death benefit; life insurance payout
Refers to the sum paid to beneficiaries upon the death of the insured person under a life insurance policy.
The death benefit of this life insurance policy is ten million yen.
生命保険 is the life insurance policy itself, while 死亡保障 is the specific death benefit provided by such a policy.
Compound of 死亡 (death) and 保障 (guarantee, security), directly describing the guaranteed payment upon death.