Discontinued Life Policy definition

Discontinued Life Policy means the Policy wherein the Policyholder has discontinued the payment of Regular Premium during the first five (5) Policy Years and as a result of which the Policy has been subject to the action as per Section 7a) below as well as the Policies surrendered during the first five (5) Policy Years.
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Discontinued Life Policy means the Policy wherein the Policyholder has discontinued the payment of Regular Premium during the Lock-in Period and as a result of which the Policy has been subject to the action as per Section 7a) below as well as the Policies surrendered during the Lock-in Period.
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Discontinued Life Policy means the Policy wherein the Policyholder has discontinued the payment of Regular Premium during the first five (5) Policy Years
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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.


More Definitions of Discontinued Life Policy

Discontinued Life Policy means the Policy wherein the Policyholder has surrendered during the first five (5) Policy Years, and as a result of which the Policy has been subject to Discontinuance action.
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Discontinued Life Policy means the Policy wherein the Policyholder surrendered during the Lock-in Period.
Sample 1
Discontinued Life Policy means the Policy wherein the Policy- holder has discontinued the payment of Regular Premium during
Sample 1

Related to Discontinued Life Policy

  • SOFR Index Cessation Effective Date means, in relation to a SOFR Index Cessation Event, the date on which the Federal Reserve Bank of New York (or any successor administrator of the daily Secured Overnight Financing Rate) ceases to publish the daily Secured Overnight Financing Rate, or the date as of which the daily Secured Overnight Financing Rate may no longer be used;

  • continuing airworthiness means all of the processes ensuring that, at any time in its operating life, the aircraft complies with the airworthiness requirements in force and is in a condition for safe operation;

  • OBFR Index Cessation Effective Date means, in relation to an OBFR Index Cessation Event, the date on which the Federal Reserve Bank of New York (or any successor administrator of the daily Overnight Bank Funding Rate) ceases to publish the daily Overnight Bank Funding Rate or the date as of which the daily Overnight Bank Funding Rate may no longer be used;

  • €STR Index Cessation Effective Date means, in respect of an €STR Index Cessation Event, the first date on which €STR is no longer provided by the European Central Bank (or any successor administrator of €STR), as determined by the Issuer and notified by the Issuer to the Calculation Agent;

  • Continuing care contract means, as stated in RCW 70.38.025, a contract providing a person, for the duration of that person's life or for a term in excess of one year, shelter along with nursing, medical, health-related, or personal care services, which is conditioned upon the transfer of property, the payment of an entrance fee to the provider of such ser- vices, or the payment of periodic charges for the care and ser- vices involved. A continuing care contract is not excluded from this definition because the contract is mutually termina- ble or because shelter and services are not provided at the same location.

  • Policy Year means the period of time these Terms and Benefits are in force. The first Policy Year shall be the period from the Policy Effective Date to the day immediately preceding the first Renewal Date as specified in the Policy Schedule (both days inclusive) within one (1) year period; and each subsequent Policy Year shall be the one (1) year period from each Renewal Date.

  • Provider fee means the consideration paid for a service contract.

  • Enhanced Service Provider (ESP means the provider of enhanced services, as those services are defined in 47 CFR Section 64.702.

  • ECB Recommended Rate Index Cessation Effective Date means, in respect of an ECB Recommended Rate Index Cessation Event, the first date on which the ECB Recommended Rate is no longer provided, as determined by the Issuer and notified by the Issuer to the Calculation Agent;

  • Basic health plan model plan means a health plan as required in RCW 70.47.060(2)(e).

  • extended reduction (qualifying contributory benefits means a reduction under this scheme for which a person is eligible in accordance with paragraph 88 or 95;

  • Customer channel termination point means the location where the customer either inputs or receives the communications.

  • Policy Commencement Date means the date of commencement of the Policy as specified in the Schedule.

  • Life-cycle cost means the expected total cost of ownership during the life of a product, including disposal costs.

  • Basic Plan means as to any Member or Vested Former Member the defined benefit pension plan of the Company or an Affiliated Employer intended to meet the requirements of Code Section 401(a) pursuant to which retirement benefits are payable to such Member or Vested Former Member or to the Surviving Spouse or designated beneficiary of a deceased Member or Vested Former Member.

  • Group Policy /”policy” means the breakdown policy as set out in this document;

  • Service Date or "SD" means the date service is made available to the End User Customer. This also is referred to as the "Due Date."

  • SOFR Index Cessation Date means, in respect of a SOFR Index Cessation Event, the date on which the FRBNY (or any successor administrator of the SOFR), ceases to publish the SOFR, or the date as of which the SOFR may no longer be used.