Filetype PDF | Posted on 17 Aug 2022 | 3 years ago
Authentication
digital resources
146x Filetype PDF File size 0.54 MB Source: www.tataaia.com
TATA AIG LIFE INSURANCE
COMPANY LTD (Reg. No. 110)
Unit - 302 ,Building # 4, Infinity IT Park, Film City Road, Dindoshi, Malad (East), Mumbai 400 097
Tel: 91-22-6760 8275 (Direct Inward), 6760 8000 (Board) Fax: 91-22-6760 8014
Email:
In consideration of the application for this Policy and the payment of the premium computed and payable as provided
hereinafter, by
(Herein called the Policyholder)
HEREBY AGREES, in accordance with and subject to the provisions of this Policy, to pay the benefits as provided by this
Policy, to the person, persons or entity entitled thereto.
The provisions and conditions on the subsequent pages hereof form a part of this policy as fully as if recited at length over
the signatures hereto affixed.
IN WITNESS WHEREOF, TATA AIG LIFE INSURANCE COMPANY LIMITED has caused this Policy to be executed
as of its Date of Issue to take effect on the Policy Effective Date.
____________________________________________________
For and on behalf of Tata AIG Life Insurance Company Limited
GROUP SINGLE PREMIUM MORTGAGE REDUCING TERM INSURANCE PLAN (UIN: 110N013V02)
POLICY NO.:
Page 1 of 15 Policy No.
Registered Office: Delphi, B Wing, 2nd Floor, Orchard Avenue, Hiranandani Business Park,
Powai, Mumbai - 400 076
-TABLE OF CONTENTS-
PART I - DEFINITIONS .............................................................................................................................. 3
PART II - MEMBERSHIP ELIGIBILITY, PARTICIPATION & TERMINATION ................................... 5
SECTION A - ELIGIBILITY ........................................................................................................... 5
SECTION B – PARTICIPATION ................................................................................................... 5
SECTION C - TERMINATION ...................................................................................................... 5
PART III - BENEFIT PROVISIONS ............................................................................................................ 6
SECTION A - SUM INSURED ....................................................................................................... 6
SECTION B - DEATH BENEFIT ................................................................................................... 6
SECTION C - TOTAL AND PERMANENT DISABILITY BENEFITS ....................................... 6
SECTION D - JOINT LIFE INSURANCE COVERAGE ............................................................... 6
SECTION E - EXCLUSIONS.......................................................................................................... 7
SECTION G - PAYMENTS OF BENEFITS ................................................................................... 7
PART IV - PREMIUM PROVISIONS ......................................................................................................... 8
SECTION A - PREMIUM PAYMENTS ......................................................................................... 8
PART V - GENERAL PROVISIONS .......................................................................................................... 9
SECTION A - THE CONTRACT.................................................................................................... 9
SECTION B - INDIVIDUAL CERTIFICATES .............................................................................. 9
SECTION C - DATA REQUIRED .................................................................................................. 9
SECTION D - MISSTATEMENT ................................................................................................... 9
SECTION E - PREMIUM RATES ................................................................................................ 10
SECTION F - APPLICABLE LAW .............................................................................................. 10
SECTION G - LEGAL PROCEEDINGS ...................................................................................... 10
SECTION H - INCONTESTABILITY .......................................................................................... 10
SECTION I - FILING PROOF OF LOSS ...................................................................................... 10
SECTION J - POLICY TERMINATION AND REINSTATEMENT........................................... 10
SECTION K - POLICY NON-PARTICIPATING ......................................................................... 10
SECTION L - FREELOOK PRIVILEGE ...................................................................................... 11
POLICY SCHEDULE ................................................................................................................................. 15
PREMIUM RATES ..................................................................................................................................... 13
REDUCING SUM INSURED SCEDULE .................................................................................................. 17
Page 2 of 15 Policy No.
