What does 'Business Day' mean in the context of Tata AIA Life Insurance Fortune Pro?

Any day other than holidays where Stock exchanges with National wide terminals will open for trade (other than day on which exchanges are open for testing) or any day declared by the Authority as business day.

Who is referred to as the 'Claimant' in the Tata AIA Life Insurance Fortune Pro policy?

The Policyholder or the Life Insured or the Nominee or the assignee the legal heir of the Policyholder.

What is the 'Date of Discontinuance of Policy'?

The date of receipt of intimation about Discontinuance of Policy from You or the date of intimation about complete withdrawal of the Policy from You, whichever is earlier.

Date of Commencement of Risk

The date when risk cover under this Policy or its relevant Top-Up Sum Assured or Supplementary contract commences as mentioned in the Policy Schedule.

What is the 'Date of Payment of Premium'?

The date the premium is received by Us.

Deductible Partial Withdrawal

Means partial withdrawal if any made, during the last two Policy Years immediately preceding the death of the Life Insured.

Discontinuance (in the context of this policy)

The state of the Policy that could arise on surrender of Policy or non-payment of the due premiums, provided that no Policy shall be treated as discontinued on non-payment of the said premium if, within the Grace Period, the premium has not been paid due to death of the Insured or upon the happening of any other contingency covered under the Policy.

What is a 'Discontinued Policy Fund'?

Insurer’s segregated fund that is set aside and is constituted by the fund value of all discontinued policies.

Fund (in this policy)

A separately identifiable investment-linked fund set up and managed by Us for the purpose of achieving the objectives of the fund.

The total value of the Units at that point of time in a segregated fund i.e. total number of units under Policy x the Net Asset Value (NAV) per unit of that fund on the relevant valuation date.

Fund Management Charge

A charge levied as a percentage of the value of assets and shall be appropriated by adjusting the Net Asset Value as prescribed in the Fund Valuation section of the Fund Provisions.

What does 'IRDA of India' stand for?

Insurance Regulatory and Development Authority of India.

Who is the 'Life Insured' in this policy?

The person whose life is insured under the Policy as shown in the Policy Schedule.

What is the 'Lock-in-period' in this policy?

The period of five consecutive years from the date of Commencement of the policy, during which period the proceeds of the discontinued policies cannot be paid by Us to You, as the case may be, except in the case of death or upon the happening of any other contingency covered under the Policy.

The benefit which is payable on the maturity, i.e. at the end of the term as specified in the Policy Schedule.

Maturity Date / Expiry Date

The date shown in the Policy Schedule. On such maturity / expiry all the benefits under the Policy / supplementary contract shall cease.

Net Asset Value (NAV) per Unit

The price per unit of the segregated fund and is the value at which a Unit shall be debited from / credited to this Policy. NAV per Unit at a Valuation Date is determined according to the Fund Valuation provisions.

What are 'Partial Withdrawals'?

Any part or a Fund that is withdrawn by You.

The same date each year as the Date of Commencement of Policy.

What are 'Policy Charges'?

The charges applicable to the Policy. The current charges on the Policy as on the Issue Date are set out in the Schedule of Policy Charges. We may add new charges and alter the charges and fees as shown in the said Schedule from time to time by giving advance notice of at least three (3) months and on prior clearance from the IRDA of India.

What does 'Policy Month/Date' refer to?

The same date of each month as the Date of Commencement of Policy.

What are 'Proceeds of the Discontinued Policy'?

Means the Fund Value as on the Date of Discontinuance of Policy plus entire income earned after deduction of the Fund Management Charges, subject to a minimum guaranteed interest @ 4% p.a. or as prescribed by IRDA of India from time to time.

The approval date of revival of the Policy and/or Supplementary Contract.

What is a 'Revival' in this policy?

When the Premium remains unpaid at the end of the Grace Period and the Policy has not been Completely Withdrawn for its Total Fund Value it can be revived, upon Your request, subject to Discontinuance clause 1 under Part D with all benefits, with or without Supplementary contract benefits if any, after the receipt of all the premiums due and other charges if any, and upon being satisfied on Your continued insurability on the basis of the documents and reports furnished.

Tata AIA Life Insurance Policy Document - Information Extraction Flashcards

Student preview

50 questions

Show all answers

1.

FLASHCARD QUESTION

Front

What is the name of the agent mentioned in the Tata AIA Life Insurance Policy Document?

Back

HDFC Securities Limited

2.

FLASHCARD QUESTION

Front

What is the agency code provided in the Tata AIA Life Insurance Policy Document?

Back

004644930

3.

FLASHCARD QUESTION

Front

What is the contact number for the agent as per the Tata AIA Life Insurance Policy Document?

Back

30750054

4.

FLASHCARD QUESTION

Front

According to the Tata AIA Life Insurance Policy Document, how many days is the 'Free Look' period if the policy has been sourced through distance marketing or electronic modes?

Back

30 days

5.

FLASHCARD QUESTION

Front

Who is the CEO & Managing Director of Tata AIA Life Insurance Company Limited as per the document?

Back

Naveen Tahilyani

6.

FLASHCARD QUESTION

Front

Who is the life insured as per the Tata AIA Life Insurance Fortune Pro policy document?

Back

CHINMAY DILIP JOSHI

7.

FLASHCARD QUESTION

Front

What is the policy number mentioned in the Tata AIA Life Insurance Fortune Pro policy document?

Back

U193050721

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