher.

Under regular or limited premium mode option, 10 times of the yearly premium or 105 % of the total premium paid till the time of the death of the insured person, is paid to the nominee of the policy.

Under this option, an extra lump - sum benefit is offered to the nominee of the policy, in case of accidental demise of the insured person.

In the event of the death of an insured person, the nominee of the policy would receive an amount called the sum assured which can then be used effectively to plan for their future.

In your absence, the beneficiary or nominee of your policy can claim your death benefit.

When a policy holder dies, the nominee of the policy has to submit paper - work to the insurance company along with proof of relationship and death of the policy holder.

Or, the death benefit willaccrue on you for being nominee of the policy.

From your question it's presumed,, that either you are minor havingno income of your own or you are the nominee of the policy on whosebehalf the premia was being paid by the so called person.

The nominee of the policy is his wife Megha.

The nominee of the policy is his wife Sulekha.

Under this plan you can only avail death benefits i.e. if the life insured dies, then the entire sum assured is handed to the nominee of the policy.

Just like a life insurance policy, on the demise of the insured life the plan hands the sum assured to the nominee of the policy i.e. the child.

Hence, child plans provide the nominee of the policy a death benefit in case of the unfortunate death of the policy holder.

This has to be made by the nominee of the policy holder and the original copy of the policy has to be submitted when applying for the claim.

If the nominee of a policy is different from the legal heir, who gets the proceeds?