Secondary Beneficiary
See “Contingent Beneficiary”.
Settlement option
The option to receive your maturity benefit in instalments over a period of time instead of a lump sum amount on the plan maturity date
Single premium
The amount that has been received by the insurance company as specified in the plan schedule before the plan commencement date.
Suicide Clause
Most life insurance policies provide that if the insured commits suicide within a specified period, usually two years, after the issue date, the company's liability will be limited to a return of premiums paid.
Sum assured
The amount of cover taken under a life insurance plan. It is the minimum amount that will be paid on the life assured's death during the plan term and is specified in the plan schedule.
Survival Benefit
This is the payment of the sum assured to the Insured by the Insurer through instalments. This usually is the case with a money-back policy where, the Insured enjoys the benefits of surviving the contingency (e.g. death).