Common use of CHANGE OF OCCUPATION Clause in Contracts

CHANGE OF OCCUPATION. a. If you change occupation then you must tell us in writing within 30 days of the change. If you do not do this, then this insurance will cease as far as you are concerned from the date that you changed your occupation. b. If you meet with Accidental Bodily Injury before you have told us of a change in occupation and your new occupation would have attracted a higher premium, then the payment we make will be limited to the amount of insurance that the premium you have actually paid would have brought for your new occupation 7. Renewal and Cancellation a) Under normal circumstances, lifetime renewal benefit is available under the policy except on the grounds of fraud, misrepresentation or moral hazard. b) In case of our own renewal a grace period of 30 days is permissible and the Policy will be considered as continuous. Any medical expenses incurred as a result of Accident contracted during the break period will not be admissible under the policy. c) For age 66 years and above, renewal Sum insured would be restricted to lower of Rs10 lacs (under Basicand or Wider) or expiring policy sum insured under Basic and / or Wider sections. d) However renewals can be considered with higher sum insured subject to Submission of requisite documentation to ascertain commensuration of income. e) Premium payable on renewal and on subsequent continuation of cover are subject to changewith prior approval from IRDA. f) We can cancel this Policy by sending you 15 days written notice, and if we exercise this right then the premium will be refunded pro-rata. g) You can cancel this policy by giving us 15 days notice, and if you exercise this right then the premium will be refunded after retaining premium according to our short rate scales as mentioned below. Period on Risk % of Annual Premium Refunded 1 month 75% 3 months 50% 6 months 25% However, if any claim is made then no refund will be given when you cancel h) No person other than those persons named as the Insured Person(s) or those categories of the Insured specified in the Schedule shall be covered under this Policy unless and until his/her name or the category has been notified in writing to the Company, any additional premium due has been paid and the Company’s agreement to extend cover has been indicated by it issuing an endorsement confirming the addition of such person or category of persons as an Insured i) Cover under this Policy shall be withdrawn from any Insured Person(s) named or any category of persons Insured immediately upon the Named Insured delivering written notice of the same to the Company. j) Adjustment of Premium in case of Un-named Policies (Category of Persons Insured) You acknowledge that the premium payable hereon has been determined by reference your estimate of the number of persons within a category of Insured Person(s) as stated in the Schedule. You agree that during the Policy Period you shall maintain a proper and contemporaneous record of the actual number of persons within such category, which record shall be available for inspection by the Company at any reasonable time. k) Within one month from the expiry of this Policy, the Insured shall provide the Company with a written record of the actual amount of actual number of persons within such category during the Policy Period and any information or supporting documentation in respect thereof that the Company may request. If the actual number of persons within such category ascertained after the expiry of this Policy

CHANGE OF OCCUPATION. a. If In the event the Insured changes his occupation or job duty to one classified by us as more hazardous than that stated in the Application for or in subsequent endorsement to the relevant Supplementary Accident Contract, you change occupation then you must tell and/or the Insured shall immediately notify us in writing within 30 days of writing. We shall adjust the change. If you do not do this, then this insurance will cease as far as you are concerned premium accordingly and charge the difference from the date that you the Insured changes his occupation or job duty. If such notification is not made and the Insured is injured after having changed your his occupation to a more hazardous one or while doing anything pertaining to such more hazardous occupation. b. If you meet with Accidental Bodily Injury before you have told us , we shall pay only such portion of a change in occupation and your new occupation would have attracted a higher premium, then the payment we make will be limited to the amount of insurance that benefit provided in the relevant Supplementary Accident Contract as the premium you have actually paid would have brought purchased at the rates and within the limits fixed by us for your new occupation 7such more hazardous occupation. Renewal and Cancellation a) Under normal circumstances, lifetime renewal benefit is available under the policy except on the grounds of fraud, misrepresentation or moral hazard. b) In case the occupation or job duty the Insured has changed to is one classified as non-insurable by us, we shall terminate the relevant Supplementary Accident Contract and return the unearned premium on a pro rata basis from the date of our own renewal a grace period change. We shall not be liable for any claims arising after such change of 30 days is permissible occupation for which we are not notified. In applying this provision, the classification of occupation risk and the Policy will premium rates shall be considered such as continuoushave been last published by us prior to the date of notification or occurrence of the loss for which we are liable or change in occupation. Any medical expenses incurred as a result of While the relevant Supplementary Accident contracted Contract is in force and during the break period will not be admissible under the policy. c) For age 66 years and above, renewal Sum insured would be restricted to lower of Rs10 lacs (under Basicand or Wider) or expiring policy sum insured under Basic and / or Wider sections. d) However renewals can be considered with higher sum insured subject to Submission of requisite documentation to ascertain commensuration of income. e) Premium payable on renewal and on subsequent continuation of cover are subject to changewith prior approval from IRDA. f) We can cancel this Policy by sending you 15 days written notice, and if we exercise this right then the premium will be refunded pro-rata. g) You can cancel this policy by giving us 15 days notice, and if you exercise this right then the premium will be refunded after retaining premium according to our short rate scales as mentioned below. Period on Risk % of Annual Premium Refunded 1 month 75% 3 months 50% 6 months 25% However, if any claim is made then no refund will be given when you cancel h) No person other than those persons named as the Insured Person(s) or those categories lifetime of the Insured Insured, you may renew such Supplementary Accident Contract by advance payment of the appropriate annual premiums on each Policy Anniversary before the maximum renewal age as specified in the Schedule shall be covered under this Policy unless relevant Supplementary Contract. We reserve the right to revise or adjust the premium rate, terms and until his/her name conditions at the time of such renewal, and to disapprove or cease to invite any applications for renewal at our sole discretion. If, at the category has been notified in writing to expiration of the Company, Grace Period any additional premium due has been is paid and under the Company’s agreement to extend cover has been indicated by it issuing an endorsement confirming the addition of such person or category of persons as an Insured i) Cover under this Policy shall be withdrawn from any Insured Person(s) named or any category of persons Insured immediately upon the Named Insured delivering written notice Automatic Non-Forfeiture Provisions of the same to the Company. j) Adjustment of Premium in case of Un-named Policies (Category of Persons Insured) You acknowledge that the premium payable hereon has been determined by reference your estimate of the number of persons within a category of Insured Person(s) as stated in the Schedule. You agree that during the Policy Period you shall maintain a proper and contemporaneous record of the actual number of persons within such category, which record shall be available for inspection by the Company at any reasonable time. k) Within one month from the expiry of this Basic Policy, the Insured same shall provide apply to the Company with Supplementary Contract. We reserve the right to cancel any Supplementary Accident Contract at any time by giving a 30-day prior written record notice to the Policyholder. The unearned portion of the actual amount premium at the time of actual number of persons within such category during the Policy Period and any information or supporting documentation in respect thereof that the Company may request. If the actual number of persons within such category ascertained after the expiry of this Policycancellation shall be returned.