Common use of Instalment Facility Clause in Contracts

Instalment Facility. If You have opted for payment of premium on an instalment basis of monthly / quarterly / half yearly, as specified in the Schedule, the following conditions shall apply (notwithstanding any terms contained elsewhere in the Policy): a. In case of any admissible claim in a Policy year: - If the claim amount is equivalent or higher than the balance of the instalment premiums payable in that Policy Year, would be recoverable from the admissible claim amount payable in respect of the Insured Person. - If the claim amount is lesser than the balance premium payable, then no claim would be payable till the applicable premium is recovered. b. Premiums on policies may be accepted in instalment provided that the instalments covering a particular period shall be received within 15 days from the date of commencement of the period. c. In case the instalment premium is not received within the grace period, the Policy will get cancelled with applicable refund of premium, if any.

Instalment Facility. If You have opted for a Policy Period of one year and payment of premium on an instalment basis of monthly / quarterly / half yearly, as specified in the Schedule, the following conditions shall apply (notwithstanding any terms contained elsewhere in the Policy): a. (a) In case of any admissible claim in a Policy year: - o If the claim amount is equivalent or higher than the balance of the instalment premiums payable in that Policy Year, would be recoverable from the admissible claim amount payable in respect of the Insured Person. - o If the claim amount is lesser than the balance premium payable, then no claim would be payable till the applicable premium is recovered. b. (a) Premiums on policies may be accepted in instalment provided that the instalments covering a particular period shall be received within 15 days from the date of commencement of the period. c. (b) In case the instalment premium is not received within the grace period, the Policy will get cancelled with applicable refund of premium, if any.

Instalment Facility. If You have opted for payment of premium on an instalment basis of monthly / quarterly / half yearly, as specified in the Schedule, the following conditions shall apply (notwithstanding any terms contained elsewhere in the Policy): a. i. In case of any admissible claim in a Policy year: - If the claim amount is equivalent or higher than the balance of the instalment premiums payable in that Policy Year, would be recoverable from the admissible claim amount payable in respect of the Insured Person. - If the claim amount is lesser than the balance premium payable, then no claim would be payable till the applicable premium is recovered. b. ii. Premiums on policies may be accepted in instalment provided that the instalments covering a particular period shall be received within 15 days from the date of commencement of the period. c. iii. In case the instalment premium is not received within the grace period, the Policy will get cancelled with applicable refund of premium, if any.

Instalment Facility. If You have opted for payment of premium on an instalment basis of monthly / quarterly / half yearly, as specified in the Schedule, the following conditions shall apply (notwithstanding any terms contained elsewhere in the Policy): a. (a) In case of any admissible claim in a Policy year: - o If the claim amount is equivalent or higher than the balance of the instalment premiums payable in that Policy Year, would be recoverable from the admissible claim amount payable in respect of the Insured Person. - o If the claim amount is lesser than the balance premium payable, then no claim would be payable till the applicable premium is recovered. b. (a) Premiums on policies may be accepted in instalment provided that the instalments covering a particular period shall be received within 15 days from the date of commencement of the period. c. (b) In case the instalment premium is not received within the grace period, the Policy will get cancelled with applicable refund of premium, if any.

Instalment Facility. If You have opted for payment of premium on an instalment basis of monthly / quarterly / half yearly, as specified in the Schedule, the following conditions shall apply (notwithstanding any terms contained elsewhere in the Policy): a. In case of any admissible claim in a Policy year: - If the claim amount is equivalent or higher than the balance of the instalment premiums payable in that Policy Year, would be recoverable from the admissible claim amount payable in respect of the Insured Person. - If the claim amount is lesser than the balance premium payable, then no claim would be payable till the applicable premium is recovered. b. Premiums on policies may be accepted in instalment provided that the instalments covering a particular period shall be received within 15 days from the date of commencement of the period. c. In case the instalment premium is not received within the grace period, the Policy will get cancelled with applicable refund of premium, if any.

Instalment Facility. If You have opted for payment of premium on an instalment basis of monthly / quarterly / half yearly, as specified in the Schedule, the following conditions shall apply (notwithstanding any terms contained elsewhere in the Policy): a. (a) In case of any admissible claim in a Policy year: - • If the claim amount is equivalent or higher than the balance of the instalment premiums payable in that Policy Year, would be recoverable from the admissible claim amount payable in respect of the Insured Person. - • If the claim amount is lesser than the balance premium payable, then no claim would be payable till the applicable premium is recovered. b. (b) Premiums on policies may be accepted in instalment provided that the instalments covering a particular period shall be received within 15 days from the date of commencement of the period. c. (c) In case the instalment premium is not received within the grace period, the Policy will get cancelled with applicable refund of premium, if any.