Portability and Continuity Benefits Sample Clauses

Portability and Continuity Benefits. It is agreed and understood that, Upon the Insured Person ceasing to be an Employee/member of the Policyholder, such Insured Person shall have the option to migrate to an approved retail personal accident insurance policy available with Us in accordance with the Portability guidelines issued by the IRDAI, provided that: i. Portability benefit will be offered to the extent of sum of previous Sum Insured (if opted for), and Portability shall not apply to any other additional increased Sum Insured ii. All waiting periods under Sections 3 shall be applicable individually for each Insured Person and claims shall be assessed accordingly. iii. We should have received Your application for Portability with complete documentation at least 45 days before ceasing to be an Employee of the Policyholder iv. Portability benefit will be offered to the nearest Sum Insured, in case exact Sum Insured option is not available. v. Portability benefit will be offered to any other suitable policy, in case exact option is not available. vi. We may subject Your proposal to Our medical underwriting, restrict the terms upon which We may offer cover, the decision as to which shall be as per our underwriting practices and underwriting policy of the Company. vii. There is no obligation on Us to insure all Insured Persons on the proposed terms, even if You have given Us all documentation.
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Portability and Continuity Benefits. Portability means transfer by an Individual health insurance policyholder (including family floater cover) of the credit gained for pre-existing conditions and time bound exclusions if he/ she chooses to switch from one insurer to another. It is further agreed and understood that: You have been covered under an Indian health insurance policy from a non-life insurance company or Health Insurance company registered with IRDAI without any break; i. We should have received Your application for Portability with complete documentation at least 45 days before the expiry of Your present period of insurance; ii. Portability benefit will be offered to the extent of sum of previous Annual Sum Insured (if opted for), and Portability shall not apply to any other additional increased Annual Sum Insured. iii. You shall make a full disclosure to us in writing of any material change in occupation and in the health condition. Page 10; Kotak Mahindra General Insurance Company Ltd; Kotak Group Accident Care UIN: IRDAI/HLT/KMGI/P-P/V.I/15/16-17; Policy Wording iv. We may subject Your proposal to Our medical underwriting, restrict the terms upon which We may offer cover, the decision as to which shall be as per our underwriting practices and underwriting policy of the Company. v. There is no obligation on Us to insure all Insured Persons on the proposed terms, even if You have given Us all documentation. vi. We should have received the database and claim history from the previous insurance company for Your previous policy. vii. After maintaining the Policy with Us for the Policy Period You may port the Policy to any other similar product offered by us or any other Insurers in the market. The Portability provisions will apply to You, if You wish to migrate from this Policy to any other health insurance policy on Renewals. In case You have opted to switch to any other insurer under Portability provisions and the outcome of acceptance of the Portability request is awaited from the new insurer on the date of renewal, i. We may upon Your request extend this Policy for a period of not less than one month at an additional premium to be paid on a pro-rata basis ii. If during this extension period a claim has been reported, You shall be required to first pay the full premium so as to make the Policy Period of full 12 calendar months. Our liability for the payment of such claim shall commence only once such premium is received. Alternately We may deduct the premium for the balance period...
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Portability and Continuity Benefits. The company will grant continuity of benefits which were available to the Insured Members under a group insurance policy in the immediately preceding Cover Year provided that: i. The company shall be liable to provide continuity of only those benefits ( for e.g: Initial wait period, wait period of Specific Diseases etc)which are applicable under the Policy; ii. The Insured Members to whom continuity benefits will be provided should be covered under the group insurance policy; iii. Insured Members covered under this Policy shall have the right to migrate from this Policy to an individual health insurance policy or a family floater policy offered by the company and the credit for wait periods would be given in the opted individual health insurance policy or a family floater policy offered by the company. Application for this Policy is made within 45 days before, but not earlier than 60 days from the expiry of that group insurance policy iv. Insured Member can apply only at the time of renewal of the group Policy.
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Portability and Continuity Benefits. (i) Insured(s) have an option to migrate from their existing health insurance policy of any other Indian non-life insurer/standalone health insurer to any other similar policy with the company, at the time of renewal, provided the previous policy/policies has been maintained without any break and the policy holder shall apply to company at least 45 days before, but not earlier than 60 days from the policy renewal date of his or her existing policy in prescribed format. (ii) The Waiting Periods as defined in Clauses 4.1(i), 4.1(ii) and 4.1(iii) of this Policy shall be reduced by the number of months of continuous coverage under such health insurance policy with the previous insurer to the extent of the sum insured and the deductible under the expiring health insurance policy. (iii) The Waiting Periods under Clauses 4.1(i), 4.1(ii) and 4.1(iii) shall be applicable afresh to the amount by which the Sum Insured under this Policy exceeds the sum insured and the deductible under the terms of the expiring policy. (iv) The Waiting Periods as defined in Clauses 4.1(i), 4.1(ii) and 4.1(iii) shall be applicable individually for each Insured Person and Claims shall be assessed accordingly. (v) Credit for the sum insured of the expiring policy to be carried forward for credit in this Policy would be applied on an individual basis only. (vi) In case the Policyholder has opted to switch to any other insurer under portability and the outcome of acceptance of the portability is awaited from the new insurer on the date of renewal: a) The Company may at the request of the Policyholder, extend the Policy for a period not less than 1 month at an additional premium to be paid on a pro-rated basis. b) In case any Claim is reported during the extended Policy Period, the Policyholder shall first pay the premium so as to make the extended Policy Period part of Policy, as applicable. In such cases, Policyholder shall be liable to pay the premium for the balance period and continue with the Company for that Policy year.
Sample 1

