Sentences with phrase «survival during the payout period»
The Company provides an option to the policyholder on survival during the payout period or beneficiary in case of death of Life Insured (called Commutation option) to receive the present value of the outstanding survival and death benefit respectively as lump sum.
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Survival Benefits varying from 8.0 % to 12.5 % of the Sum Assured on Maturity payable each year during payout period.
Three types of Survival Benefit is paid if the person whose life is insured is alive during the payout period.
Even during the Payout Period, you will have an option to receive the present value of the outstanding Survival Benefit as lumpsum (Commutation Option).
On the death of the Life Insured during the Payout Period, the beneficiary will continue to receive the outstanding survival benefits (Income Benefit and Terminal Benefit).
In case of survival of the life assured during the benefit payout period, you will receive the regular payouts at the end of each policy year.
Scenario I: On Survival of Rohit till Maturity In case of survival of Rohit, he will start receiving Rs 24,000 at the beginning of each year during the payoutSurvival of Rohit till Maturity In case of survival of Rohit, he will start receiving Rs 24,000 at the beginning of each year during the payoutsurvival of Rohit, he will start receiving Rs 24,000 at the beginning of each year during the payout period.
Survival Benefit as guaranteed income every year is payable during the payout period.
You will receive three types of payouts, during the payout period (last 5 policy years for Plan Option» 5 -5-5» and last 7 policy years for Plan Option» 7 -7-7») on survival: