Sentences with phrase «premium upon surrender»
The policy also provides a guaranteed return of premium upon surrender for the premiums paid, plus any policy growth.
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The policy also provides a guaranteed return of premium upon surrender for the premiums paid, plus any policy growth.
Not exact matches
It states: «Guaranteed death benefits and values available upon surrender, if any, for the illustrated premium outlay or contract premium shall be shown and clearly labeled guaranteed... The guaranteed elements, if any, shall be shown before corresponding non-guaranteed elements and shall be specifically referred to on any page of an illustration that shows or describes only the non-guaranteed elements.»
• Cash value accumulation means that contract terms and conditions upon surrendering must not exceed its net single premium which is said to be paid at the time the contract has been obtained to acquire future benefits.
The amount you receive upon surrender depends on the number of years of the policy along with the premium and bonus meted out.
After the premium is paid for a few years, the policy attains a certain surrender value depending upon the terms mentioned in the plan.
For Limited and Regular Payment policies, Surrender Value gets acquired upon payment of premiums for 2 years - in case premium payment term is less than 10.
Most whole life insurance policies specify a «surrender value», which varies depending upon how long the policy has been in force and premiums paid.
«Once the policy acquires a surrender value, it means that upon non-payment of further premiums the policy will not lapse, but the sum assured will proportionately reduce.
However, if this Policy has acquired a Surrender Value and upon non-payment of the overdue Premiums by You till the expiry of the grace period as specified in Section 9.10 above, then, this Policy shall not lapse and shall by default become a Policy under Reduced Paid Up Mode.