Surrender Benefit Sample Clauses
The Surrender Benefit clause defines the payment or value a policyholder receives if they choose to terminate their insurance policy before its maturity or the occurrence of the insured event. Typically, this benefit is calculated based on the policy’s accumulated value minus any applicable charges or penalties, and may only be available after a minimum period has elapsed. Its core function is to provide policyholders with a clear option to recover part of their investment if they no longer wish to continue the policy, thereby offering financial flexibility and transparency.
Surrender Benefit. A guaranteed surrender Benefit, less any outstanding amount owing to Us, will be payable upon surrender.
Surrender Benefit. You may surrender your policy in full or partially through partial withdrawal. Upon full surrender, we will pay the surrender benefit in one lump sum which is equivalent to the Account value less surrender charges (if any) and any amounts owing to us. You may request for a full surrender any time after the free look period. We reserve the right to delay the payment of the surrender value for up to a period of six months from the date of your surrender application.
Surrender Benefit. Upon surrender, the Surrender Benefit is paid in one lump sum. The total Surrender Benefit payable is the sum of the following:
a) the guaranteed Surrender value; and
b) performance bonus (if any); and
c) monthly income deposited with Us with non-guaranteed interest (if any); less any amounts owing to Us.
Surrender Benefit. The policy has a guaranteed surrender value equivalent to 80% of the single premium paid throughout the policy duration from policy commencement date onwards. The total surrender benefit is the sum of:
(i) a guaranteed surrender value equivalent to 80% of single premium paid;
(ii) any reversionary bonus surrender value; and
(iii) any performance bonus less any amounts owing to us.
Surrender Benefit. A guaranteed surrender Benefit, less any outstanding amount owing to Us, will be payable upon surrender. In the event You surrender the policy before the end of the first policy year and an advance payment for 2nd year Premium is made at point of application, We will pay the Surrender value and refund the advance 2nd year Premium paid (without any interest).
Surrender Benefit. 3.4.1. This Policy does not acquire any surrender value throughout the Policy Term and therefore, there is no amount payable to You upon surrender of this Policy. This Policy and all the rights under this Policy shall extinguish on surrender of this Policy.
Surrender Benefit. At any time while your policy is in effect and after all due installment premiums for at least three policy years have been paid you can request to surrender this policy for its Surrender Benefit. The Guaranteed Surrender Value is the sum of the percentage of premiums paid and surrender value of accrued guaranteed additions and accrued regular bonuses as shown under Schedule A will vary based on the policy term, premium paying term and the year you surrender the policy. Your policy also acquires a Special Surrender Value. To know the Special Surrender Value for your policy you can get in touch with your advisor, or the nearest Branch Office or our Customer Service Team. Your surrender benefit is the higher of:
Surrender Benefit. Upon surrender, the surrender Benefit is paid in one lump sum. The total surrender Benefit payable is the sum of the following:
(a) Before Policy year 12 while the policy is still in force
a) guaranteed Surrender value;
b) Surrender value of reversionary bonus (if any); and
c) performance bonus (if any) less any outstanding amount that You still owe Us.
(b) After Policy year 12 while the policy is still in force
a) guaranteed Surrender value; and
b) accumulated non-guaranteed interest (if any) less surrender charge and any outstanding amount that You still owe Us.
Surrender Benefit. Upon surrender, the surrender Benefit is paid in one lump sum. The total surrender Benefit payable is the sum of the following:
a) guaranteed Surrender value;
b) reversionary bonus (if any);
c) performance bonus (if any); and
d) any Retirement Income accumulated with Us (if any) plus interest accrued up to the date of surrender; less any outstanding amounts that You owe Us on this policy. Surrender Benefit will be payable upon surrender from the end of the third Policy year after the Premiums have been paid for three years.
Surrender Benefit. You may request to surrender Your policy for its account value any time after free look period, subject to surrender charge as set out at Fees and Charges Section below. We will pay You an amount equivalent to the value of the cancelled units at the unit prices of the respective fund(s) on the next valuation date after we receive your request, less any applicable charges. Your coverage will be terminated once You have surrendered Your policy. Please refer to the Fees and Charges section for more information.