A death claim is where the life insurance company pays the sum insured to the nominee/beneficiary on the death of the insured during the terms of the plan.
If the policy is a participating policy, the insurance company will also pay the bonuses accumulated until then.
If the policy holder had taken out any loans, then the outstanding amount of the loan, the interest and any outstanding premium and interest thereon will be deducted before the final amount is paid.
There are certain policies where the benefit is not paid on death but on a specifies date as chosen by the life insured when taking out the policy.
If the policy is a participating policy, the insurance company will also pay the bonuses accumulated until then.
If the policy holder had taken out any loans, then the outstanding amount of the loan, the interest and any outstanding premium and interest thereon will be deducted before the final amount is paid.
There are certain policies where the benefit is not paid on death but on a specifies date as chosen by the life insured when taking out the policy.
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