Common use of Loyalty Additions Clause in Contracts

Loyalty Additions. a. For an Individual Policy or Family Floater Policy, if the Policy is Renewed with Us without a break or if the Policy continues to be in force for the 2nd Policy Year in the 2 year Policy Period (if applicable), each Policy Year We will increase the Sum Insured applicable under the Policy by 10% of the Base Sum Insured of the immediately preceding Policy Year subject to the percentage limit specified in the Schedule of Insurance Certificate. The sub-limits applicable to various benefits will remain the same and shall not increase proportionately with the Sum Insured. b. For a Family First Policy, if the Policy is Renewed with Us without a break or if the Policy continues to be in force for the 2nd Policy Year in the 2 year Policy Period (if applicable), each Policy Year We will increase the Sum Insured applicable under the Policy by 10% of the Base Sum Insured of each individual Insured Person only and the increase shall not apply to the Floater Sum Insured stated in the Schedule of Insurance Certificate as applicable under the Policy. The sub-limits applicable to various benefits will remain the same and shall not increase proportionately with the Sum Insured. c. If the Insured Person in the expiring Policy is covered under an Individual Policy and has an accumulated Loyalty Addition in the expiring Policy under this benefit, and such expiring Policy is Renewed with Us on a Family Floater Policy, then We shall not provide any credit for the accumulated Loyalty Addition to the Family Floater Policy. d. If the Insured Person in the expiring Policy is covered under an Individual Policy and has an accumulated Loyalty Addition in the expiring Policy under this benefit, and such expiring Policy is Renewed with Us on a Family First Policy, then the accumulated Loyalty Addition to be carried forward for credit in the Renewing Policy would be the accumulated Loyalty Addition for that Insured Person only. e. If the Insured Persons in the expiring Policy are covered under a Family First Policy and have an accumulated Loyalty Addition for each Insured Person in the expiring Policy under this benefit, and such expiring Policy is Renewed with Us on a Family Floater Policy with same or higher Base Sum Insured, then the accumulated Loyalty Addition to be carried forward for credit in the Renewing Policy would be the least of the accumulated Loyalty Addition amongst all the Insured Persons. f. If the Insured Persons in the expiring Policy are covered under a Family First Policy and have an accumulated Loyalty Addition for each Insured Person in the expiring Policy under this benefit, and such expiring Policy is Renewed with Us on an Individual Policy with same or higher Base Sum Insured, then the accumulated Loyalty Addition to be carried forward for credit in the Renewing Policy would be the accumulated Loyalty Addition for that Insured Person. g. If the Insured Persons in the expiring Policy are covered on a Family Floater Policy and such Insured Persons Renew their expiring Policy with Us by splitting the Floater Sum Insured stated in the Schedule of Insurance Certificate in to two or more floater / individual / Family First Policy, then We shall not provide any credit of the accumulated Loyalty Addition to the split Policy. h. In case the Base Sum Insured under the Policy is reduced at the time of Renewal, the applicable accumulated Loyalty Addition shall also be reduced in proportion to the Base Sum Insured. i. In case the Base Sum Insured under the Policy is increased at the time of Renewal, the applicable accumulated Loyalty Addition shall be carried forward.