Sentences with phrase «policy anniversary»
The phrase "policy anniversary" refers to the specific date on which an insurance policy is renewed each year. It is like a birthday for the policy, marking the completion of another year of coverage. Full definition
Such changes are generally entertained by insurers on policy anniversary date.
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Watch outs Some plans allow riders to be added only at the inception of the policy while a few others may allow them to be added at policy anniversary.
This is a traditional participating endowment plan under which survival benefits payable every year from 5th policy anniversary till maturity and life insurance benefit.
With survival benefits payable every year from 5th policy anniversary till maturity and life insurance benefit, this plan offers a perfect combination of liquidity, savings and financial protection of your family.
Loans may be taken out on the cash value, not to exceed the net cash value of the policy at the next policy anniversary.
For 15 year policy term, the survival benefit is payable at 5th & 10th policy anniversary.
Most insurance companies also allow adding riders (as per their underwriting rules) during policy anniversary in case you missed opting for the same during policy purchase.
The decrease in sum assured can be done at any monthly policy anniversary, subject to the minimum allowed under the policy.
If you're between 36 and 40, you can only purchase more coverage on your first and second year policy anniversary.
From the 6th policy anniversary onwards, this allocation increases and goes up to 7 % of the premium by the 16th policy year till the 20th year.
[2] To be more exact the maturity date will be the «policy anniversary nearest age 100».
Top up Option: In the Top up Option you may opt for a systematic increase of your cover from 1st policy anniversary onwards.
The risk cover will start one month before second policy anniversary.
You can choose to surrender your policy for a partial or full refund on all your premiums paid on the 15th, 20th and 25th policy anniversary.
For 20 year policy term, the survival benefit is payable at 5th, 10 th & 15th policy anniversary.
For example, an individual with a child currently aged 5 years buys a 20 year child plan which promises money backs at the 15th, 17th and 20th policy anniversary.
Offers a guaranteed lifetime benefit, which continues from the tenth policy anniversary until your death.
For the minor, when the entry age is below 5 years, the risk cover will commence one month before the 2nd policy anniversary.
The premium payment term can be altered only on policy anniversary.
But after the deduction of outstanding premiums till the next policy anniversary.
The decrease in sum assured can be done at any monthly policy anniversary.
For 10 year policy term, the survival benefit is payable at 5th policy anniversary.
Top Up Option: he policyholder may opt for a systematic increase of your cover from 1st policy anniversary onwards.
The 20 - pay whole life product is nearly identical to the Straight Life choice, however the payments are increased to allow the policy to be completely paid by the 20th policy anniversary.
With entry age below than 5 years, the risk cover starts one month before the second policy anniversary.
This is because it has a guaranteed death benefit that won't terminate before the first policy anniversary following the insured's 120th birthday.
Lump sum amount paid at the end of PPT and another at policy anniversary after the policyholder reaches 100 years of age
The policy will be renewed at Policy Anniversary date every year and will be in force unless it is specifically terminated by Master Policyholder or us
Option to choose this Rider on inception or any subsequent policy anniversary of the Base Policy
Guaranteed Refund Option: provides a 60 day window upon the 15th policy anniversary when the owner can surrender the policy and receive 50 % premiums back in return, with the potential for 100 % at year 20, 21, 22, 23, 24 and 25.
Exide Life Critical Illness Rider UIN: 114B009V02, Exide Life Accidental Death Disability and Dismemberment Rider UIN: 114B002V02 are optional riders which can be added at inception and policy anniversary by paying a nominal additional premium.
The risk cover begins one day before completion of 2 years of policy term or one day before policy anniversary that coincides with or follows the child's 8th birthday
By keeping your policy in - force, you earn bonus interest on the money in your policy every year starting on your fifth policy anniversary
The policy is convertible to the lesser of level premium period (LPP) or to the first policy anniversary on or after your 65th birthday, but at least 5 years.
If the base insured becomes disabled between the ages 60 and 65, this coverage will waive monthly deductions to the later of the third policy anniversary after total disability, and the anniversary when the insured is age 65.
Your child gets 20 % of Sum Assured on policy anniversary immediately following 18th, 20th and 22nd birthday.
It is 0.20 % of the Average Fund Value in the last 12 months (every year, from 11th policy anniversary onwards).
The insured gets a guaranteed 25 % of the sum assured each year in policy anniversaries during the last 4 years, irrespective of insured's survival.
Scenario B: Shivam dies before completion of the Vesting Term In case of demise of Shivam with - in the vesting term, the higher of 105 % of gross premiums paid (including top - up premiums), gross premiums paid (including top - up premiums) compounded at 1 % p.a, or Balance in Individual Pension Account (IPA) plus prorated interest from last policy anniversary is payable.
With regard to group policies, the life insurers has been asked not to enroll these policies after the immediate policy anniversary falling due after July 2013.
The survival benefit payment is paid at the end of the premium paying term and on successful completion of every subsequent year till the policyholder survives or policy anniversary prior to the date of maturity.
It is 0.75 % of the average Fund Value in the last 12 months (every year, from 16th policy anniversary onwards).
The monthly income for disability benefit will start from the next monthly policy anniversary upto the maturity of the policy or for a period of 60 months, whichever is later.
From 6th policy anniversary onwards, Guaranteed Addition is 0.
The benefit received differs among companies and contracts, but the beneficiary is guaranteed an amount equal to what was invested or the value of the contract on the most recent policy anniversary statement, whichever is higher.
The monthly Income Benefit will commence from the next monthly policy anniversary up to the end of the Policy Term or for a period of 60 months, whichever is later.
Policyholders can opt for this Portfolio Strategy at the commencement of the policy or can switch to this Portfolio Strategy at any subsequent policy anniversary.
This benefit can be used for insured's up to age 33 and it allows them to purchase additional coverage at certain policy anniversaries without proof of insurability.
The general concept, however, is to make sure that your beneficiary will receive either the amount you had invested or the contract's value on the most recent policy anniversary statement, whichever is higher.