Common use of Sum Insured Clause in Contracts

Sum Insured. In case of Individual Policy, Sum Insured means the total of the Base Sum Insured and Loyalty Additions as per Section 4.1 which is Our maximum, total and cumulative liability for any and all claims during the Policy Year in respect of the Insured Person. In case of Family Floater Policy, Sum Insured means the total of the Base Sum Insured and Loyalty Additions as per Section 4.1 which is Our maximum, total and cumulative liability for any and all claims during the Policy Year in respect of all Insured Persons. In case of Family First Policy, Sum Insured means the total of the Base Sum Insured for each Insured Person, the Loyalty Additions as per Section 4.1 for each Insured Person and the Floater Sum Insured specified in the Schedule of Insurance Certificate which is Our maximum, total and cumulative liability for any and all claims during the Policy Year in respect of each Insured Person. For aforesaid purposes: a. The Base Sum Insured stated in the Schedule of Insurance Certificate for each Insured Person is available for claims in respect of that Insured Person only, during the Policy Year. b. If the Base Sum Insured for an Insured Person is exhausted due to payment of claims, then that Insured Person may utilise the Floater Sum Insured stated in the Schedule of Insurance Certificate for any claims arising in that Policy Year. In the event of a claim being admitted from the Floater Sum Insured, the Floater Sum Insured shall stand correspondingly reduced by the amount of claim paid (including ‘taxes’) or admitted and only the remaining amount of the Floater Sum Insured shall be available for claims arising in that Policy Year in respect of the Insured Persons who have exhausted their Base Sum Insured during that Policy Year. c. The total of the Base Sum Insured for all Insured Persons, the Loyalty Additions as per Section 4.1 for all Insured Persons and the Floater Sum Insured specified in the Schedule of Insurance Certificate is Our maximum, total and cumulative liability for all claims during a Policy Year in respect of all Insured Persons. If the Policy Period is 2 years, then the Sum Insured shall be applied separately for each Policy Year in the Policy Period.

Sum Insured. In case of Individual Policy, Sum Insured means the total of the Base Sum Insured and Loyalty Additions as per Section Section 4.1 which is Our maximum, total and cumulative liability for any and all claims during the Policy Year in respect of the Insured Person. In case of Family Floater Policy, Sum Insured means the total of the Base Sum Insured and Loyalty Additions as per Section . 4.1 which is Our maximum, total and cumulative liability for any and all claims during the Policy Year in respect of all Insured Persons. In case of Family First Policy, Sum Insured means the total of the Base Sum Insured for each Insured Person, the Loyalty Additions as per Section 4.1 for each Insured Person and the Floater Sum Insured specified in the Schedule of Insurance Certificate which is Our maximum, total and cumulative liability for any and all claims during the Policy Year in respect of each Insured Person. For aforesaid purposes: a. The Base Sum Insured stated in the Schedule of Insurance Certificate for each Insured Person is available for claims in respect of that Insured Person only, during the Policy Year. b. If the Base Sum Insured for an Insured Person is exhausted due to payment of claims, then that Insured Person may utilise the Floater Sum Insured stated in the Schedule of Insurance Certificate for any claims arising in that Policy Year. In the event of a claim being admitted from the Floater Sum Insured, the Floater Sum Insured shall stand correspondingly reduced by the amount of claim paid (including ‘taxes’„taxes‟) or admitted and only the remaining amount of the Floater Sum Insured shall be available for claims arising in that Policy Year in respect of the Insured Persons who have exhausted their Base Sum Insured during that Policy Year. c. The total of the Base Sum Insured for all Insured Persons, the Loyalty Additions as per Section 4.1 for all Insured Persons and the Floater Sum Insured specified in the Schedule of Insurance Certificate is Our maximum, total and cumulative liability for all claims during a Policy Year in respect of all Insured Persons. If the Policy Period is 2 years, then the Sum Insured shall be applied separately for each Policy Year in the Policy Period.