Page 38 - Insurance Times September 2019

Y 7 times of annualised premium; or fifth policy year. Thereafter, it increases by 10% of Basic
Y 105% of all the premiums paid as on the date of death; Sum Assured each year from the sixth policy year till
fifteenth policy year till it becomes twice the Basic Sum
or
Assured. This increase will continue under an inforce
Y Absolute amount assured to be paid on death. policy till the end of policy term; or till the Date of
For Single premium policy, “Sum Assured on Death” is Death; or till the fifteenth policy year, whichever is earlier.
defined as the higher of: From sixteenth policy year and onwards, the Absolute
amount assured to be paid on death remains constant
Y 125% of Single Premium.
i.e. twice the Basic Sum Assured till the policy term ends.
Y Absolute amount assured to be paid on death.
For example, Absolute amount assured to be paid on
Premiums referred above shall not include any extra death under a policy with Basic Sum Assured of Rs. X
amount chargeable under the policy due to underwriting will be Rs. X till the end of fifth policy year, Rs. 1.1X
decision and rider premium(s), if any. during the sixth policy year, 1.2X during seventh policy
Absolute amount assured to be paid on death shall depend year, increasing so on by 10% of Basic Sum Assured
on Death Benefit Option chosen at the time of taking this each year till it becomes 2X in fifteenth policy year.
policy and is as under: From the sixteenth policy year and onwards, the
o Option I: Level Sum Assured Absolute amount to be paid on death will be 2X.
Absolute amount assured to be paid on death shall The Death Benefit Option once chosen cannot be
be an amount equal to Basic Sum Assured, which shall changed later.
remain the same throughout the policy term.
o Option II: Increasing Sum Assured 2. Maturity Benefit:
Absolute amount assured to be paid on death shall On survival of the life assured to the end of the policy
remain equal to Basic Sum Assured till completion of term, no maturity benefit is payable. T

Kolkata Insurance Institute holds seminar on

"Motor Own Damage - Quick Relief to the Victim"

Kolkata Insurance Institute has recently
organized a seminar on "Motor Own Damage -
Quick Relief to the Victim" at the Regional
Training Centre of National Insurance Co. Ltd.
The seminar marked its beginning with an
inauguration ceremony by Mr Abhijit Sanyal,
Senior Divisional Manager, United India
Insurance Co. Ltd., Asansol Divisional Office. His
session was not limited to only an inaugural
speech, but also he gave some case studies to
the audiences to solve.

While Mr Ujjal Chatterjee, Assistant Manager,
United India Insurance Co. Ltd., Durgapur Brunch
spoke on Motor Own Damage, Add On Cover,
Survey, IDV and different types of Car and
Vehicle covers, Mr Shyam Gurung, Divisional Manager, New India Assurance Co. Ltd., Howrah Divisional Office
talked about Motor Claim and Fraud Claim. The seminar was attended by 31 participants.

38 The Insurance Times, September 2019