Common use of Grace Period & Renewal Clause in Contracts

Grace Period & Renewal. The Policy may be renewed by mutual consent and in such event the Renewal premium should be paid to Us on or before the date of expiry of the Policy and in no case later than the Grace Period of 30 days Half-yearly and Quarterly mode of payment and grace period of 15 days for monthly mode of payment. If the premium is paid in instalments during the Policy Period, coverage will be available during such Grace Period. For Contributory Policy We shall not be bound to give notice that such Renewal premium is due. A Policy shall be ordinarily renewable unless any established fraud, misrepresentation or non dsclosure of material facts by the Insured Person or on his behalf is found either in obtaining insurance or subsequently in relation thereto. Where such behaviour has been noticed by an individual insured we will terminate the cover for the specific insured and his/her dependants including further renewals and continue the cover for the remaining group members while bringing such instances to the knowledge of the Policyholder. Where it is found that the Policyholder is involved in such above situations, the complete Policy will be terminated. Revival Period: Instalment (less than annual) premium policies may be revived by mutual consent and in such event the Revival premium should be paid to Us within 15 days of the installment due date. Wherever premiums are not received within the revival period the policy will be terminated and all claims that fall beyond such instalment due date shall not be covered as part of the policy. However, We will be liable to pay in respect of all claims where the treatment/admission/accident has commenced/occurred before date of termination of such policies. Renewal Terms Alterations like increase/decrease in Sum Insured or Change in Plan or Optional Covers can be requested at the time of renewal of the Group Plan. We reserve our right to carry out underwriting assessment of the group and provide the renewal quote in respect of the revised plan opted. Where We have discontinued or withdrawn this product/plan or where You will not be eligible to renew as You have moved out of the Group, You will have the option to renewal under the nearest substitute Group/ Retail Policy being issued by Us, provided however benefits payable shall be subject to the terms contained in such other policy which has been approved by IRDA. We may in Our sole discretion, revise the premiums payable under the Policy or the terms of cover, provided that all such changes are approved by IRDA and in accordance with the IRDA rules and regulations as applicable from time to time. We will intimate You of any such changes at least 3 months prior to date of such revision, withdrawal or modification.

Grace Period & Renewal. The Policy may be renewed by mutual consent and in such event the Renewal premium should be paid to Us on or before the date of expiry of the Policy and in no case later than the Grace Period of 30 days Half-yearly and Quarterly mode from the expiry of payment and grace period the Policy or from the date of 15 days next instalment due date. We will not be liable to pay for monthly mode any claim arising out of payment. If the premium is paid in instalments an Injury/ Accident/ Condition that occurred during the Policy Period, coverage will be available during such Grace Period. The provisions of Section 64VB of the Insurance Act, 1938 shall be applicable. All policies Renewed within the Grace Period shall be eligible for continuity of cover. For Contributory Policy We shall not be bound to give notice that such Renewal premium is due. A Policy shall be ordinarily renewable unless any established fraud, moral hazard, misrepresentation or non dsclosure of material facts non-cooperation by the Insured Person or on his behalf is found either in obtaining insurance or subsequently in relation thereto. Where such behaviour has been noticed by an individual insured we will terminate the cover for the specific insured and his/her dependants including further renewals and continue the cover for the remaining group members while bringing such instances to the knowledge of the Policyholder. Where it is found that the Policyholder is involved in such above situations, the complete Policy will be terminated. Revival Period: Instalment Installment (less than annual) premium policies may be revived by mutual consent and in such event the Revival premium should be paid to Us within 15 days of the installment due date. Wherever premiums are not received within the revival period the policy will be terminated and all claims that fall beyond such instalment due date shall not be covered as part of the policy. However, We will be liable to pay in respect of all claims where the treatment/admission/accident has commenced/occurred before date of termination of such policies. Renewal Terms Alterations like increase/increase/ decrease in Sum Insured or Change in Plan or Optional Covers can be requested at the time of renewal of the Group Plan. We reserve our right to carry out underwriting assessment of the group and provide the renewal quote in respect of the revised plan opted. Where We have discontinued or withdrawn this product/plan or where You will not be eligible to renew as You have moved out of the Group, You will have the option to renewal under the nearest substitute Group/ Group/Retail Policy being issued by Us, provided however benefits payable shall be subject to the terms contained in such other policy which has been approved by IRDAIRDAI. We may in Our sole discretion, revise the premiums payable under the Policy or the terms of cover, provided that all such changes are approved by IRDA IRDAI and in accordance with the IRDA IRDAI rules and regulations as applicable from time to time. We will intimate You of any such changes at least 3 months prior to date of such revision, withdrawal or modification.

