Sentences with phrase «sum upon death of the insured»

$ 500,000 Term Life Insurance Term life insurance is a financial security product that pays out funds in a lump sum upon death of the insured.

Not exact matches

At its most basic, life insurance provides a sum of money, called a death benefit, to the beneficiary of a life insurance policy upon the death of the insured.

You make payments on the policy and, in return, the insurance company provides a lump - sum payment, also called a death benefit, to the beneficiaries you have chosen upon the death of the insured.

The insurance company pays out a lump sum death benefit to the beneficiary of the policy upon the death of the insured.

The cash value policy pays out a lump sum cash benefit upon the death of the insured for the benefit of the life insurance beneficiary.

Upon the death of the insured, the lump sum death benefit is paid income tax free to the policy beneficiary.

Lump - sum payments do not accrue interest: A $ 200,000 policy will pay out exactly $ 200,000 upon the death of the insured party.

Most people are aware that life insurance companies usually pay out a lump sum death benefit upon the death of the insured.

In exchange for paying premiums on a policy, the insurance company provides a lump - sum payment (far in excess of what you paid in), known as a death benefit, to beneficiaries upon the insured's death.

Upon the death of the insured, the lump sum death benefit is paid income tax -LSB-...] Continue Reading

Endowment can also refer to a type of insurance policy that pays a lump sum upon the insured's death or after a specific term.

Life insurance is a contract where, in exchange for premium payments, a lump sum of money is paid upon the death of the insured person.

Death Benefit is the sum paid to the beneficiary upon the insured's death irrespective of the cause of dDeath Benefit is the sum paid to the beneficiary upon the insured's death irrespective of the cause of ddeath irrespective of the cause of deathdeath.

The endowment without profit policies are also known as term insurance plans offer the nominee the sum assured only, upon death of the insured.

Upon death of the insured the death benefit is payable which can be taken in monthly instalments or in one lump sum

All life insurance policies work on the same basic premise; make payments, called premiums, to the insurance company, which guarantees to pay chosen beneficiaries a sum of money upon the death of the insured.

Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder).

It defines life insurance «as a contract between and insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person.»

In exchange for premium payments, the insurance company presents a lump - sum payment, known as a death benefit to beneficiaries upon the event of the insured's death.

Upon the death of the insured / annuitant, the insurance company pays the contract beneficiary (s) the death benefit amount either in a lump sum or over a set number of years.

Life insurance is insurance that pays out a sum of money upon the death of the insured person.

Life Insurance is an agreement between insurer and insured where insurer will pay a lump sum amount to the beneficiaries upon the death of the insured against the premium paid.

Life insurance is a contract between an insured (insurance policy holder) and an insurer, where the insurer promises to pay a designated beneficiary a sum of money (the «benefits») upon the death of the insured person.

For Example - If Rs 1 crore term plan is selected then upon an eventuality (death of the life insured) whole lump sum death benefit of Rs. 1 crore will be paid to the nominee.

A term life policy has only one function: to pay a specific lump sum to the beneficiary that has been designated, upon a specific event: the death of the insured person.

Life insurance is a contract between a person or policyholder and an insurer or Insurance Company, where the insurer promises to pay a designated beneficiary a specified sum of money, upon the death of the insured, in exchange for a premium paid.

The company pays out a lump sum death benefit to the beneficiary of the policy upon the death of the insured.

These contracts are designed to provide lump sum maturity benefits at the end of the policy term or upon the death of the life insured.

As most people are aware term insurance is designed to provide a lump sum or income upon the death of the insured.

This policy guarantees that upon your death regardless of how you die, other than by suicide, the life insurance company will pay the sum insured to your beneficiary.

By choosing this rider, the assigned nominee / family of the life insured is provided with the monthly income apart from the lump sum payout they get upon the death of the insured.

Individual Life: Upon the death of the insured during policy, the sum assured will be paid (if all premiums are fully paid).

Upon maturity or death of the policy holder, insurance company provides a lump sum amount of money to the life insured or his dependents.

Under this contract, the insurer promises to pay a pre-decided sum of money (also known as «Sum Assured» or «Cover Amount») upon the death of the insured person or after a certain period.

Under this option, 100 % of the sum assured shall be paid as a lumpsum upon death of the life insured.

In its most basic form, the insurer agreed to pay a stated sum, specified in the policy, upon the death of the person whose life is insured.

Option 3: Income Option Under the income option, 10 % of the sum assured is paid as a lump sum upon death of the life insured and the remaining 90 % of the sum assured shall be paid as monthly income over next 15 years (0.5 % of sum assured every month for 15 years).

o Individual Life: Upon the death of the insured during policy, the sum assured will be paid (if all premiums are fully paid).

These benefits are in addition to the lump sum that is paid out immediately upon the death of the insured.