Cumulative Bonus Sample Clauses
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Cumulative Bonus. We will increase Your Base Annual Sum Insured by 10% at the end of the Policy Year if the Policy is renewed with Us provided that:
(a) If the Policy is a Family Floater Policy, then the Cumulative Bonus will accrue only if no claims have been made in respect of all the Insured Persons in the expiring Policy Year;
(b) If the Policy is an Individual policy, then Cumulative Bonus will accrue only if no claim has been made in the expiring Policy Year in respect of that Insured Person;
(c) The Cumulative Bonus under a Family Floater Policy will be available only to those Insured Persons who were Insured Persons in the immediately completed Policy Year;
(d) If any Claim is made under the Policy after a Cumulative Bonus has been applied under the Policy, then the accrued Cumulative Bonus under the Policy will reduce by 10% on the commencement of the next Policy Year or the next Renewal of the Policy (as applicable);
(e) The Cumulative Bonus will not accrue in excess of 50% of the Base Annual Sum Insured;
(f) If the Base Annual Sum Insured is increased at the time of Renewal, then the Cumulative Bonus will be calculated based on the Base Annual Sum Insured of the immediately completed Policy Year;
(g) If the Base Annual Sum Insured is reduced at the time of Renewal, then the applicable cumulative bonus will be applicable on the renewed policy Base Annual Sum Insured.
(h) Cumulative bonus will be carried forward to the next policy year, provided the Insured Person renews the policy before the expiry of the grace period. If the Policy Period is more than one year, then any Cumulative Bonus that has accrued for the Policy Year will be credited at the end of the Policy Year and shall be available for any claims made in the subsequent Policy Year.
Cumulative Bonus. Cumulative Bonus shall mean any increase in the Sum Insured granted by the insurer without an associated increase in premium.
Cumulative Bonus. If You renew Your Family Health Care with Us without any break and there has been no claim in the preceding year, We will increase the Limit of Indemnity by 10% per annum, but:
i. The maximum cumulative increase in the Limit of Indemnity will be limited to 5 years and 50% of Your first Family Health Care with Us.
ii. This clause does not alter the annual character of this insurance or Our right to decline to renew or to cancel the Policy
iii. If a claim is made in any year where a cumulative increase has been applied, then the increased Limit of Indemnity in the policy period of the subsequent Family Health Care shall be reduced by 10%, save that the limit of indemnity applicable to Your firstFamily Health Care with Us shall be preserved.
Cumulative Bonus. Sum Insured under the policy shall be increased by 5% in respect of each completed year during which the policy shall have been in force but amount of such increase shall not exceed 50% of Sum Insured.
Cumulative Bonus a. If You renew Your Personal Accident Insurance Policy with Us without any break in the Policy Period and there has been no claim in the preceding year, then We will increase the Limit of Indemnity by 10% of Sum Assured per annum as Cumulative Bonus,
b. The maximum cumulative increase in the Limit of Indemnity will be limited to 5 years and 50% of Sum Assured.
c. This clause does not alter the annual character of this insurance or Our right to decline to renew or to cancel the Policy.
Cumulative Bonus. If You renew Your Family Floater Health Guard Policy with Us without any break in the Policy Period and there has been no claim in the preceding year, We will increase the Limit of Indemnity by 5% per annum, but:
i) The maximum cumulative increase in the Limit of Indemnity will be limited to 10 years and 50% of your first Family Floater Health Guard Policy with Us.
ii) This clause does not alter the annual character of this insurance or Our right to decline to renew or to cancel the Policy.
iii) If a claim is made in any year where a cumulative increase has been applied, then the increased Limit of Indemnity shall be reduced by 10%, save that the Limit of Indemnity applicable to your first Family Floater Health Guard Policy with Us shall be preserved.
Cumulative Bonus. If You renew Your “ Health Guard” with Us without any break and there has been no claim in the preceding year, We will increase the Limit of Indemnity by 10% of base sum insured per annum, but:
i. The maximum cumulative increase in the Limit of Indemnity will be limited to 10 years and 100% of base sum insured of Your first “Health Guard Policy” with Us.
ii. This clause does not alter the annual character of this insurance
iii. If a claim is made in any year where a cumulative increase has been applied, then the increased Limit of Indemnity in the policy period of the subsequent “Health Guard Policy” shall be reduced by 10%, save that the limit of indemnity applicable to Your first “Health Guard Policy” with Us shall be preserved.