Staggered payment Option Sample Clauses

Staggered payment Option. Subject to the Company accepting its liability against the claim under section 2.1 of this Policy and in consideration of additional premium received from the Policyholder/ Insured Person, not withstanding anything contrary contained in the policy, it is hereby understood & agreed that, in the event of claim the Company, in addition to 100% of Sum Insured for the Insured Person as mentioned in the Policy Schedule/ Certificate of Insurance shall also pay equal to 10% of the Sum Insured per annum as benefit for next 5 years. This is the staggered payout which shall be calculated on the Insured Person’s Sum Insured or on the increased sum insured if the Criticare Gain option is opted for.  Claim under this cover will be payable only when the claim under section 2.1 under this policy is payable