Related to Portability and Continuity Benefits

  • Health Benefits For the eighteen (18) month period following the Termination Date, provided that Executive is eligible for, and timely elects COBRA continuation coverage, the Company will pay on Executive’s behalf, the monthly cost of COBRA continuation coverage under the Company’s group health plan for Executive and, where applicable, her spouse and dependents, at the level in effect as of the Termination Date, adjusted for any increase in such level paid by the Company for active employees, less the employee portion of the applicable premiums that Executive would have paid had she remained employed during the such eighteen (18) month period (the COBRA continuation coverage period shall run concurrently with the eighteen (18) month period that COBRA premium payments are made on Executive’s behalf under this subsection 1(a)(ii)). The reimbursements described herein shall be paid in monthly installments, commencing on the sixtieth (60th) day following the Termination Date, provided that the first such installment payment shall include any unpaid reimbursements that would have been made during the first sixty (60) days following the Termination Date. Notwithstanding the foregoing, the Company’s payment of the monthly COBRA premiums in accordance with this subsection 1(a)(ii) shall cease immediately upon the earlier of: (A) the end of the eighteen (18) month period following the Termination Date, or (B) the date that Executive is eligible for comparable coverage with a subsequent employer. Executive agrees to notify the Company in writing immediately if subsequent employment is accepted prior to the end of the eighteen (18) month period following the Termination Date and Executive agrees to repay to the Company any COBRA premium amount paid on Executive’s behalf during such period for any period of employment during which group health coverage is available through a subsequent employer. Notwithstanding the foregoing, the Company reserves the right to restructure the foregoing COBRA premium payment arrangement in any manner necessary or appropriate to avoid fines, penalties or negative tax consequences to the Company or Executive (including, without limitation, to avoid any penalty imposed for violation of the nondiscrimination requirements under the Patient Protection and Affordable Care Act or the guidance issued thereunder), as determined by the Company in its sole and absolute discretion.

  • Educational Benefits 19.01 Employees who enrol in courses at the College are entitled to a remission of one hundred percent (100%) of the tuition fees and all of the application fees with respect to one full course per academic year. Educational benefits are prorated for part-time employees. 19.02 The spouse and dependent children (not employed by the Employer) of an employee are entitled to a fee remission of fifty percent (50%) of the appropriate tuition fees. Educational benefits are prorated for part-time employees.

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