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- What are options under multi year Home Insurance?
27-10-2017 05:03 PM
06-09-2021 01:06 PM
06-09-2021 01:06 PM
SolutionDear Sir ,
Under multi year customer can opt for
2yr
3yr
4yr
5 yr Plan
30-10-2017 04:41 PM
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
06-09-2021 01:06 PM