Page 20 - Life Insurance Today February 2018

applicable from the date of diagnosis of Y On cancellation/termination of the policy for
Critical Illness listed above. If death occurs any reason; or
within the survival period, no inbuilt critical Y On cancellation/termination of the policy by
illness benefit shall be payable. the Corporation on grounds of
VI. Exclusions: misrepresentation, fraud or non-disclosure
The Corporation shall not be liable to pay any of established in terms of Section 45 of the
the benefits under Inbuilt Critical Illnesses Benefit Insurance Act, 1938, as amended from time
if the critical illness has occurred directly or to time; or
indirectly as a result of any of the following:
Y On diagnosis of a Critical Illness within the
Y Any of the listed critical illness conditions waiting period
where death occurs within 30 days from the
date of diagnosis Any critical illness manifesting itself during the
waiting period is not admissible. The first
Y Any sickness condition related to the critical admissible critical illness which is manifested,
illnesses listed above manifesting itself within diagnosed and lodged after waiting period and
90 days of the commencement of risk or during the currency of policy, once admitted for,
revival of risk cover, whichever is later. shall preclude any further critical illness and

Y Intentionally self-inflicted injury or attempted therefore the benefit will terminate.
suicide, irrespective of mental condition.
2. Guaranteed Additions:
Y Alcohol or solvent abuse, or the taking of Guaranteed Additions shall accrue at the end of each
drugs except under the direction of a policy year during the Premium Paying Term (PPT),
registered medical practitioner. provided all due premiums have been paid till date.
Y War, invasion, hostilities (whether war is The rate of Guaranteed Additions shall be as follows:
declared or not), civil war, rebellion, revolution Y Rs. 50 per thousand Basic Sum Assured for first
five years
or taking part in a riot or civil commotion.
Y Rs. 55 per thousand Basic Sum Assured from 6th
Y Taking part in any act of a criminal nature.
policy year till end of PPT
Y Any Pre-existing medical condition.
In case of a paid-up policy or on surrender of a policy
Y HIV or AIDS the Guaranteed Addition for the policy year in which
Y Failure to seek medical or follow medical the last premium is received will be added on
advice (i.e. failure to undergo tests or proportionate basis in proportion to the premium
treatments that a prudent person would received for that year.
normally undergo as recommended by a 3. Participation in profits:
Medical Practitioner. Provided the policy has completed five policy years

Y Radioactive contamination due to nuclear and atleast 5 full years¡¦ premium have been paid,
accident. then depending upon the Corporation’s experience
the policies under this plan shall be eligible for Loyalty
VI. Termination of Inbuilt Critical Illness Benefit: Addition at the time of exit in the form of Death
The Inbuilt Critical Illness Benefit will terminate on during the policy term or Maturity, at such rate and
the earliest occurrence of any of the following on such terms as may be declared by the Corporation.
events: Under a paid-up policy, Loyalty Addition shall be
Y The date on which the claim is paid in respect payable for the completed policy years for which the
of this benefit; or
policy was inforce.
Y The date of expiry of policy term; or
In addition, Loyalty Addition, if any, shall also be
Y The date on which surrender benefit is settled considered in Special Surrender Value calculation on
under the policy; or surrender of policy during the policy term, provided

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20 February 2018 Life Insurance Today

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