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Insurance

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

What does my family get on my death?

If death of the policy holder takes place during the term of the insurance policy, then the nominee designated by the policy holder receives the assured sum plus the accrued bonus, if any.
If the policy is along with the bonus policy or participative profits, the bonus is payable to the nominee in addition to the sum assured but only for the number of years the premium has been paid.
If the policy has an accident rider and death takes place due to an accident, then nominee may receive double the sum assured.
However, if death takes place after the policy has matured, then the nominee does not receive anything from the insurance company. There are certain policies which offer to cover the insurer for the sum assured or a part of the sum assured, even after the policy has matured.

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