Discontinued Policy definition

Discontinued Policy. Means a Policy which has reached the Date of Discontinuance and, depending upon the years since inception of the Policy, either: 1. The Fund Value less Discontinuance Charges (if any) under the policy have been transferred to Discontinued Policy Fund; or2. Benefit on Discontinuance has been paid to the policyholder as envisaged under the contract, and the contract has been terminated.
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Discontinued Policy. Means a Policy which has reached the Date of Discontinuance and, depending upon the years since inception of the Policy, either: 1. The Fund Value less Discontinuance Charges if any under the Policy have been transferred to Discontinued Policy Fund; or2. Discontinuance benefit has been paid to the Policyholder as envisaged under the Policy Document, and the Policy has been terminated. Provided that no Policy shall be treated as discontinued if before the expiry of the Grace Period the premium has not been paid due to the death of the Policyholder or the Life Insured.
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Discontinued Policy means a Policy:
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Examples of Discontinued Policy in a sentence

  • The Fund Management Charge for Discontinued Policy Fund shall be 0.50% p.a.

  • The excess income earned in the Discontinued Policy Fund over and above the Minimum Guaranteed Interest Rate will also be apportioned to the Discontinued Policy Fund in arriving at the proceeds of the discontinued policies and will not be apportioned to the shareholders of the Company.

  • The proceeds of a discontinued policy will be credited to the Discontinued Policy Fund.

  • The asset allocation for the Discontinued Policy Fund (SFIN: ULIF05201/10/13DiscontdPF101) shall be as per the prevailing regulatory requirements.

  • If the Policy is surrendered or is completely withdrawn before completion of the Lock-in Period, the Fund Value as on the date of receipt of valid surrender request or complete withdrawal will be transferred to the Discontinued Policy Fund subject to deduction of applicable Surrender/Discontinuance Charges as provided in Part E and the proceeds of the Discontinued Policy Fund at the end of the Lock-in Period will be payable to You.

  • The amount allocated to the Discontinued Policy Fund, with accrued interest, will be paid out to the person entitled to receive the payment, on completion of the Lock-in Period.

  • The proceeds from the Discontinued Policy Fund shall be payable only upon completion of Lock-in Period.

  • The amounts credited to the Discontinued Policy Fund will earn at least the Minimum Guaranteed Interest Rate.

  • If the Policy is surrendered before the completion of five Policy years, the amount will be moved to the Discontinued Policy Fund which will earn a minimum guaranteed interest rate as specified by the IRDAI.

  • If the Date of Discontinuance of the Policy is during the lock-in period, then the Company shall transfer the Fund Value subject to deduction of Discontinuance Charges (as applicable) into the Discontinued Policy Fund.


More Definitions of Discontinued Policy

Discontinued Policy means a Policy:1.14.1. Which is not revived during the stipulated revival period specified in the Policy or1.14.2. Which You have surrendered in accordance with this Policy.
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Discontinued Policy. Means a Policy which has reached the Date of Discontinuance and, depending upon the years since inception of the Policy, either:
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Discontinued Policy. Means a policy which has moved to Discontinuance Status and, depending upon the years since inception of the Policy, either:
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Discontinued Policy means the Policy wherein the Policyholder has discontinued the payment of Regular Premium and as a result of that the Policy has been subject to the action as per Section 5 below.
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Related to Discontinued Policy

  • Discontinued Operations means operations that are accounted for as discontinued operations pursuant to Applicable GAAP of the Issuer for which the Disposal of such assets has not yet occurred.

  • Covered policy means a policy of commercial risk insurance, professional liability insurance or public entity insurance.

  • Lapsed Policy means a Policy which has not acquired the Surrender Value and where the due Premium has not been received till the expiry of the Grace Period.

  • CSR Policy means the present Corporate Social Responsibility Policy of the Company, which covers the activities to be undertaken by the Company as specified in Schedule VII to the Act and the CSR Expenditure thereon.

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

  • D&O Policy has the meaning set forth in Section 6.18(b).

  • R&W Policy means those certain buyer-side representations and warranties insurance policies purchased by Buyer in connection with this Agreement.

  • Board Policy means any and all policies adopted by the School Board and in effect at the time the RFP is published and as they may be amended from time to time (“Board Policy”). All Board Policies are incorporated by reference into this Solicitation and into all Proposals submitted by a Proposer.

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

  • Policy means Related Party Transaction Policy.

  • life policy means a contract in terms of which a person, in return for a premium, undertakes to -

  • Retrospective review means a review of medical necessity conducted after services have been provided to a patient, but does not include the review of a claim that is limited to an evaluation of reimbursement levels, veracity of documentation, accuracy of coding, or adjudication for payment.

  • SAP Policies means the operational guidelines and policies applied by SAP to provide and support the Cloud Service as incorporated in an Order Form.

  • Policy Grievance shall be signed by a xxxxxxx or a Union representative or, in the case of an Employer's policy grievance, by the Employer or its representative.

  • Fraud Loss Coverage Termination Date The point in time at which the Fraud Loss Coverage Amount is reduced to zero.

  • Viaticated policy means a life insurance policy or certificate that has been acquired by a viatical settlement provider pursuant to a viatical settlement contract.

  • Policy Effective Date means the commencement date of these Terms and Benefits which is specified as "Policy Effective Date" in the Policy Schedule.

  • 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 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.

  • Affected source means a source that includes one or more affected units.

  • D&O Tail Policy has the meaning set forth in Section 5.8(c).

  • Unplanned Service Interruption means any Service Interruption where events or circumstances prevent the timely communication of prior warning or notice to the Trader or any affected Customer;

  • Section 385 Expanded Group shall have the meaning set forth in Treasury Regulation Section 1.385-1(c)(4) for an “expanded group”.

  • insurance period means a contribution period or an equivalent period;

  • Self-insured employer means an employer or group of employers certified under ORS

  • Material Change in Formula means the occurrence since the Launch Date of a material change in the formula for, or the method of, calculating the Reference Price.