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accidental indemnity benefit AIB rider

accidental indemnity benefit  AIB rider

accidental indemnity benefit  AIB rider supplementary contract provides for the additional amount equal to the sum assured under the life policy in the event of death by accidental means, or in the event of loss of two or more limbs or loss of sight in both eyes.

One-half of the sum assured will be paid for loss of one limb; one-third of sum assured in the event of loss of one eye and one-fourth of sum assured will be paid for loss of thumb and index finger.

For other injuries, weekly indemnities calculated at Rs.5per 1,000 of sum assured for Total Disability and at the reduced rate for partial disability will b paid up to 52 weeks.T hereafter, an Annuity of 10% of the sum assured will be payable up to a maximum of ten years.

The rates of premium for this supplementary benefits will range from Rs.4 to Rs.9 per Rs 1,000 of sum assured, depending upon the occupational rating of proposer for standard lives.

For the purposes of this rider, sum assured will be Rs.25,000 for each unit of Big Deal.

1-accidental indemnity benefit AIB rider

This supplementary contract provides for the additional amount equal to the sum assured under the life policy in the event of death by accidental maen, or in the event of loss of two or more limbs or loss of sight in both eyes.

One-half of the sum assured will be paid for loss of one limb; one-third of sum assured in the event of loss of one eye and one-fourth of sum assured will be paid for loss of thumb and index finger.

For other injuries, weekly indemnities calculated at Rs.5per 1,000 of sum assured for Total Disability and at the reduced rate for partial disability will b paid up to 52 weeks.T hereafter,an Annuity of 10% of the sum assured will be payable up to a maximum of ten years.

The rates of premium for this supplementary benefits will range from Rs.4 to Rs.9 per Rs 1,000 of sum assured, depending upon the occupational rating of the proposer for standard lives.

For the purposes of this rider, sum assured will be Rs.25,000 for each unit of Big Deal.

1-It may be offered to self supporting males and females (females in category A&B only )

2-it is available to adult lives between 18 to 55 years of age of a term that ends on or before age 60 years it is not available to minor lives.

3-maximum term of this supplementary benefit is not to be allowed to exceed the premium paying term of the basic policy.

4-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 built -in accidental cover (as is the case with T-14,T-18,T-36,T-74,andT-78) under all existing policies on same life.

5-normally,the principle sum(sum assured) for AIB should not be more than (a) sum assured of the basic policy or (b)three times the annual income of the proposed ,whichever is less.

6-the rate of the premium for standard lives will range RS 4/-per thousand sum assured depending on occupational rating of the life proposed (please see occupational rating manual) rate may also be increased due to physical extra.

7-premium is charged according to the health and occupation of the life proposed .presence of some extra ordinary hazard and /or physical impairment may cause refusal of this supplementary benefit or further increase in premium rate.

8-This supplementary benefit may not be attached to policies issued under T-07 (on child”s life) 09, 18, 22, 23, 71, AND ND Scheme. This rider may also not be attached with policies having ADB as supplementary benefit.

9-As the War and Aviation Risks fall under the Excluded Risks of the contract, it is not allowed to offer this supplementary benefits to Armed Forces Personnel.

10-For the purpose of this rider, sum assured will be equal to Rs.25000/- each unit of Big Deal (T-14).

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