Under which plan the sum assured is payable only in the event of the death during the term?
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14/10/2022
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A Show
Age
Annuity
Application Form
Synonyms: Proposal Form Assignment
BBancassurance
Bundled Product Disclosure document
CCareShield Life
Cash Dividend
Cash Value
Synonyms: Surrender Value Claim
Co-Insurance
Commission
compareFIRST
Cover Page
Coverage
CPF DPS
CPF LIFE
Critical Illness Insurance
Customer Knowledge Assessment (CKA)
DDeath Benefit
Deductibles
Direct Purchase Insurance (DPI)
Disability
Disability Benefit
Disability Income Insurance
Dispute Resolution
EElderShield
Endowment Policy
Exclusions
FFact-Find Process
Financial Advisory (FA) Representative
Forfeiture
Free Look
GGrace Period
HHospital Cash Insurance
IIndemnity
Integrated Shield Plans
Interim Cover against Death by Accident
Investment-Linked Insurance
LLiving Benefits
Synonyms: Accelerated death benefits Long-Term Care Insurance
MMaturity Date
Medical Expense Insurance
Medisave
MediShield Life
NNomination of insurance beneficiary
Non-Forfeiture Values
Non-Participating Policy
PPaid-up Value
Participating Policy
Policy
Policy Illustration
Policy Loan
Premium
Product Summary
RRegular Premium Policy
Reinstatement
Reports on your Policy
Reversionary Bonus
Rider
Risk Profile
SSelected Client
Single Premium Policy
Suicide
Sum Insured
Surrender Value
TTerm Insurance
Terminal Bonus
Time Horizon
UUnit Trust
Synonyms: Collective Investment Scheme (CIS) Universal Life Insurance
• Protection-oriented universal life plans that provide high insurance coverage, these are typically whole of life plans; or
VVoiding a policy
WWaiver of Premium
Whole Life Insurance
What is sum assured and sum assured on death?A sum assured is a fixed amount that is paid to the nominee of the plan in the unfortunate event of the policyholder's demise. The insurance company pays this money as per the sum chosen by you at the time of purchasing the policy.
What type of insurance policy pays on the death of the last person?Survivorship life insurance is designed to cover two people on a single policy. These policies, also known as second-to-die joint life insurance, only pay out a death benefit once both policyholders have died. Survivorship life insurance is typically less expensive than two separate permanent policies.
Which insurance policy pay the assured sum on maturity of the policy or on the death of the insured whichever is earlier?Endowment Life Policy
In this policy the insurer agrees to pay the assured or his nominees a specified sum of money on his death or on the maturity of the policy which ever is earlier.
Under which type of plan the sum assured is paid only if the insured person survives the specified period?Tax benefits: The policyholder may receive tax benefits on the premiums paid for a term insurance plan as per section 80C of the Indian Income Tax Act, 1961. Maturity benefits/survival benefits: If the life assured survives till the end of policy term, the policy will offer survival benefits.
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