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Contributor
Ragini Khanna
Posts: 39
Registered: ‎09-06-2017

What are options under multi year Home Insurance?

What are options under multi year Home Insurance?

1 REPLY 1
Contributor
Dinal Shah
Posts: 25
Registered: ‎28-08-2017

Re: What are options under multi year Home Insurance?

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