Basic Sum Insured definition

Basic Sum Insured means the amount specified against each Insured Person/s representing the Company’s maximum liability for any or all the claims during the Policy Period specified in the Schedule to this Policy, subject to terms, conditions and exclusions of this Policy.In case of policies with more than one year tenure, the Basic Sum Insured specified on the Policy is the limit for each year. These limits will lapse at the end of every year and fresh limits up to the full Basic Sum Insured as opted, will be available for the next year.
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Basic Sum Insured means the sum insured for the basic plan and is shown in the Policy schedule of this Policy or any subsequent endorsement issued by Us.
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Basic Sum Insured means the amount specified against each Insured Person/s specified in the Schedule to this Policy, subject to terms, conditions and exclusions of this Policy.
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Examples of Basic Sum Insured in a sentence

  • Applicable for all subsequent renewal(s) involving age slab changes and increase in Basic Sum Insured.

  • Basic Sum Insured can be enhanced only at the time of renewal subject to no claim having been lodged/ paid under the earlier policy/ies and with the specific approval and acceptance by the Company.

  • The Company hereby agrees subject to the terms, conditions and exclusions herein contained or otherwise expressed to pay and/or reimburse actual expenses incurred or up to the limits specified in the schedule against each benefit whichever is less.However, Our total liability under this Policy for payment of any and all Claims in aggregate during each Policy Year of the Policy Period shall not exceed the Basic Sum Insured as stated in the Policy Schedule.

  • In case of portability, the credit for Sum Insured would be only to the extent of the Basic Sum Insured.

  • The Restored Sum Insured cannot be clubbed with balance if any available under the Basic Sum Insured and loyalty perk earned if any.

  • In all such case of increase in the Basic Sum Insured, waiting period will apply afresh in relation to the amount by which the Basic Sum Insured has been enhanced.

  • The total amount of restored Sum Insured shall not exceed the Basic Sum Insured for that Policy Year.

  • If the policy is a Family Floater, then the Restored Sum Insured will only be available in respect of claims made by those Insured Persons who were Insured Persons under the Policy before the Basic Sum Insured was exhausted and for whom we have not incurred or paid any claim during the current Policy Period.

  • The Company will indemnify medical expenses incurred by an Insured Person/s for Domiciliary Hospitalization treatment taken at his home in India limited to 10% of the Basic Sum Insured for the entire Policy Period.


More Definitions of Basic Sum Insured

Basic Sum Insured means the absolute amount insured to be paid on the earlier occurrence of either death or diagnosis of Terminal Illness, as per the benefits chosen under the policy.
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Related to Basic Sum Insured

  • Sum Insured means the sum as specified in the Schedule to this Policy against the name of Insured / each Insured Person, which sum represents the Company's maximum liability for any or all claims under this Policy during the Policy period for the respective benefit(s) against which the sum is mentioned in the Schedule to this Policy.

  • Excess insurance means insurance purchased from an insurance company authorized or admitted in the State of New Jersey or deemed eligible by the Commissioner as a surplus lines insurer or from any other entity authorized to provide said coverage in this state pursuant to law, covering losses in excess of an amount set forth in insurance contracts on a specific occurrence, or per accident or annual aggregate basis.

  • Insured means the Executive.

  • Insurance means (i) all insurance policies covering any or all of the Collateral (regardless of whether the Collateral Agent is the loss payee thereof) and (ii) any key man life insurance policies.