30-10-2017 04:41 PM
Option I – Method A which is Increase in Sum Insured at end of 12 months
Option II – Method B which is Fixed Sum Insured in lieu of Long term Discount.
Option I- Method A
> Allow automatic increase in the Sum Insured throughout the period of the policy in return of higher premium to be collected in advance.
> Sum Insured will increase by 10% of original Sum Insured at end of every 12 months upto number of years opted by the customer.
> No discount in premium.
Option II- Method B
There shall not be any automatic increase in sum insured as in method A. However appropriate discounts shall be allowed on applicable gross premium as per selection of policy period