Annual Sum Insured definition

Annual Sum Insured means the amount specified in the Policy Schedule / Certificate of Insurance which is Our maximum, total and cumulative liability for any and all Claims during the Policy Year in respect of all Insured Persons. If the Policy Period is more than one year, then the Annual Sum Insured will apply afresh to each Policy Year in the Policy Period, but any portion of the Annual Sum Insured which remains un-utilised in any Policy Year shall not be carried forward to any subsequent Policy Year in the Policy Period. Bank means a banking company that is registered in India to transact the business of banking in India or overseas. Common Carrier Means a civilian or commercial land, air or water conveyance operating under a valid licence for transportation of goods or passengers by air, sea, road or rail for a fee. Claim means a demand made by You for payment of any benefit under the Policy in respect of an Insured Person.

Annual Sum Insured means the maximum liability of the Company under the Policy for a Policy Year and as stated in Part I of the Schedule. "Third Party Administrator (TPA)" means any person who is licensed under the IRDA (Third party Administrators-Health Services)

Annual Sum Insured means the maximum liability of the Company under the Policy for a Policy Year and as stated in Part I of the Schedule.

Examples of Annual Sum Insured in a sentence

• In circumstances where We/Our TPA refuse the request for pre-authorisation as there is insufficient Base Annual Sum Insured there is insufficient information to determine the admissibility of the request for pre-authorisation, a claim for reimbursement may be submitted to Us in accordance with the procedure set out below and We will consider the Claim in accordance with the policy terms, conditions and exclusions.

• Benefits under the Extension will be applicable subject to the terms, conditions and exclusions of the Extension, the terms, conditions and exclusions of the Policy and the availability of Annual Sum Insured and subject always to any sub-limits specified in respect of that Extension and any limits applicable under the Plan in force for the Insured Person as specified in the Policy Schedule.

• On Renewal of the Policy if an increased Base Annual Sum Insured is requested then the elapsed period for Pre-Existing Diseases shall be limited to the Base Annual Sum Insured of the immediately completed Policy Period.

• Availing the Free Health Check-up will not impact the Base Annual Sum Insured or the Cumulative Bonus.

• If the claim event falls within two Policy Periods, the claims shall be paid taking into consideration the available Base Annual Sum Insured in the two Policy Periods, including the Deductibles for each Policy Period.

• We will indemnify the Medical Expenses incurred on the Hospitalisation of the Insured Person's New Born Baby during the Policy Period up to the limits of the Base Annual Sum Insured (subject to availability of Base Annual Sum Insured).

• Benefits under the Extension/Endorsement will be applicable subject to the terms, conditions and exclusions of the Extension/Endorsement, the terms, conditions and exclusions of the Policy and the availability of Base Annual Sum Insured and Cumulative Bonus and subject always to any sub-limits specified in respect of that Extension/Endorsement and any limits applicable under the Plan in force for the Insured Person as specified in the Policy Schedule.

• In circumstances where We/Our TPA refuse the request for pre- authorisation as there is insufficient Base Annual Sum Insured there is insufficient information to determine the admissibility of the request for pre-authorisation, a claim for reimbursement may be submitted to Us in accordance with the procedure set out below and We will consider the Claim in accordance with the policy terms, conditions and exclusions.

• The Annual Sum Insured shall be based on the maximum amounts agreed per day and per month as specified in the Schedule.

• The Annual Sum Insured under this Section shall be the total amount which the Insurers would have to pay as additional expenditures as specified in the schedule for a period of 12 months.

More Definitions of Annual Sum Insured

Annual Sum Insured means the amount specified in the Policy Schedule / Certificate of Insurance which is Our maximum, total and cumulative liability for any and all Claims during the Policy Year in respect of all Insured Persons. If the Policy Period is more than one year, then the Annual Sum Insured will apply afresh to each Policy Year in the Policy Period, but any portion of the Annual Sum Insured which remains un-utilised in any Policy Year shall not be carried forward to any subsequent Policy Year in the Policy Period. Bank means a banking company that is registered in India to transact the business of banking in India or overseas. Common Carrier Means a civilian or commercial land, air or water conveyance operating under a valid licence for transportation of goods or passengers by air, sea, road or rail for a fee. Claim means a demand made by You for payment of any benefit under the Policy in respect of an Insured Person. Credit means the sum of money lent at interest or otherwise to the Insured Person by any Bank/Financial Institution as identified by the Account Number specified in the Policy Schedule/ Certificate of Insurance. Credit Linked Policy means a policy in which the policy period can be extended upto the underlying credit period not exceeding five years Emergency means a serious medical condition or symptom resulting from Injury or sickness which arises suddenly and unexpectedly, and requires immediate care and treatment by a Medical Practitioner, generally received within 24 hours of onset to avoid jeopardy to life or serious long term impairment of the Insured Person’s health, until stabilisation at which time this medical condition or symptom is not considered an emergency anymore. Financial Institution shall have the same meaning assigned to the term under Section 45 I of the Reserve Bank of India Act, 1934 (as amended from time to time) and shall include a Non-Banking Financial Company as defined under Section 45 I of the Reserve Bank of India Act, 1934 (as amended from time to time). Instalment Premium Shall mean the defined proportion of the applicable annual premium with respect to the Insured Person(s) payable at regular frequency as defined in the Policy Schedule/Certificate of Insurance. Insured Person(s) / You means the person(s) named in the Policy Schedule/Certificate of Insurance, who is/are covered under this Policy, for whom the insurance is proposed and the appropriate premium received Insured Person will include Self (Group member) and th...

Annual Sum Insured means the amount specified in the Policy Schedule / Certificate of Insurance w hich is Our maximum, total and cumulative liability for any and all Claims during the Policy Year in respect of all Insured Persons. If the Policy Period is more than one year, then the Annual Sum Insured w ill apply afresh to each Policy Year in the Policy Period, but any portion of the Annual Sum Insured w hich remains un-utilised in any Policy Year shall not be carried forward to any subsequent Policy Year in the Policy Period. Bank means a banking company that is registered in India to transact the business of banking in India or overseas. Common Carrier Means a civilian or commercial land, air or w ater conveyance operating under a valid licence for transportation of goods or passengers by air, sea, road or rail for a fee. Claim means a demand made by You for payment of any benefit under the Policy in respect of an Insured Person.