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 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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Examples of Basic Sum Insured in a sentence

  • Policy No. or other reference of the relevant policy Where the policy number or other reference is NOT available, please provide: (a) the plan name; and (b) the Basic Sum Insured.

  • The maximum bonus will not exceed 100% of the Basic Sum Insured in any Policy Year.

  • Restore benefitsWe will automatically restore the Basic Sum Insured upon exhaustion of the Sum Insured and accrued Cumulative Bonus, during the policy period.

  • The payment under this benefit is over and above the Basic Sum Insured, subject to limits specified, if any.

  • Full utilization of Basic Sum Insured and nil utilization of cumulative bonus accrued, such cumulative bonus so granted will be reduced at the same rate at which it has accrued.

  • Total paid standard premium is calculated based on the regular standard premium based on Basic Sum Insured at the death or TPD of the insured and total premium terms have passed.

  • Partial utilization of Basic Sum Insured, such cumulative bonus so granted will be reduced at the same rate at which it has accrued.

  • We will apply a bonus by enhancing the renewed policy’s Sum Insured by 50% of the Basic Sum Insured of the previous year’s Policy.

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

  • It means any increase or addition in the Basic Sum Insured granted by us without an associated increase in premium.


More Definitions of Basic Sum Insured

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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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.

  • ' Compensation Insurance With respect to all operations performed, the Party shall carry workers’ compensation insurance in accordance with the laws of the State of Vermont. Vermont will accept an out-of-state employer's workers’ compensation coverage while operating in Vermont provided that the insurance carrier is licensed to write insurance in Vermont and an amendatory endorsement is added to the policy adding Vermont for coverage purposes. Otherwise, the party shall secure a Vermont workers’ compensation policy, if necessary to comply with Vermont law.

  • Insurance Costs means the sums described in paragraph 1.1 of Part 5 of the Schedule;

  • Property Insurance is defined in Section 6.10(a).

  • Replacement Cost means the cost to repair or rebuild the improvements owned by Lessor at the time of the occurrence to their condition existing immediately prior thereto, including demolition, debris removal and upgrading required by the operation of Applicable Requirements, and without deduction for depreciation.

  • Travel Insurance means coverage for personal risks incidental to planned travel, including one or more of the following:

  • General Liability Insurance Subcontractor shall carry minimum primary General Liability Insurance for the following amounts:

  • Insured means the Executive.

  • Insurance means comprehensive insurance of the vehicle(s)/equipment and shall include insurance of the crew.