Some Important Points -
1) Section 1A, 1B and 2 are compulsory for owner(building) insured
2) Sec 1B and 2 are compulsory for tenant insured.
3) Sum Insured under Sec. 1B and 2 must be the same.
4) In addition to the above, additional 3 more sections must be opted.
5) Sections Discounts :
a) For Additional 2 sections (above minimum sections) - 10% discount on Non-Tariff premium
b) For additional 4 sections (and above) - 15% discount on Non-Tariff premium.
c) For additional 6 sections (and above) - 20% discount on Non-Tariff and above premium.
6) Renewal Discount - On renewal of the policy with our company, then discount on renewal would be available for same sections Insured previously. The grace period for availing of Renewal Discount is 15 days only.
1st Renewal - 5% on premium
IInd Renewal and Subsequent Renewals - 10% on premium
7) Sectional Discount and Renewal Discounts are available for Premium On Sections other than 1A, 1B, 1D, 1E, 6, 11 and 15. The Renewal Discount is applied before Sectional Discounts are worked out.
8) Renewal Discounts, Sectional Discounts and Grace period are not applicable For Mediclaim/ Hospitalisation cover where Original Mediclaim Scheme Provisions will be applied strictly.
9) Claims under Sec. 1 (A) , 1(B), 2,3,4 and 8 will be settled on Re-instatement Value basis.
Source - National Insurance Website
