Cumulative Bonus definition

Cumulative Bonus means any increase or addition in the Sum Insured granted by the insurer without an associated increase in premium.

Cumulative Bonus means any increase in the Sum Insured granted by the Insurer without an associated increase in the premium.

Cumulative Bonus means any increase or addition in the Sum Insured granted by the insurer without an associated increase in premium. Day care centre means any institution established for day care treatment of illness and/or injuries or a medical setup with a hospital and which has been registered with the local authorities, wherever applicable, and is under supervision of a registered and qualified medical practitioner AND must comply with all minimum criterion as under – I. has qualified nursing staff under its employment; ii. has qualified medical practitioner/s in charge; iii. has fully equipped operation theatre of its own where surgical procedures are carried out; iv. maintains daily records of patients and will make these accessible to the insurance company’s authorized personnel. Day Care Treatment means medical treatment, and/or surgical procedure which is: I. undertaken under General or Local Anesthesia in a hospital/day care centre in less than 24 hrs because of technological advancement, and ii. which would have otherwise required hospitalization of more than 24 hours. Treatment normally taken on an out-patient basis is not included in the scope of this definition. Deductible means a cost sharing requirement under a health insurance policy that provides that the insurer will not be liable for a specified rupee amount in case of indemnity policies and for a specified number of days/hours in case of hospital cash policies which will apply before any benefits are payable by the insurer. A deductible does not reduce the Sum Insured. The deductible will apply on individual basis in case of individual policy and on floater basis in case of floater policy. The Deductible will apply on aggregate basis for all hospitalisation expenses during the policy year.

Examples of Cumulative Bonus in a sentence

• Cumulative Bonus shall mean any increase in the Sum Insured granted by the insurer without an associated increase in premium.

• Cumulative Bonus means any increase or addition in the Sum Insured granted by the insurer without an associated increase in premium.

• Availing of services under this Section will not impact the Sum Insured or the eligibility for Cumulative Bonus.

• Insured Person will have the option to migrate to similar health insurance product available with the Company at the time of renewal with all the accrued continuity benefits such as Cumulative Bonus, waiver of waiting period as per IRDAI guidelines, provided the policy has been maintained without a break.

• The premium applicable would be for the enhanced sum insured (Sum Insured + Cumulative Bonus) and if the same is not available, to the next higher Sum Insured available if requested by the Insured Person.

• In case You have opted for the ‘Family Floater’ option as specified in the Schedule, the Cumulative Bonus so applied will only be available to those Insured Persons who were Insured Persons in the claim free Policy Year and continue to be Insured Persons in the subsequent Policy Year.

• Cumulative Bonus shall mean any increase in the Sum Insured granted by the Insurer without an associated increase in premium.

• In case of a claim, the Cumulative Bonus if any under the policy will get reduced by 5% at the time of renewal.

• Portability if requested by the Insured Person, shall be applicable to the previous sum insured and the Cumulative Bonus acquired under the previous policies.

• If the claimed amount is higher than the Balance Sum Insured inclusive of the Cumulative Bonus (If applicable) under the policy, then this benefit will not be triggered for such claimsiv.

More Definitions of Cumulative Bonus

Cumulative Bonus. Cumulative Bonus shall mean any increase in Sum Insured granted by Us without an associated increase in Premium.

Cumulative Bonus means any increase in the sum assured / Mallus granted by the insurer without an associated increase in premium.

Cumulative Bonus. Cumulative Bonus shall mean any increase in Sum Insured granted by Us without an

Cumulative Bonus means any increase in the sum insured granted by the company without an associated increase in premium.