Life Insured

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Life Insured

Describing a person on whom a death benefit is paid. That is, when a life insured person dies, someone receives a death benefit. In general, the life insured person is the policyholder. However, some companies take out life insurance policies on employees and receive the death benefit when that person dies.
References in periodicals archive ?
- Life Stage option - Option to increase the basic Sum Assured without additional underwriting on any of the events such as marriage, birth of first & second child in the life of the Life Assured
A Relevant Life Policy must provide only for a lump sum benefit payable on the death of the life assured before age 75 It must not be capable of having a surrender value and the benefit must be payable to an individual or charity (either direct or via a trust) The main purpose of the policy must be the provision of life assurance protection, not tax avoidance.
Since our laws do not provide a clear description on how these policies are to be structured, i.e who is the life assured and who is the proposer, one can actually deduct any endowment policy's premiums for tax purposes arguing that such policy's premiums are tax deductible because the policy will be used for a child's tertiary education.
In case of the death of the life assured, the sum assured plus fund value is payable to the nominee, provided the policy is in force.
Under this plan if the life assured survives the term then the basic sum assured along with bonuses is paid.
Following the trajectories of Mugge's historically invaluable floes, critical acclaim and fan support will spell vigorous international tube interest and some global theatrical play, with long ancillary life assured.
Life cover: If the life assured dies, the policy will pay out the value (according to the life office) at that time, and this could be greater than the surrender value.
Critical illness policies pay out the sum assured upon the life assured acquiring one of a range of critical illnesses such as Heart Attack, Stroke, By-pass surgery, Cancer, Kidney Failure and Major Organ Transplant.
Term assurance is a type of life insurance which will pay out a cash lump sum on death of the life assured during the term of the policy.
During the policy term, in case of death of the life assured, the future premiums are waived-off and the nominee will be eligible to receive the guaranteed payout, as scheduled, during the payout period.
Sahara Nivesh endowment plan covers the life of the policy holder and guaranties payment of full sum assured on the maturity of policy or on unfortunate death of the life assured. The product has also added feature of providing Income Tax benefits under section 80C & 10 (10D) of the Income Tax Act, 1961 on payment of and the premiums paid under the policy.
Life cover is designed to pay out a lump sum on the death of the life assured. Plans can either be taken out with a designated term length where a person is protected for a specific period only, such as to cover a mortgage.