Sentences with phrase «upon death of the policy holder»

Life insurance is a policy that offers a benefit to the designated beneficiaries upon the death of the policy holder.

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.

Both types of insurance pay a lump sum of money to the beneficiary upon the death of the policy holder.

Upon the death of the policy holder, all of the assets, policy value and death benefits should be awarded to the beneficiaries.

Permanent life insurance is lifelong and only pays out upon the death of the policy holder.

The income period starts upon the death of the policy holder and continues for the pre-determined timeframe.

Income Replacement Option: Under this cover option, nominees get regular monthly income upon the death of the policy holder.

Income Option: Under HDFC 3D Plus cover option, the nominees are provided with a lump sum benefit and also a fixed income upon the death of the policy holder.

Beneficiary is the person named in the insurance contract who is entitled to receive the benefits of the policy upon the death of the policy holder.

Case A: Death of Policyholder The proceeds received by the family member upon death of the policy holder is completely tax free under section 10 (10D).

For instance, if there is an unsettled payment for premiums upon the death of the policy holder and is well within the grace period, the heirs can still avail of the cash benefit.

This means that only upon death of the policy holder will the beneficiaries receive the death benefit.

Life insurance is a policy that offers a benefit to the designated beneficiaries upon the death of the policy holder.

Not exact matches

If you're not familiar a term life insurance policy is a contract that pays a specific amount of money upon the policy - holder's death.

Whole life insurance (cash value life insurance) offers a permanent accruing death benefit as well as accruing cash value within the policy over the life of the policy holder based upon mortality tables.

Since the policy is meant to cover all the expenses of a policy holder's family upon his death the amount of coverage should be decided accordingly.

Life insurance is financial coverage that pays a specified amount of money to a chosen beneficiary upon the death of the main policy holder.

Life Insurance or assurance is a legal contract between the insurer or the insurance company, and policy owner / holder who is the person availing of the plan and whose family will receive money upon his / her death or any other event such as terminal disease.

The family gets a lump sum upon the death of the parent, and the future premiums of the policy are paid by the insurance company on behalf of the policy holder.

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.»

Here, there is an additional benefit or 1 % of the base policy's death benefit — up to a maximum of $ 100,000 — that can go to a qualified charity of the policy holder's choice upon death.

Life insurance, or rather, standard life insurance, consists of a policy that is either permanent life insurance or term life insurance, with a death benefit paid to the beneficiaries upon the insurance holder's death.

Upon the unfortunate death of the policy holder, it provides permanent protection to the beneficiary.

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.

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.

Upon the diagnosis of terminal illness / death of the policy holder during the policy term, a lump sum benefit is paid out to the nominee.

Life Option: Under this cover option, nominees assigned by the policy holder are paid the lump sum benefit upon the diagnosis of terminal illness or the death of the policy holder.

This is a fixed - period non-linked participating plan which protects the policy holder against death besides disbursing a periodic payout upon survival at twenty percent of Sum Assured upon completion of five, ten and fifteen years.

Whole life insurance (cash value life insurance) offers a permanent accruing death benefit as well as accruing cash value within the policy over the life of the policy holder based upon mortality tables.

Third, the suggestion that the life insurance company «takes the cash value» upon the policy holder's death is based upon a misunderstanding of how the policies work.

Case 1: Upon death of the insured Insurance policy proceeds received by the family members in the event of death of the policy holder is completely tax exempt under section 10 of income tax act.

The policy holder is required to pay monthly premiums but in the long run, the amount that insurance carriers need to pay decreases upon the death of the insured.

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

A policy holder can list all sorts of details on the particular people who will receive the money that is paid out upon the holder's death.