Common use of Currency and Place of Payment Clause in Contracts

Currency and Place of Payment. All amounts payable either to or by the Company will be paid in the currency shown on the Policy Schedule. Such amounts will be paid by a negotiable bank draft or cheques drawn on a bank in the country in which the currency of the Policy is denominated. All amounts from the Company will be payable at the issuing office shown on the Policy Schedule. Section M – Free-look Period In case You and/or the Insured Member are not satisfied with the policy, You and/or the Insured Member, have a period of 15 (Fifteen) days from the date of receipt of the Policy/Certificate of Insurance to review the terms and conditions of the Policy/Certificate of Insurance. If You/ the Insured Member disagree to any of the terms or conditions of the Policy/Certificate of Insurance, You/the Insured Member have an option to return the original Policy/Certificate of Insurance to Us by stating the objections/reasons for such disagreement in writing. Where free look cancellation is exercised by You, the Policy shall terminate forthwith and all rights, benefits and interests under the Policy shall cease immediately. However, the cover in respect of existing Insured Members will continue as per the terms of Certificate of Insurance. No new Insured Members will be enrolled under the Policy. Where free look cancellation is exercised by Insured Member, Certificate of Insurance shall terminate forthwith and all rights, benefits and interests shall cease immediately. We will only refund the premiums received by Us, after deducting the proportionate risk premium for the period of cover, charges of stamp duty paid and the expenses incurred on medical examination of the Insured Member(s), if any. Section N – Incontestability Provisions of Section 45 of the Insurance Act, 1938, as amended from time to time shall be applicable. A simplified version of Section 45 has been annexed herewith as ‘Annexure 3’.