Common use of Instalment Facility Clause in Contracts

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) Premiums on policies may be accepted in instalment provided that the instalments covering a particular period shall be received within the 15 days relaxation period from the due date of payment of instalment premium. (b) The Policy will get cancelled in the event of non-receipt of premium within the relaxation period. (c) Coverage will be available during the relaxation period of 15 days. (d) 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.

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 SchedulePolicy Schedule/ Certificate of Insurance, the following conditions shall apply (notwithstanding any terms contained elsewhere in the Policy): (a) Premiums on policies may be accepted in instalment provided that the instalments covering a particular period shall be received within the 15 days relaxation period from the due date of payment of instalment premium. (b) The Policy will get cancelled in the event of non-receipt of premium within the relaxation period. (c) Coverage will be available during the relaxation period of 15 days. (d) 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, 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.