Death Benefit

Just as a ship has lifeboats that act as a safety net in case of emergencies, death benefit is the safety net that a life insurance plan provides for the policyholder's family in case of an unfortunate event.

In simpler terms, a death benefit is the amount that is paid to nominees if anything happens to the policyholder. According to the policy features & benefits, the death benefit amount can also include bonus and payments on occurrence of an event based on the rider opted by the policyholder.