Common use of Premium Rates Clause in Contracts

Premium Rates. a) Premiums payable under this Policy shall be calculated in accordance with the Premium Rate(s) agreed between Policyholder and the Company and specified in the Policy Schedule. The Premiums payable for the Insurance in respect of an Insured Member / employee on the Policy Effective Date / Cover Commencement Date or on the Next Renewal Date shall be ascertained from the Premium Rates as mentioned in the Policy Schedule and the Amount of Insurance in respect of the Insured Member/ employee. If in respect of the Insured Member, the Date of Entry is different (later) to the Policy Effective Date / Cover Commencement Date, proportionate Premiums shall be payable immediately and thereafter the insurance Coverage shall be effective. b) The Company shall have the right to change the rate(s) at which the Premiums shall be calculated on any Policy Anniversary, provided that the Company notifies the Policyholder at least thirty days in advance of the Policy Anniversary provided the Master Policyholder shares complete and updated member data on which the new rate(s) would take effect. In case of failure of agreement between the Company and the Policyholder in respect of a change in rate(s), notice of termination of the contract of insurance shall be given by the dissenting party before the Policy Anniversary on which such termination shall be effective. c) Notwithstanding what is stated above, without prejudice to any other provision in this Policy document, the Company shall have the right to change the premium rate(s) at which the premiums are payable, any time during the Policy Year if, as a result of substantial number of addition and deletion of Insured Members into or from the Policy after the Policy Effective Date / Cover Commencement Date, the membership profile of the scheme changes substantially. Alternatively, a separate premium rate(s) may be charged for the Insured Members / employees added to the policy subsequent to the Policy Effective Date. d) In addition to the premiums at the above rates, Service Tax and other related Taxes will be charged separately at the time of payment of premium at the prevailing tax rates.