What are the death benefits in a traditional pension plans

Death benefits are based on type of pension plan and the phase of the plan when the insured expires, that is, accumulation or annuitization phase. In traditional pension plans, in the event of the insured’s death before vesting age, the nominee receives the death benefit as sum insured. If death occurs after vesting date,  when it is annuitization phase, the nominee can choose to receive death benefits as a lump sum or in instalments.