Sentences with phrase «reducing sum assured»

For instance, one with reducing sum assured.

A 55 to 60 - year old who has met most of his / her financial goals can buy a reducing sum assured policy.

The reduced sum assured along with the accrued bonuses (if any for 5 years) will be paid on maturity or on death of the insured.

The policyholder also has the option to reduce the sum assured amount by using the Step - down Option.

even they have reduced my sum assured amount from 75 lacs to 55 lacs.

If the critical sum assured is less than the basic sum assured, critical sum assured is paid and the policy continues with the reduced sum assured.

If you survive the policy term, then you get a reduced sum assured (Basic Sum Assured - Survival Benefit) along with bonuses (if any).

Even, they have reduced my sum assured amount from 75 lacs to 55 lacs.

After 1 policy year, the insured is has the option to reduce his sum assured amount at any monthly policy anniversary, subject to the minimum sum assured amount allowed under the plan options.

If for some reason, one ceases to pay premium after a set minimum number of years, then a free paid - up policy may be secured with reduced sum assured, subject to certain conditions

In case if the insured stop paying the premium after the completion of 3 policy years, LIC Jeevan Saral policy acquires a paid up value for the reduced sum assured amount and the policy continues to be enforce.

Non forfeiture provision: States that if a policy has been in force for a minimum of three full years and subsequent due premiums are not paid, then the policy will have proportionately reduced sum assured along with vested bonus.

(3/18 * 500000) = 83333 rs is reduced sum assured.

There is an option to reduce sum assured after 3 policy years, provided you have opted for life cover of 20 times the Annual Premium.

If you want to restrict the term insurance premium to Rs. 13,468, then reduce your sum assured proportionately.

If necessary, reduce the sum assured to make the premium affordable.

The regulations have now standardised the formula to calculate the minimum reduced sum assured payable and the same formula is available for Ulips as well.

So if premium payment term of a policy is 10 years and premiums have been paid for only three years, and sum assured is Rs. 10 lakh, then reduced sum assured will be Rs. 3 lakh (i.e., 3 / 10 * 10).

In fact, if the policyholder doesn't surrender, then the policy will be kept in force to the extent of the paid - up sum assured or reduced sum assured.

If I shift to a part time job after 5 years which pays me half my current salary, do I have to reduce the sum assured to half i.e., 25 lakhs.

Not exact matches

Moreover, the sum assured payable on death will not be reduced at any point of time during the term of the policy except where partial withdrawals have been made during the two - year period immediately preceding the death of the life assured.

For instance, if one files a claim of Rs. 2 Lakh where the sum assured in Rs. 5 Lakh, then the sum assured will be reduced to Rs. 3 Lakh after the claim is approved.

In a decreasing term plan, the sum assured or the death benefit reduces throughout the policy period.

Death Benefits: In case of death of the insured, the sum assured is paid with reduced terminal illness benefits to the beneficiary.

Paid - up value is the reduced amount of sum assured paid by the insurance company, in case the policyholder discontinues the payment of premiums.

Paid - up Value is the reduced amount of sum assured paid by the Insurer, in case the Insured discontinues payment of premiums.

Loan Cover policies are a variant where the sum assured keeps reducing in line with the loan balance.

In his 55th year, he decides to reduce the additional sum assured.

On diagnosis of any Terminal Illness, 25 % of the base sum assured will be paid (max.of Rs 1 Crore) & the base sum assured will be reduced by an amount equal to the benefit paid under this clause.

While your insurance will continue till it reaches maturity, the sum assured amount will, however, be reduced.

In Level cover, death sum assured remains constant and it reduces over the policy term in reducing cover.

As the premium paid is being shared among 4 individuals the price range is reduced resulting in the same amount of sum assured being provided in lesser cost.

If death of the life assured occurs before attaining age 60 years, then, the sum assured shall be reduced to the extent of any partial withdrawals made from the single premium fund during the two year period immediately preceding the death of the life assured.

If death of the life assured occurs before attaining age 60 years, then, the sum assured shall be reduced to the extent of the partial withdrawals made from the regular premium fund during the two year period immediately preceding the death of the life assured.

Under the decreased sum assured option, the insured has the choice to reduce the single premium sum assured in his first plan year.

The reduced premium will be based on the age, lifestyle category (if applicable), policy term, premium payment frequency and sum assured of the surviving life assured as at the inception of the policy

In individual health insurance, if you don't file a claim for the year, you are eligible for no claim bonus, either your sum assured will be increased with no extra premium or your renewal premium will be reduced.

If the insured has paid his premiums for 3 years continuously, and subsequently stops paying thereafter, then his policy shall immediately convert into a paid - up policy, under which the assured sum amount will reduce into Reduced Sum Aassured sum amount will reduce into Reduced Sum AssuredAssured.

The death benefits with Reduced Paid - Up value shall be the sum assured on death multiplied by the ratio of the number of premium installments paid to the total number of installment premium payable.

If the insured dies after his of 60 years, the assured sum amount will be reduced by the partial withdrawals made from the single premium fund within 2 years before turning 60 years and partial withdrawals made after turning 60.

If the insured dies before his age of 60 years, the assured sum amount will be reduced by the partial withdrawals made from the single premium amount within 2 years before the date of death.

Dear phani, 1 — No, the base policy sum assured wont be reduced.

And also sum assured will reduce year by year.

Rs. 10 lacs is paid as a lump sum and the policy continues with the reduced Sum Assured of Rs. 90 lacs.

Basic sum assured value is reduced in proportion and becomes paid up sum assured (if future premiums are not paid)

Unlike a CI rider, this product provides Accelerated CI options (which means the policy will continue with the death benefit reduced to the extent of the critical illness sum assured paid) in two variants (7 illnesses and 35 illnesses), depending on the requirements of the customer, which is a cost effective feature and caters to a unique need.

1) If this amount is claimed for relevant reasons during the policy tenure, will the final sum assured get reduced accordingly when a death benefit claim comes up?

The sum assured can not be reduced during the policy term.

In case the death of the life assured occurs prior attaining age 60 years, the sum assured will be reduced to the extent of the partial withdrawals made during the two year period immediately before the death of the life assured.

Under this rider 25 % of the base sum insured will be paid be paid on diagnosis of any terminal illness and the base sum assured amount will be reduced by that amount.