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accidental death benefit rider

accidental death benefit ADB rider

THIS CONTRACT IS PRIVILEGES OF THE  POLICY UNDER THE HEADING PAID UP POLICIES, SURRENDER VALUE AND LOANS ARE NOT APPLICABLE TO THIS SUPPLEMENTARY CONTRACT.

THIS CONTRACT IS ISSUED IN CONSIDERATION OF THE PREMIUM APPLICABLE TO THIS CONTRACT AS STATED IN THE POLICY.

accidental death benefit ADB rider

DEFINITION.

PRINCIPLE SUM.

MEANS AN AMOUNT  EQUAL TO THE SUM ASSURED UNDER THE POLICY.

SPECIFIED INJURY;

MEANS A BODILY INJURY SUSTAINED BY THE LIFE INSURED, PROVIDED

A-IT IS CAUSE BY EXTERNAL, VIOLENT AND ACCIDENTAL MEANS. DIRECTLY AND INDEPENDENTLY OF ALL OTHER CAUSES; AND

B-IT HAS EVIDENCE OF A VISIBLE CONTUSION OR WOUND ON THE EXTERIOR OF THE BODY. EXCEPT IN THE CAUSE OF DROWNING OR OF INTERNAL INJURY REVEALED BY AN AUTOPSY. ACCIDENTAL DEATH BENEFIT ADB

THIS CONTRACT WITNESS.

THE STATE LIFE WILL PAY THE PRINCIPLE SUM TO THE PERSON MENTIONED IN THE SCHEDULE OF THE POLICY AFTER SATISFIED THAT;

A-THE LIFE INSURED HAS DIED SOLELY AS A RESULT OF A SPECIFIED INJURY WITHIN 90 DAYS AFTER SUSTAINING THAT INJURY.

B-THE CONTRACT WAS IN FORCE AT THE TIME OF THE SPECIFIED INJURY CAUSING DEATH OF THE LIFE INSURED;

C-THE PERSON CLAIM PAYMENT HAS RIGHT TO RECEIVE IT;

D-ALL OTHER CONDITION OF THIS CONTRACT RELATING TO THE PAYMENT OF CLAIM HAVE BEEN FULFILLED.

  1. FOR THIS PURPOSE STATE LIFE MAY ASK FOR SUBMISSION AT THE EXPENSE OF THE CLAIMANT ANY REQUIREMENT DEEMED NECESSARY BY IT
  2. ACCIDENTAL DEATH BENEFIT RIDER

GENERAL CONDITIONS:

Notice Of Claim: Written notice of specified injury on which claim may be based must be given to State Life within twenty days after the date of such injury. Failure to give immediate notice shall invalidate the claim unless it is proved to the satisfaction of state life that it was not reasonably possible to give immediate notice and that notice was given as soon as was reasonably possible.

Proof of Death:  proof satisfactory to State Life must be finished within ninety days after the date of death.

Medical Examination: State Life shall have the right and opportunity to examine the body of the life insured and make an autopsy.

Termination: The insurance under this contract shall terminate:

(a)on any policy anniversary at prior notice of thirty days, given either by the policyholder or by State life, to the other party; or

(b) if the policy lapses or is forfeited, surrendered, converted into a Paid-up Policy, or terminated in any other manner, or

(c) if the age of the life insured the nearest birthday on an anniversary of the policy is sixty years.

UNDERWRITING REQUIREMENT:

Accidental death benefit (ADB)

1-It may be offer to ages 5 to 55 years females under category A&B only can be offered also to avail this benefits.

2-maximum term of this supplementary benefits is not  allowed to exceed the premium paying term of the basic policy ,or 60 years of age of the life proposed whichever is ealier.

3-maximum permissible total sum assured (principle sum) under all accidental covers is RS.10,000,000/-this limit include all accidental supplementary benefits as well as the built in accident cover (as is the case with T-14, T-18,T-36.T-74 and T-78) under all existing policies on the same life.

4-normally ,the sum assured for ADB should not be more than (a)sum assured of the basic policy or (b)three times the total annual income of the life proposed ,whichever is les.

5-normal rate for standard lives with completely non-hazardous occupation is RS.1.25 per one thousand sum assured.

6-premimum is charged according to heath and occupation of the life proposed ,for occupation ,which call for occupational extra ,this supplementary benefit may be available at one and a half time or double the normal rate .presence of some extra ordinary hazard and /or physical impairment may cause refusal of this supplementary benefits or further increase in the premium rate.

7-this supplementary benefits may not be attached with the policies issued under the table 07(on child life if age is less than 5 years) 09,14,18,22,23,36,71,74 and N.D scheme.

Whenever insurance under this Contract is terminated, the additional premium for it shall no longer be payable. The subsequent payment or acceptance of any premium for this Contract shall not create any liability on State Life except for refund of any such premium.

Revival: If insurance under this Contract has terminated it may be revived by State Life at its discretion, on receipt of such requirements and subject to such terms and conditions as State Life may dream fit.

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