Examples of Discontinued Life Policy in a sentence
On surrender during the Lock-in Period, the option to revive the Policy will not be available to such a Discontinued Life Policy.
The current cap on Fund Management Charge on the Discontinued Life Policy Fund is 0.50% per annum, as per the “IRDAI (Unit Linked Insurance Products) Regulation, 2019”.
On surrender during the lock-in period, the option to revive the Policy will not be available to such a Discontinued Life Policy.
Fund Management Charge up to a maximum of 1.35% per annum will be adjusted in the unit price for Asset Accelerator Mid Cap Fund II, Allocation Fund II, Bluechip Equity Fund, Bond Fund, Equity Growth Fund II, Liquid Fund, Pure Stock Fund & Pure Stock Fund II, and 0.50% p.a. for the Discontinued Life Policy Fund.
The Policyholder can switch Units from one Fund to another (except from/to the Discontinued Life Policy Fund), by giving written notice to the Company.
On surrender during the lock-in period of first five years of your Policy, the Fund Value, less the applicable Discontinuance/Surrender charge, as on the Date of Surrender, will be transferred to the Discontinued Life Policy Fund (maintained by the Company), and risk cover under the Policy shall cease immediately.
The PA shall be continued within the Discontinued Life Policy Fund without any risk cover till the end of the lock-in-period of first five (5) Policy Years or the end of Revival Period, whichever is later.
The PAV less the Discontinuance Charge, as on the date of termination, shall be moved to the Discontinued Life Policy Fund on the expiry of the Grace Period.
Fund Management Charge up to a maximum of 1.35% per annum will be adjusted in the unit price/NAV for Asset Accelerator Mid Cap Fund II, Allocation Fund II, Bluechip Equity Fund, Bond Fund, Equity Growth Fund II, Liquid Fund, Pure Stock Fund & Pure Stock Fund II, and 0.50% p.a. for the Discontinued Life Policy Fund.
On Discontinuance of Regular Premiums due during the first five (5) Policy years, the Policy will be converted immediately & automatically, to a Discontinued :ife Policy (without any risk cover, any additional rider cover, Guaranteed Benefit, Loyalty Addition, PROMC or PROWC) at the end of the grace period, and the Fund Value less the Discontinuance/Surrender charge, will be transferred to the Discontinued Life Policy fund.