Common use of COVERAGE GUARANTEE Clause in Contracts

COVERAGE GUARANTEE. 8.1 With the continuing advances in medical treatment and diagnostic techniques, the Company may need to review the definition of Critical Illness to ensure they (a) remain appropriate; (b) take into account effective cures and vaccines; and (c) exclude diseases which are found to have become minor. The Company reserves the right, therefore, to revise the Critical Illness definition and/ or Premium rates, for all policies in this class. 8.2 Change during the term of the policy: The company reserves the right to add to or delete any critical illness, subject to the prior approval of the IRDA, from the list of critical illnesses covered under the policy and the categorization of the same depending upon the experience and advancement in medical treatment and diagnostic techniques. The policyholder shall be notified in writing 30 days in advance about the same and the same shall be binding upon the policyholder. The company reserves the right to revise the premium rates based upon an actuarial review of the claims experience subject to the prior approval of IRDA. Any change in premium rates would be effected at a portfolio level. The revision if any to premium rates would be intimated to policyholder at least thirty days prior to making the revision effective.

COVERAGE GUARANTEE. 8.1 With the continuing advances in medical treatment and diagnostic techniques, the Company may need to review the definition of Critical Illness to ensure they (a) remain appropriate; (b) take into account effective cures and vaccines; and (c) exclude diseases which are found to have become minor. The Company reserves the right, therefore, to revise the Critical Illness definition and/ or Premium rates, for all policies in this class. 8.2 Change during the term of the policy: 8.2.1. The company reserves the right to add to or delete any critical illness, subject to the prior approval of the IRDA, from the list of critical illnesses Critical Illnesses covered under the policy Policy and the categorization of the same depending upon the experience and advancement in medical treatment and diagnostic techniques. The policyholder Policyholder shall be notified in writing 30 thirty (30) days in advance about the same and the same shall be binding upon the policyholderPolicyholder. 8.2.2. The company reserves the right to revise the premium rates based upon an actuarial review of the claims experience subject to the prior approval of IRDA. Any change in premium rates would be effected at a portfolio level. The revision if any to premium rates would be intimated to policyholder Policyholder at least thirty (30) days prior to making the revision effective.