Grace Period & Renewal. The Policy may be renewed by mutual consent and in such event the Renewal premium should be paid to Us on or before the date of expiry of the Policy and in no case later than the Grace Period of 30 days Half-yearly and Quarterly mode from the expiry of payment and grace period the Policy or from the date of 15 days next instalment due date. We will not be liable to pay for monthly mode any claim arising out of payment. If the premium is paid in instalments an Injury/ Accident/ Condition that occurred during the Policy Period, coverage will be available during such Grace Period. For Contributory Policy The provisions of Section 64VB of the Insurance Act, 1938 shall be applicable. All policies Renewed within the Grace Period shall be eligible for continuity of cover. We shall not be bound to give notice that such Renewal premium is due. A Policy shall be ordinarily renewable unless any established fraud, moral hazard, misrepresentation or non dsclosure of material facts non-cooperation by the Insured Person or on his behalf is found either in obtaining insurance or subsequently in relation thereto. Where such behaviour has been noticed by an individual insured we will terminate the cover for the specific insured and his/her dependants including further renewals and continue the cover for the remaining group members while bringing such instances to the knowledge of the Policyholder. Where it is found that the Policyholder is involved in such above situations, the complete Policy will be terminated. Revival Period: Instalment (less than annual) For instalment premium policies may policies, the revival period shall be revived by mutual consent and in such event the Revival premium should be paid to Us within 15 days of the installment due datedays. Wherever premiums are not received within the revival period the policy will be terminated and all claims that fall beyond such instalment due date shall not be covered as part of the policy. However, We will be liable to pay in respect of all claims where the treatment/admission/accident has commenced/occurred before date of termination of such policies. Renewal Terms Alterations like increase/increase/ decrease in Sum Insured or Change in Plan or Optional Covers can be requested at the time of renewal of the Group Plan. We reserve our right to carry out underwriting assessment of the group and provide the renewal quote in respect of the revised plan opted. Where We have discontinued or withdrawn this product/plan or where You will not be eligible to renew as You have moved out of the Group, You will have the option to renewal under the nearest substitute Group/ Group/Retail Policy being issued by Us, provided however benefits payable shall be subject to the terms contained in such other policy which has been approved by IRDA. We may in Our sole discretion, revise the premiums payable under the Policy or the terms of cover, provided that all such changes are approved by IRDA and in accordance with the IRDA rules and regulations as applicable from time to time. We will intimate You of any such changes at least 3 months prior to date of such revision, withdrawal or modification.

Grace Period & Renewal. The Policy may be renewed by mutual consent and in such event the Renewal premium should be paid to Us on or before the date of expiry of the Policy and in no case later than the Grace Period of 30 days Half-yearly and Quarterly mode from the expiry of payment and grace period the Policy or from the date of 15 days next instalment due date. We will not be liable to pay for monthly mode any claim arising out of payment. If the premium is paid in instalments an Injury/ Accident/ Condition that occurred during the Policy Period, coverage will be available during such Grace Period. The provisions of Section 64VB of the Insurance Act, 1938 shall be applicable. All policies Renewed within the Grace Period shall be eligible for continuity of cover. For Contributory Policy We shall not be bound to give notice that such Renewal premium is due. A Policy shall be ordinarily renewable unless any established fraud, moral hazard, misrepresentation or non dsclosure of material facts non-cooperation by the Insured Person or on his behalf is found either in obtaining insurance or subsequently in relation thereto. Where such behaviour has been noticed by an individual insured we will terminate the cover for the specific insured and his/her dependants including further renewals and continue the cover for the remaining group members while bringing such instances to the knowledge of the Policyholder. Where it is found that the Policyholder is involved in such above situations, the complete Policy will be terminated. Revival Period: Instalment (less than annual) premium policies may be revived by mutual consent and in such event the Revival premium should be paid to Us within 15 days of the installment due date. Wherever premiums are not received within the revival period the policy will be terminated and all claims that fall beyond such instalment due date shall not be covered as part of the policy. However, We will be liable to pay in respect of all claims where the treatment/admission/accident has commenced/commenced/ occurred before date of termination of such policies. Renewal Terms Alterations like increase/increase/ decrease in Sum Insured or Change in Plan or Optional Covers can be requested at the time of renewal of the Group Plan. We reserve our right to carry out underwriting assessment of the group and provide the renewal quote in respect of the revised plan opted. Where We have discontinued or withdrawn this product/plan or where You will not be eligible to renew as You have moved out of the Group, You will have the option to renewal under the nearest substitute Group/ Retail Policy being issued by Us, provided however benefits payable shall be subject to the terms contained in such other policy which has been approved by IRDAIRDAI. We may in Our sole discretion, revise the premiums payable under the Policy or the terms of cover, provided that all such changes are approved by IRDA IRDAI and in accordance with the IRDA IRDAI rules and regulations as applicable from time to time. We will intimate You of any such changes at least 3 months prior to date of such revision, withdrawal or modification.