Sentences with phrase «time of death of the policy holder»

As explained above, first the company pays at the time of death of the policy holder and because of its Waiver of Premium (WOP) feature it continues to invest in the fund on the behalf of the policyholder.

Not exact matches

Should a policy holder pass away during the «term,» or time frame, of the policy being in - force, a beneficiary (or beneficiaries) will receive the death benefit proceeds.

Typically, a universal life insurance policy holder may adjust — within certain limits — the death benefit amount, as well as the timing and the amount of their premium.

When the policy holder chooses the level death benefit, the value of the pure insurance component decreases over time to keep the death benefit the same while the policy's cash value increases.

Due to the flexibility of variable life, however, this type of policy can allow policy holders to obtain a much higher rate of return on invested funds, while at the same time getting the protection of a guaranteed amount of death benefit coverage.

Term insurance has garnered importance in recent times as it is a policy which provides a life cover for a definite period of time and benefits the nominee of the deceased policy holder in case of his / her death.

This convertible term insurance can be made of use when the person insured is still at a young age where the insurance could still cater for small expense and premature death but as time comes everyone gets older, this convertible term insurance might not be enough to cater the long term needs of the insured so it is of best interest that the policy holder should convert their policy to a more permanent type of insurance such as Universal Life.

At the same time, it gives coverage for the insured party's family, which means that beneficiaries will receive proceeds from the insurance claim upon death of the policy holder.

10 times of single premium paid (excluding Service Tax) + Loyalty Addition is payable as death claim amount, in case of death of the policy holder before completing 15 years or the maturity date of the policy.

Typically, a universal life insurance policy holder is allowed to change — within certain limits — the death benefit, as well as the timing and the amount of their premium.

Premium, it is the amount paid to the companies for an agreed amount of time to ensure that beneficiaries receive the insurance claim after the death of the policy holder.

Traditionally, life insurance policies only pay out at the time of the policy holder's death.

Should a policy holder pass away during the «term,» or time frame, of the policy being in - force, a beneficiary (or beneficiaries) will receive the death benefit proceeds.

A Policy holder nominates a person at the time of filling up the proposal form wherein the nominee is entitled to the death benefits under this policy, on event of the demise of the Life AsPolicy holder nominates a person at the time of filling up the proposal form wherein the nominee is entitled to the death benefits under this policy, on event of the demise of the Life Aspolicy, on event of the demise of the Life Assured.

Permanent life insurance offers an insurance component that pays a stated amount of proceeds upon the death of the insured, while at the same time providing a cash value or investment component that accumulates cash value that the policy holder may withdraw or borrow against.

In its most basic sense, life insurance consists of a policy holder paying a premium to an insurance company and in return, the insurance company paying out a death benefit to the beneficiaries of the insured if and when the insured passes away — provided that the policy is in force at the time of the individual's death.

[x] An insurance where there is an agreement between the insurer and the insured, where the insurer (insurance company) agrees to pay a certain amount of money in the event of death of the policyholder or to the policy holder after a certain period of time.

After the time has elapsed, policy holders have the option of keeping the coverage as an annually renewable plan, which provides a level amount of death benefit until the insured turns age 98.

A whole life is a policy you pay till death of the policy holder and term life is a policy for a fixed amount of time.

Any outstanding loans against the cash value at the time of the policy holder's death are deducted from the face value of the policy.

For example, this type of policy allows policy holders to adjust the death benefit — as well as the premium payments — to fit changing circumstances over time.

Only plus point in this policy is if death of policy holder occurs at any time (after commencement of policy), all the payouts will be given by company (as mentioned earlier) from the date of claim settlement.

This combination provides financial protection against death throughout the life time of the Policy holder with the provision of payment of lumpsum at the end of the selected policyPolicy holder with the provision of payment of lumpsum at the end of the selected policypolicy term.

Other features include the ability to increase or decrease the death benefit as the insured's needs change; the ability to change the amount and / or the timing of the premium payment; and the ability to choose which investment options may be able to help the policy holder to meet best his or her retirement income needs the best.

Term Insurance is a type of life insurance only, a byproduct that implies financial coverage provided to the policy holder for a particular time period; if the insured dies during the term then death benefits are paid to the beneficiary but it ceases if one outlives the set term of the policy.

Since Amulya Jeevan II is a pure insurance plan, the plan only offers death cover or death benefits which means that if the policyholder meets with death at any time during which the policy is in force then LIC will give to the nominee (s) of the policy holder's Amulya Jeevan II policy the sum assured on death amount.

And the amount that the beneficiary would receive depends on the term plan, with the amount increasing, decreasing or remaining the same irrespective of at what point of time of the policy, the policy holder's death occurs.

On death of policy holder, his / her family will get highest of any one of them: 10 times of annualized premium or guaranteed sum assured or 105 % of all the premiums paid as on the date of death.

The policy holder has 2 options (in case regular premium mode has been selected) to decide on the death benefit payable to the nominee at the time of buying the iMaximize Plan.

At the time of claim dispersal of a Life insurance policy, the sum assured is passed on to the beneficiary or nominee on the death of the policy - holder.

you have not considered that entire sum assured will be given to nominee in case of death of policy holder dies any time before maturity without deducting the survival benefits already paid.

The policy holder has 2 options (in case regular premium mode has been selected) to decide on the death benefit payable to the nominee at the time of buying the

→ Annuity for life with provision for 100 % of annuity to the spouse of policy holder at the time of policy holder death.

→ Annuity for life with provision of 100 % of the annuity payable to spouse during his / her time on death of policy holder with return of purchase price on death of last survivor.

The policy holder has the choice to change the name of the beneficiary at any time, including after the death of a named beneficiary.

In case, policy holder expires during the policy term, within 5 years from the date of purchasing the policy then death benefit ie Basic Sum Assured on death (10 times of single premium amount) is payable to his nominee.

c) Income Option: 10 % of Sum Assured is paid in case of death of the policy holder and balance is paid in equal monthly instalments for the next 15 years of time frame.

Suppose if, unfortunate death of policy holder happens in year 2027 (at age 40), then by that time total premium paid will be Rs. 6,52,620 and nominee will get death claim as Rs. 19,20,000 in case of normal death or Rs. 31,20,000 as accidental death claim in case of death due to accident and policy will stop.

Insurance21 Replied: 30-03-2018 12:25:36 If the policy has been taken with premium waiver rider and proposer's death happens during premium paying term (for example 1 or 2 year after taking policy), then further premium will be waived off and all benefits will be paid to child (policy holder) at the time of money back and maturity.

In case of death of policy holder before 15 years or date of maturity, 10 times of single premium paid (excluding Service Tax) + Loyalty Addition will be death claim amount.