Settlement Option means a facility made available under the policy to receive the maturity proceeds in installments in accordance with the terms and conditions of the policy.
Settlement Option means a facility made available to the policyholder to receive the maturity or death proceeds in instalments in accordance with the terms and conditions stated in advance at the inception of the contract.
Settlement Option in relation to a policy, means an arrangement where a policyholder or a person entitled to payment of the policy moneys under a policy (“entitled person”), as the case may be, has the option at any time, upon the surrender or maturity of, or where a claim has been made under the policy, to leave the policy moneys ascertained to be due and payable under the policy, with the insurer which issued the policy, to further accrue interest on or invest, the payments or convert the otherwise lump sum payment to instalment payments over a fixed period of time, when the policy no longer provides for any payment of policy moneys on the happening of any subsequent contingency;
Examples of Settlement Option in a sentence
If a Life Assured, who has exercised Settlement Option against Maturity Benefit, desires to withdraw this option and commute the outstanding instalments, the same shall be allowed on receipt of written request from the Life Assured.
On selecting the Settlement Option, the number of units to be liquidated to meet each payment shall depend on the respective fund NAVs as on the date of each payment.
After the Date of Maturity, in case of death of the Life Assured, who has exercised Settlement Option, the outstanding instalments will continue to be paid to the nominee as per the option exercised by the Life Assured and no alteration whatsoever shall be allowed to be made by the nominee.
Settlement Option If you or your beneficiary ask us, we’ll pay all or part of this insurance in installments.
Settlement Option is an option to receive Maturity Benefit in instalments over the chosen period of 5 or 10 or 15 years instead of lumpsum amount under an in-force as well as paid-up policy.
More Definitions of Settlement Option
Settlement Option means the option of each Holder of a Current GST Asbestos Claim, Future GST Asbestos Claim, and Pre-Petition Judgment GST Asbestos Claim to elect to have his or her Claim evaluated by the Settlement Facility under the processes and procedures established by the CRP.
Settlement Option means a facility made available under the Policy to receive the Maturity Benefit in installments in accordance with the terms specified in Part F of this Policy.
Settlement Option means an option exercised by Claimant as per Clause 2.1.2 of Part C.
Settlement Option means the facility made available to the Policyholder to receive the Maturity Benefit in periodic installments extending over a period not exceeding 5 (Five) years and “Settlement Period” refers to the period during which the Settlement Option is effective, if opted by the Policyholder in accordance with Section 13.1.
Settlement Option means a facility made available to receive the maturity or death proceeds in instalment in accordance with the terms and conditions stated in advance at the inception of the Policy.
Settlement Option means a facility made available to the Policyholder to receive the Policy Fund Value on Maturity Date in installments in accordance with the terms and conditions.
Settlement Option. TABLES The Installment Options or Life Income Options payable under the terms of the options set forth above shall be determined from the tables below and, when applicable, by: (1) age nearest birthday at the date of the first payment; (2) sex of payee, and (3) mortality based on the 1983 Individual Annuity Mortality Table with ages set back five years. For Fixed Annuity options, the tables are based on an interest rate of 3% per annum. Amounts are based upon proceeds of $1,000 and will apply pro rata to the proceeds of this contract. To determine the amounts for guaranteed rates other than monthly payments, multiply the monthly payments by the following factors: quarterly, 2.993; semi-annually, 5.963; and annually, 11.839. At other rates, these factors will be appropriately adjusted. For Variable Annuity options, the tables are based on an interest rate of 3.5% per annum and 5% per annum, respectively. Amounts are based upon proceeds of $1,000 and will apply pro rata to the proceeds of this contract. To determine the amounts for guaranteed rates other than monthly payments at the 3.5% interest rate, multiply the monthly payments by the following factors: quarterly, 2.991; semi-annually, 5.957; and annually, 11.813. To determine the amounts for guaranteed rates other than monthly at the 5% interest rate, multiply the monthly payments by the following factors: quarterly, 2.988; semi-annually, 5.939; and annually, 11.736. At other rates these factors will be appropriately adjusted.