It means the available health cover or sum insured under the policy can be utilized by any of the insured members of the family to meet medical expenses
incurred during a policy year.
Car owners holding valid insurance policies qualify for a concession / discount on future premiums at the time of policy renewal, if no claims are
made during the policy year.
Scenario B - Death Benefit: In the event of death of Mr.
Raman during any policy year, the higher of Basic Sum Assured less all Deductible Partial Withdrawals, 105 % of the total Regular / Single premiums paid, the Regular / Single Premium Fund Value, or 10 times of the annualized premium.
If your policy is payable by semi-annual or quarterly instalments - and one or more of the insured moves into a higher age bracket or one or more of the children becomes a paying
insured during the policy year - your premium will change accordingly.
Less mortality charges and rider charges (if any)
due during the policy year in which death occurs, which were not recovered already
If the premiums
paid during any Policy Year exceed the maximum amount permitted under the GPT, we will return to you the excess amount.
This feature allows an individual to reinstate the basic sum insured, in case he has already exhausted the basic sum insured and multiplier
benefit during the policy year.
The maximum claim
limit during a policy year is limited to 10 % of Original Sum Insured and maximum claim limit during the policy term is limited to 30 % of Original Sum Insured for both Non-ICU and ICU benefits
If you don't claim on your car
insurance during the policy year, you can usually earn a discount on your premium, known as a no claims discount, or no claims bonus.
Scenario B: Siddhartha dies during the Term of the Policy In the event of demise of
Gautam during the policy year, his son (nominee) will receive the sum assured on Death of Rs 11,22,538.
The minimum partial withdrawal amount is Rs 5,000 and the maximum limit for such
withdrawal during a policy year should not exceed 25 % of the total fund value available at the beginning of the policy year.
Insurance Company shall arrange and pay for a second opinion, on your request, from their medical panel for listed «Critical Illness»
suffered during the policy year.
In the event of demise of Mrs.
Riya during any policy year, Rs 2 Lacs plus vested simple reversionary bonuses plus terminal bonus or 105 % of the total premiums paid is payable as the death benefit to the nominee.
So, above policy has accumulated Rs. 1,44,000 in three years (2014 - 16) and it is known as vested bonus and it will keep accumulating bonus for each
year during policy year.
In the event of demise of Mr.
Raman during any policy year, Rs 2 Lacs plus vested Simple Reversionary Bonuses and Final Additional bonus is payable as the death benefit to the nominee.
When you buy a plan, you need to pay the premium amount as determined by the insurance company and the insurance company is obliged to pay the permissible medical expenses up to an amount equal to the sum insured
available during a policy year.
Scenario B - Death Benefit: In the event of his
death during any policy year, the Death Benefit payable is higher of Sum Assured plus top - up premium, 105 % of the total premiums paid, Balance in your Individual Policy Account (IPA), or Total premiums paid.
Partial Withdrawal is allowed up to 2
times during a policy year and time interval between two withdrawals can not be less than 3 months.
The documents mentioned below are required while changing the company
name during the policy year: ROC (Certificate of Registration) Pan card copy
If you have been hospitalized for a period of more than 10 days, Convalescence benefit of Rs. 10,000 will be paid to you
once during the policy year.