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 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 or both or upon the happening of any other contingency covered under the Policy.
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Discontinued Policy means a Policy:
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Examples of Discontinued Policy in a sentence

  • If the Policy is surrendered before the completion of five Policy years, the amount will be moved to the Discontinued Policy Fund.

  • The Discontinued Policy Fund would earn a minimum guaranteed interest as prescribed by IRDAI from time to time.

  • If the Policy is not revived within two years of the revival period, the proceeds of the Discontinued Policy Fund shall be paid out at the end of the revival period.

  • This request specifically outlined the two Curtis incidents and was made within the relevant period.

  • 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.

  • A Fund Management Charge of 0.50% p.a., charged daily, will be levied on the Discontinued Policy Fund.

  • 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.

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

  • This shall not be applicable in case the Fund value is in the Discontinued Policy Fund at the time of credit.


More Definitions of Discontinued Policy

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 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 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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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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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 a representation and warranty insurance policy for the benefit of Buyer obtained in connection with this Agreement on the terms described on Schedule 1.01 of the Buyer Disclosure Schedule.

  • Premium Termination Date With respect to the Series A Certificates, the scheduled maturity date of the Series A Certificates, with respect to the Series B Certificates, the scheduled maturity date of the Series B Certificates and with respect to the Series C Certificates, the scheduled maturity date of the Series C Certificates.

  • 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 is defined as a difference between the parties relating to the interpretation, application or administration of this Agreement. A policy grievance may be submitted by either party at Step 2 of the grievance procedure. A policy grievance shall be signed by a CLAC Representative and submitted to the Employer. A policy grievance submitted by the Employer shall be signed by the Employer or his representative.

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

  • 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.

  • Business Continuity Plan means any plan prepared pursuant to clause H5.6, as may be amended from time to time.

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

  • 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