Under which policy, policy money is payable after the assured attains a certain age in month quarterly, halfyearly or annual installments?

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Solution

Annuity Policy

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In this policy, the amount payable to the insured will not be paid before the death of the assured. The sum will become payable only to the beneficiaries or heir of the deceased.

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A clause in a life insurance policy was that no suit to recover under the policy shall be brought after one year from the date of death of assured. X died and his. legal representatives filed a suit to, recover the assured sum after two and half years. Is this suit maintainable?

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Q70) SBI Life Insurance launched Smart Humsafar, a unique plan which offers multiple benefits of savings and insurance cover for husband and wife under a single policy. Smart Humsafar Plan highlights:

1) A Joint life insurance cum savings plan wherein you can take insurance cover for yourself and your spouse under a single policy.

2) Provides financial protection in the event of death of either or both the lives assured

3) Pays a maturity amount on survival of one or both the lives assured at the end of the policy term

4) Benefits also include premium waiver in case of death of any one of the lives assured for in force policies

5) Tax benefits as per prevailing norms under the Income Tax Act, 1961

Which of the above statement(s) is/are correct?

A company took fire insurance policy for 10 lakhs. After four months, due to fire, insured suffered a loss of 3 lakhs. How much money will the company get as compensation?

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