Corporate Buffer. We will provide a Corporate Buffer as specified in the Policy Schedule or Certificate of Insurance during the Policy Period provided that:
Corporate Buffer. Rs. 100,00,00,000/- Corporate buffer may be appropriated as per the premium of the bank. If the Corporate buffer of one bank is exhausted, the remaining amount can be claimed from the unutilized corporate buffer of the other banks. Corporate Buffer can be authorized by the Management, through an Authorized person / Committee as decided by IBA / Bank, and informed directly to the THIRD PARTY ADMINISTRATOR by keeping the insurance company in the loop.
Corporate Buffer. It is a special provision formulated under the policy which is meant to meet contingency expenditure which could not be met by an individual within the sum insured under the policy. The Corporate Buffer is to be provided by the Insurer as an incentive in lieu of the anticipated unutilized sum insured during the policy periods. The Corporate Buffer is fixed under this policy as Rs. 40 lakhs(out of which Rs. 10 lakhs is primarily reserved for covering exceptional casesof critical illness such as Stroke resulting in permanent symptoms, Cancer of specified severity, kidney failure requiring regular dialysis, Major organ/ bone marrow transplant, Multiple sclerosis with persisting symptoms, and Open chest Coronary Artery Bypass Graft or CABG in short, Permanent paralysis of limbs and blindness), which shall float on the entire group subject to terms and condition of the policy issued.
Corporate Buffer. It is a special provision formulated under the policy which is meant to meet contingency expenditure which could not be met by an individual within the sum insured under the policy. The Corporate Buffer is to be provided by the Insurer as an incentive in lieu of the anticipated unutilized sum insured during the policy periods. The Corporate Buffer is fixed under this policy as Rs. 30 lakhs which shall float on the entire group subject to terms and condition of the policy issued.
