Modal Factor definition

Modal Factor means the applicable factor specified in the Schedule, which is used by Us for determining the Premium. The Modal Factors for this Policy are as follows: i) for annual Premium payment mode – (1.00); ii) for semi-annual Premium payment mode - (0.513); iii) for quarterly Premium payment mode - (0.261); iv) for monthly Premium payment mode - (0.088);

Modal Factor means the applicable factor specified in the Schedule, which is used to determine the Premium, and will be as follows: i) for annual Premium payment mode – (1.00); ii) for semi-annual Premium payment mode - (0.52); iii) for quarterly Premium payment mode - (0.265); iv) for monthly Premium payment mode - (0.09);

Modal Factor means the applicable factor specified in the Schedule, which is used by Us for determining the Premium. The Modal Factors for this Policy are as follows: i) for annual Premium payment mode – (1);

Examples of Modal Factor in a sentence

• The Premium payable under this Policy may differ on the basis of the Extra Premiums, if any, the Premium payment mode chosen by you and the applicable Modal Factor.

• Calculated as installment premium divided by the premium Modal Factor for that mode.

• There will be no risk cover available under this Policy during the Payout Period.1.2.2. The Income Benefit will be paid in annual/ semi-annual / quarterly/ monthly frequency, as selected by You, in arrears (i.e. at the end of the month, quarter, half-year or year), as per the applicable Income Benefit Modal Factor.

• Yearly – 100%, Half yearly – 51%,Quarterly – 26%, Monthly – 8.8% IllustrationGiven below is an illustration of the benefits payable, over the policy term for different combinations for a healthy individual: Note: Assuming survival for 30 years# Modal premium i.e. Annual Premium X Premium Modal Factor (₹ 20,000 X 51%) Please note: The above illustration is an extract of a separate, more detailed benefit illustration.

• The Premium payable under this Plan will be determined by us on the basis of the Premium payment mode chosen by you and the applicable Modal Factor.

• Modal Factor A factor used by us for calculating the Premium payable by You under this Plan, if you have opted to pay the Premium through half yearly Premium payment mode or monthly Premium payment mode.

• Distribution Premium Mode Modal Factor of Policies Annual1.00032.1%Semi-annual0.5106.7%Quarterly0.2608.7%Monthly0.09252.5% 12.

• The applicable Modal Factor for half yearly Premium Payment mode is 0.5119 and for monthly Premium payment mode is 0.0870.

• The applicable Modal Factor for half yearly Premium Payment mode is 0.5119, for quarterly Premium payment mode is 0.2590 and for monthly Premium payment mode is 0.0870.

• Rebates per Rs. 1,000 Sum Assured applicable on the premium paid by the Policyholder are as follows:Sum Assured5.6. Modal Factor: There will be a modal factor applicable on the base premium depending on the mode of premium payment.

More Definitions of Modal Factor

Modal Factor means the applicable factor used by Us for determining the Premium payable by You under this Policy, if You have opted to pay the Premium in any mode other than annual Premium payment mode. The Modal Factor for semi-annual Premium payment mode is 0.52, for quarterly Premium payment mode is 0.265 and for monthly Premium payment mode is 0.09;

Modal Factor means the applicable factor in case You have opted to pay the Premium in any mode other than annual mode which are as follows, i) for Semi Annual – 0.52, ii) Quarterly – 0.265; and iii) Monthly - 0.09;

Modal Factor means the applicable factor in case You have opted to pay the Premium in any mode other than annual mode which are as follows, i) for Semi Annual- 0.52, ii) Quarterly - 0.265; and iii) Monthly - 0.09;

Modal Factor means the applicable factor specified in the Schedule, which is used to determine the Premium payable as per frequency chosen by You, and will be as follows: i) for Annual mode - (1.00); ii) for semi-annual mode - (0.520); iii) for quarterly mode - (0.265); or iv) for monthly mode - (0.090);

Modal Factor means the applicable factor specified in the Schedule, which is used to determine the Premium, and will be as follows:

Modal Factor means the applicable factor as specified in the Base Policy, which is used to determine the Premium, as per the frequency of premium opted by You;