1) In these terms and conditions, the word 'Takaful' may be used interchangeably with the word 'Insurance', 'Window Family Takaful' with 'Life Insurance' 'Contribution' with 'Premium' and 'Company' & 'Insurer' with 'Window Takaful Operator'. Similarly other terms used in the Takaful Rules, 2012 associated with the Takaful business may be used interchangeably with their conventional counterpart words/terms.
2) By agreeing to these terms and conditions, you declare and confirm that the debit/credit card to be used belongs to you (proposer/policy owner), that is, by opting for premium payment through debit/credit card, payment must be made only through the debit/credit card issued in your name.
3) You accept that premium will be applied to policy only if the transaction is successful, as confirmed by payment aggregators.
4) In case the payment(s) for unit linked policies is received at IGI Life Insurance Limited (“IGI Life”)td. office before PST 1700 hrs., Net Asset Value (NAV) of the same day or the premium due date, whichever is later, would be applicable. In case the payment is received after PST 1700 hrs., NAV of the next business day or the premium due date, whichever is later, would be applicable.
5) The NAV shall be declared by the Company on a daily basis except on, but not limited to, Bank holidays, Exchange holidays, Saturdays, Sundays and when the Corporate Office is closed.
6) Online premium payments can be made for active policies only. In case of lump sum payment (covering more than one year’s premium), the following will be applicable:
a) In case of lump sum payment for the previous years’ unpaid premiums, all elapsed unpaid premiums will be cleared simultaneously.
b) In case of lump sum payment for future years’ premiums, the premiums will be cleared and paid into the policy on the respective due date.
c) In case of the payment where policy owner pays unpaid past years’ plus future years’ premiums, all elapsed unpaid premiums will be cleared and rest of the premiums will be cleared and paid into the policy on the respective due date.
7) You are aware of the fact that besides email/SMS confirmation, no other receipt of online payments is sent by post and the confirmation email should be kept secure for any future correspondence.