Conditions and Privileges not applicable

Generally conditions and privileges applicable to various Plans of insurance are already printed on the policy bond. If any of the conditions or privileges is to be made not applicable to a particular policy such cases are mentioned here in the schedule of the policy. To cite an example, the mode of premium payment of a policy is ‘yearly’. In the conditions and privileges there is a paragraph dealing with policies with ‘salary saving scheme’ as the mode of premium payment, which is obviously not applicable in this case. So this will be shown as exclusion. Similarly a policyholder has not opted for Accident Benefit under his policy. So conditions and privileges pertaining to accident benefit will be shown as exclusion.

Key words:
Life insurance
Schedule of policy
Policy bond
Conditions and privileges