GUJARAT ROJGAR: English Grammar PDF Book

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GUJARAT ROJGAR: English Grammar PDF Book






English Grammar PDF Book



The Insured shall be entitled for reimbursement of cost of medical checkup once at the end of every four underwriting years provided there are no claims reported during the block. The cost so reimbursement shall not exceed the amount equal to 1% of the average Sum Insured during the block of four claims free underwriting years. Insurance under which the whole of benefit becomes payable on a contingency, which is bound to happen, shall if all premiums have been paid for at least 3 consecutive years, acquire a guaranteed surrender value to which shall be added the surrender value of any subsisting bonus already attached to the policy. Further Section 113 (2) provides that a policy which has acquired surrender value shall not lapse by reason of non-payment of further premiums but shall be kept alive to the extent of paid-up sum assured and such paid-up sum shall include in full all subsisting diversionary bonuses that have already attached to the policy.

Such amount shall not be (Excluding attached bonuses) less than the amount bearing to the total period for which premiums have already been paid bears to the maximum period for which premiums were originally payable. The minimum surrender values are equal to 30% of the total amount of premiums paid excluding first year premium and additional premiums for additional benefits. In addition, cash value of existing bonus will also be allowed subject to surrender value factor. This is known as “Guaranteed Surrender Value”. As per the provisions of Insurance Act, the surrender value formula has to be mentioned in policy documents.

In the event of any claim becoming admissible under this scheme, the Company will pay to the Insured Person the amount of such expenses as would fall under different heads mentioned below as are reasonably and necessarily incurred in respect thereof anywhere in India by or on behalf of such Insured Person, but not exceeding Sum Insured for that person as stated in the Schedule in any one period of Insurance. Preliminary notice of claim with particulars relating to policy numbers, Name of the Insured Person in respect of whom claim is made. Nature of illness/injury and Name and Address of the attending Medical Practitioner/Hospital/Nursing Home should be given by the Insured Person to the Company within seven days from the date of Hospitalization/Domiciliary Hospitalization. Final Claim along with receipted Bills/Cash Memos, Claim Form and list of documents as listed in the claim form etc. should be submitted to the Company within 30 days of discharge from the Hospital.

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