The phrase
"policy year" refers to the duration of time that an insurance policy is valid for. It is the period during which the terms and conditions of the insurance policy are effective.
Full definition
If you want to secure permanent life insurance, or if you have a reason to access cash later
in policy years, a term product is not the right solution for you.
You will receive additional percentage of fund value by addition of equivalent units to your unit account, at the end
of policy year.
The claw - back addition, if required, are added to the fund value that ensures compliance with the regulatory criteria of maximum reduction in yield from 5th
policy year onwards.
When the policy is discontinued
during policy years of one to four, the holders of the policy would be charged in this range.
The surrender value can be acquired, on payment of all the premiums of at least first
full policy year.
Guaranteed loyalty additions shall be added from the end of
10th policy year and every 5 years thereafter.
For regular / limited premium, it is Rs 60 per month from
6th policy year onwards.
If death occurs within the first two
policy years for any reason other than an accident, all premiums paid plus 7 % interest shall be paid to the beneficiary.
Cost of health check is reimbursed once in every 4 continuous claim
free policy years up to the limits specified.
For single pay policies, it is 3 % of the single premium during
1st policy year.
As a result they keep renewing their insurance
policy year after year, unaware of the fact that they are paying quite a few dollars extra year after year.
Special Units — Special units are added to your fund after the 12th
policy year till the time of maturity.
There is an option for partial withdrawals and 120 % to 170 % of annual premium is allocated to your fund value at the end of the
15th policy year.
After the completion of the
3rd policy year, the insured person can surrender the policy.
Another thing to be concerned about when remaining on the
same policy year after year is that your policy choices may not be adequate for your growing needs.
If death happens after the end of
20th policy year, no death benefit is payable.
It is available in the form of additional units are added under the policy, starting from the end of
8th policy year.
For the policy tenure of 16 years, 15 % of the basic sum assured is paid at the end of 4th, 8th and
12th policy year.
This means that a policy is of greatest benefit to an owner when it is well funded in the early
policy years when insurance costs are lowest.
You want a loan against your policy — Loan is available from
4th policy year under this child plan.
Minimum death benefit is equal to 105 % of all premiums paid till death plus loyalty additions are added from the 6th
policy year at 0.25 %.
You took out a term life insurance
policy years ago to obtain financial protection for your loved ones.
Even if you jump the gun and buy a life insurance
policy years before your first child is born, you're still saving money in the long run.
The accrued guaranteed yearly additions are payable at the beginning of the
last policy year.
You will receive guaranteed money back payouts upon survival at the end of every year from the 10th to the 19th
Policy Year as 15 % of the sum assured in each year.
Latest market study reveals, customers who prefer the online mode of purchasing motor and health insurance continue to remain faithful in the
consecutive policy years.
Two partial withdrawals are permitted in a
single policy year, in which only the first is free of charge.
This can be much more advantageous than buying into a traditional long term care
policy each year if it goes unused.
The fund value is payable after completion of the
fifth policy year, and then the policy is terminated.
The premiums are the highest, per thousand, and the death benefit is not fully available in the first
few policy years.
In case the sum restored is remaining for the
next policy year, it can not be carried over.
These loyalty additions are credited to your policy at the end of the
tenth policy year and at the end of every 5 years thereafter.
For 12 year policy term, 10 % / 15 % / 25 % of sum assured is payable at the end of 3rd / 6th /
9th policy year, respectively.
From the 6th policy anniversary onwards, this allocation increases and goes up to 7 % of the premium by the
16th policy year till the 20th year.
You have the option to avail the Partial withdrawal facility from your policy fund value, after your policy has completed 5
Policy years provided all premium are paid to date.
One free partial withdrawal is allowed every three
policy years subject to a maximum of 20 % of the available fund value as on the date of withdrawal.
The regular / limited premiums and top up premiums, if any, paid, net of allocation charge in that
particular policy year will also be allocated in the same proportion.
Phrases with «policy year»