Benefit Amount

In the context of Life Insurance and Living Benefits Insurance (e.g., Disability, Critical Illness, Extended Health, and Dental Care), the Benefit Amount refers to the monetary sum that the insured or their beneficiaries are entitled to receive under the terms of the insurance policy. This amount can vary depending on the type of insurance and is typically determined at the time of policy issuance.

Key aspects of Benefit Amount include:

• Life Insurance: Represents the death benefit paid to beneficiaries upon the insured's death.
• Disability Insurance: Provides regular income replacement if the insured becomes unable to work due to injury or illness.
• Critical Illness Insurance: A lump-sum payment if the insured is diagnosed with a covered critical illness.
• Extended Health and Dental Care: The portion of medical or dental expenses covered by the insurance.

The Benefit Amount is a core component of an insurance policy, ensuring financial protection for the insured or their beneficiaries in specific scenarios.