“Account Value”
means the number of Units under this Policy multiplied by the Bid Price on the relevant Valuation Day.
“Ad Hoc Top-up Premium”
means the unscheduled Premium amount of which is specified by You but is subject to a minimum amount
determined by Us, which may be paid to Us at any time subject to Our approval while the Policy is in force. We reserve the right to
revise the minimum and maximum amount of any Ad Hoc Top-up Premium by giving You at least three (3) months’ prior written
notice.
“Application”
means Your request for an insurance under this Policy, the answers and disclosures in Your application form, medical
reports, questionnaires and all relevant documentary declaration and/or statements (where applicable) made by You between the
time of submission of Your application form and the time this Policy contract is entered into.
“Bid Price” or “Unit Price”
is the value at which a Unit shall be debited from and credited to this Policy, rounded up to three (3)
decimal places.
“Conditional In Force Guarantee”
is as defined in the Conditional In Force Guarantee Provision of this Policy.
“Contingent Owner”
means the person named or appointed by You, if any, for purposes of the Transfer of Ownership (For Juvenile
Policies Only) Clause of this Policy.
“Deferred Policy Charges”
is as defined in Conditional In Force Guarantee Provision of this Policy.
“Divisible Surplus”
means any surplus from the life insurance fund to be distributed from time to time as bonus and/or dividends.
“Due Date”
means the date for payment of Premium as stated on the Policy Schedule or the Endorsement, if any.
“Endorsement”
means variation to this Policy or any Supplementary Contract(s), as the case may be. In the event of any conflict or
inconsistency between the provisions of this Policy or any Supplementary Contract(s), as the case may be and the Endorsement, the
provisions of the Endorsement shall prevail to the extent applicable to the context of the Endorsement only.
“Fund”
means a separately identifiable investment-linked fund set up by Us for the purpose of ascertaining the benefits payable
under this Policy. The Funds which are currently maintained by Us are listed in the Schedule of Investment Funds. Any Fund created
or closed will be added to or removed from the Schedule of Investment Funds accordingly.
“Fund Value”
means value of each Fund as more particularly described in the Fund Valuation Clause of this Policy.
“Indebtedness”
means any amount due and owing to Us.
“Insurance Premium”
means the portion of the Premium as specified in the Policy Schedule or Endorsement, if any, allocated for
insurance as described in Allocation of Units Clause of this Policy.
“Insured Amount” or “Amount of Benefits”
means the amount payable by Us as specified in the Policy Schedule and/or
Endorsement, if any, upon the occurrence of the event indicated in this Policy.
“Investment Premium”
means the portion of the Premium as specified in the Policy Schedule or Endorsement, if any, allocated for
investment as described in Allocation of Units Clause of this Policy.
“Issue Date”
means the date Your Policy is issued.
“Life Assured”
means the person, as specified in the Policy Schedule, whose life is insured under this Policy.
“Maturity/Expiry Date”
means the respective date(s), as specified in the Policy Schedule or Endorsement, if any, when this Policy
and the Supplementary Contract(s), if any, attached to it shall mature/expire and the expression shall include the maturity/expiry date(s) for the renewed Policy and the renewed Supplementary Contract(s), if any, respectively upon the Policy Renewal.
“Non-Participating”
means Your Policy does not participate in the Divisible Surplus of Our life insurance business.
“Policy”
means this legal contract between You and Us including the Policy Schedule and Endorsement, if any.
“Policy Charges”
means the amounts We charge as specified in the provision for Policy Charges contained in Policy Charges Clause
of this Policy.
“Policy Owner” or “You” or “Your”
means the person who owns this Policy and can exercise all rights, privileges and options available
under this Policy. The Policy Owner may be the Life Assured or someone other than the Life Assured.
“Policy Anniversary”
means the same date each year as the Policy Date.
“Policy Date”
means the date the insurance coverage under this Policy commences.
“Policy Renewal”
means the renewal of this Policy, including any Supplementary Contract(s) which are still in force, upon the
Maturity/Expiry Date of this Policy without any lapse in time, subject to the maximum term of coverage for the Life Assured as stated
in this Policy and the Supplementary Contract(s), if any, respectively.
“Policy Sustainability”
is as defined in Policy Sustainability Clause of this Policy.
“Premium”
means the total of the Insurance Premium and Investment Premium as stated in the Policy Schedule or Endorsement, if
any.
“Reinstatement Date”
means the date Your application for reinstatement is approved by Us.
“Units”
means units of the respective Funds. The Fund shall be converted into Units of equal value.
“Supplementary Contract”
means the respective supplementary contracts(s) including Unit Cancellation Supplementary Contract(s) attached to this Policy.
“Unit Cancellation Supplementary Contract”
refers to any Supplementary Contract where the Cost of Insurance for the benefits
offered by the Supplementary Contract is levied by way of cancellation of Units from Your Account Value.
“Valuation Day”
means any business day of the week or such date as We may determine on which the underlying assets of each
Fund shall be valued subject to the provisions of this Policy.