Long Term Policies shall be issued based on either of the following 2 methods subject to the conditions below to house/flat owners only:

a) The policy shall be issued for a minimum period of 3 years.

b) No refund shall be allowed for mid-term cancellation of such policies.

c)Mid-term inclusion of perils shall not be allowed.

d)Premium for entire policy period shall be collected in advance.

Premium shall be charged in full without any discount. However sum insured under the policy shall be deemed to have increased by 10% of the origional sum insured at the end of every 12 months period.

 

There shall not be any automatic increase in sum insured as in method A. However appropriate discounts shall be allowable on applicable gross premium as per table below: