Base Sum definition
Examples of Base Sum in a sentence
In case the Base Sum Insured under the Policy is reduced at the time of Renewal, the applicable accumulated Loyalty Addition shall also be reduced in proportion to the Base Sum Insured.
For a Family First Policy, if the Policy is Renewed with Us without a break or if the Policy continues to be in force for the 2nd Policy Year in the 2 year Policy Period (if applicable), each Policy Year We will increase the Sum Insured applicable under the Policy by 10% of the Base Sum Insured of each individual Insured Person only and the increase shall not apply to the Floater Sum Insured stated in the Schedule of Insurance Certificate as applicable under the Policy.
In case the Base Sum Insured under the Policy is increased at the time of Renewal, the applicable accumulated Loyalty Addition shall be carried forward.
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.
If the Insured Persons in the expiring Policy are covered under a Family First Policy and have an accumulated Loyalty Addition for each Insured Person in the expiring Policy under this benefit, and such expiring Policy is Renewed with Us on an Individual Policy with same or higher Base Sum Insured, then the accumulated Loyalty Addition to be carried forward for credit in the Renewing Policy would be the accumulated Loyalty Addition for that Insured Person.
For an Individual Policy or Family Floater Policy, if the Policy is Renewed with Us without a break or if the Policy continues to be in force for the 2nd Policy Year in the 2 year Policy Period (if applicable), each Policy Year We will increase the Sum Insured applicable under the Policy by 10% of the Base Sum Insured of the immediately preceding Policy Year subject to the percentage limit specified in the Schedule of Insurance Certificate.
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.
If the Insured Persons in the expiring Policy are covered under a Family First Policy and have an accumulated Loyalty Addition for each Insured Person in the expiring Policy under this benefit, and such expiring Policy is Renewed with Us on a Family Floater Policy with same or higher Base Sum Insured, then the accumulated Loyalty Addition to be carried forward for credit in the Renewing Policy would be the least of the accumulated Loyalty Addition amongst all the 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.
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.