1. The plan will be renewed automatically from the renewal date for the same policy term without further evidence of insurability, if the following conditions are met:
- this policy is in force before it is renewed on the renewal date;
- the life insured is age 59 or younger on the renewal date of the policy; and
- we did not give 30 days’ written notice that the Policy will not be renewed.
Premiums payable for the renewed policy will be based on the prevailing premium rates at the time of renewal.
2. The policy owner will receive the cashback at the end of every 5-year policy term as long as all premiums due have been paid in full, and no claims have been paid under the Accidental Death Benefit or Accidental Disability Benefit (whereupon the policy shall be terminated immediately). Upon the expiry of every five-year period, we will pay 50% of 5 yearly premiums. If the policy is terminated before the end of the five-year period, a percentage of the total yearly premiums due to-date less future installment premiums which are required to make up the full policy year’s premiums (if any), may be payable as follows:
| End of Policy Year |
% of Total Yearly Premiums Due-To-Date |
| 1 |
0 |
| 2 |
0 |
| 3 |
30 |
| 4 |
40 |
3. In the event the life insured sustains accidental injury while the policy is in force and which results in the life insured’s death within 180 days from the date of the accident, we will pay the Accidental Death Benefit less amounts owing to us (if any). The policy terminates thereafter.
4. In the event the life insured sustains accidental injury while the policy is in force and which results in a major permanent disablement within 180 days from the date of the accident, we will pay the Accidental Disability Benefit. The policy terminates thereafter.
Major permanent disablement means any one of the following conditions:
- Permanent Total Disablement
- Loss of Both Arms or Both Legs or One Arm and One Leg
- Loss of Sight in Both Eyes
- Loss of One Arm or One Leg
- Loss of Sight in One Eye and of One Arm or One Leg
- Loss of Sight in One Eye
5. Daily Hospital Cash Benefit shall be paid for each completed day (twenty-four (24) hours) of confinement from the first day of confinement and for a period not exceeding 180 days per policy year and not exceeding 180 days for any one accident for all such confinements arising from an accidental injury resulting from any one accident or series of accidents, and provided that:
- Confinement must occur within 30 days from the date of the accident;
- Confinement must be considered medically necessary by a doctor; and
- Successive periods of confinement due to the same or a related cause shall be considered as one accidental injury unless such confinements are separated by more than twelve (12) consecutive months during which the life insured is not at any time confined to a hospital.