Registered Office: Delphi, B Wing, 2nd Floor, Orchard Avenue, Hiranandani Business Park,
Powai, Mumbai - 400 076
PART I - DEFINITIONS
In this Policy where consistent with the contents the singular shall include the plural and the plural the singular; words
importing the masculine gender shall include the feminine gender; and each of the following words and expressions shall
have the following meanings:
1. “Company” shall mean Tata AIG Life Insurance Company Limited.
2. “Policy” shall mean this agreement, any supplementary contracts or endorsements herein, any amendments hereto
signed by the Company, the application of the Policyholder, and any individual applications for membership,
required statements to the Company's medical examiners, and questionnaires provided by or on behalf of the Insured
Members , which shall together constitute the entire contract between the parties.
3. “Policyholder” shall mean the institution to which the Policy is issued as specified in the Policy Schedule.
4. “Policy Effective Date” shall mean the date from which the insurance plan under this Policy becomes effective and
shall be the date as specified in the Policy Schedule.
5. “Borrowers” shall mean the persons so defined in the Policy Schedule attached hereto.
6. “Eligible Members” shall mean Borrowers who have met the eligibility requirements set forth in Part II Section A
of this Policy and are entitled to participate in the insurance coverage under this Policy.
7. “Insured Members” shall mean Eligible Members who, in accordance with the provisions of Part II Section B, are
participating in the insurance plan under this Policy.
8. “Joint Insured Members” shall mean Eligible Members whom, in accordance with the provisions of Part II
Section B are participating for joint-life insurance under a single Mortgage Loan.
9. “Effective Date of Coverage” shall mean the commencement date of the insurance coverage under this Policy as
defined under Part II, Section B in this Policy.
10. “Sum Insured” shall mean the amount as set forth in Part III, Section A of this Policy.
11. “Total and Permanent Disability” or “Disability” shall mean permanent continuous and total disability such
that:
(a) In the Company's opinion, the Insured Member, despite all optimal medical care, treatment and rehabilitation
efforts, is unable ever to engage in any work, occupation, regular duties or profession, whether full-time or
part-time, that he can ever be capable of doing for the remainder of his lifetime as a result of accidental bodily
injury, sickness or diseases; and
(b) After all usual and reasonable treatment and rehabilitation measures have been employed continuously to
restore the working ability of the Insured Member.
(c) For the purpose of the definition of Total and Permanent Disability, it is immaterial whether the occupation,
work, profession or regular duties generate any sort of income, gain or remuneration.
12. “Presumptive Disability” shall mean the occurrence of any of the following conditions:
(a) Total and irrecoverable loss of sight of both eyes; or
(b) Loss by severance of two or more limbs at or above wrists or ankles; or
(c) The total and irrecoverable loss of sight of one eye and loss by severance of one limb at or above wrist or
ankle.
(d) The loss of use of two limbs shall also meet the definition of Presumptive Disability provided such loss of use
involves total and permanent loss of function of the limbs affected as determined by the Company.
13. “Physician” shall mean only a person who holds the M.B.B.S. degree (Bachelor of Medicine and Bachelor of
Surgery) and is registered and legally authorised by the Medical Council of India or the relevant authority in the
Page 3 of 15 Policy No.
Registered Office: Delphi, B Wing, 2nd Floor, Orchard Avenue, Hiranandani Business Park,
Powai, Mumbai - 400 076
geographical area of his practice to render medical or surgical services, but excluding anyone who is the Insured
Member, an insurance agent, or a member of the Insured Members’ immediate family.
14. “Date of Loss” shall mean the date of death of the Insured Member for a death claim. For Total and Permanent
Disability claim or a Presumptive Disability claim, the Date of Loss shall mean the date the Insured Member is
certified to have suffered Disability by a Physician and is accepted by the Company.
Page 4 of 15 Policy No.
Registered Office: Delphi, B Wing, 2nd Floor, Orchard Avenue, Hiranandani Business Park,
Powai, Mumbai - 400 076
no reviews yet
Please Login to review.
