How is “Death Benefit” paid?
Death Benefit is payable to the beneficiary upon death of the life insured. With the “Level Benefit Option”, the death benefit is either the policy value or the basic sum insured less all withdrawals made in the 12 months preceding the date of death, whichever is the higher. With the “Increasing Benefit Option”, the death benefit is equal to the basic sum insured plus the policy value.
