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The Card-Member
hereby covenants with ICICI Bank that:
1. The Card-Member
confirms having understood ICICI Bank's method of calculating
EMI's. The payment of EMI's shall commence from the date of the
issuance of the Insurance Policy. However the risk under the policy
will assumed only after the Credit Card account of the Card-Member
is debited with the charges towards arranging the Insurance Policy
and not earlier. Non-receipt of the first payment from the Card-Member
of the charges towards arranging the Insurance Policy payable
under the policy shall result in the policy becoming void, whereas
in respect of subsequent payments, if any, shall result in the
lapse of the policy upon written intimation by ICICI Bank to ICICI
Lombard and no period of grace shall be available for such payment.
2. The Card-Member
confirms and agrees that the authorization herein given shall
not at any time be revoked or modified during the validity of
the Credit Card Account. The Card-Member further agrees that in
the event of renewal of his Credit card account with ICICI Bank,
these authorizations and declarations shall continue to be valid
and shall not be revoked during the renewed validity of the credit
card account, subject to the terms and conditions under the Insurance
policy and shall not require any additional or further authorization
3. The Card-Member
confirms and agrees that in the event if the credit card account
expires, or is not renewed for any reason, the Card-Member shall
comply with the ICICI Bank's direction in ensuring that any charges
towards arranging the Insurance Policy payable by the Card-Member
are paid to the ICICI Bank through such mode of payment as may
be determined by the ICICI Bank. However, ICICI Bank reserves
its right in respect of such foreclosure against the Card-Member.
4. The Card-Member
agrees and confirms having understood that the amount or charges
incurred by the Card-Member towards insurance Policy are not eligible
for any reward points whatsoever, whether awarded under the ICICI
Bank Reward Points Scheme or any other reward points scheme on
the Card that may be announced by ICICI Bank from time to time
ICICI Bank Reward Points Scheme or any other reward points scheme
on the Credit Card that may be announced by ICICI Bank from time
to time.
5. The Card-Member
shall notify ICICI Bank in writing of any change in the Card-Member's
address within a week.
6. The risk
under the Insurance Policy shall be assumed by ICICI Lombard only
after 14 (fourteen) days from the date of issuance of the Insurance
Policy. The Card-member has an option to relinquish the facility
and request for cancellation of the Insurance Policy within 14
(fourteen) days from the date of issuance of the Insurance Policy
by ICICI Lombard. On receipt of such a request, ICICI Bank would
make a written request to ICICI Lombard and on the basis of the
same ICICI Lombard would cancel the facility from the inception
date of the Policy.
7. In event
the Card-Member relinquishes the facility and requests for cancellation
of the Insurance Policy after 14 (fourteen) days from the date
of issuance of the Insurance Policy by ICICI Lombard, the Insurance
Policy would be cancelled by ICICI Lombard subject to the deduction
of the short rates charges as applicable to the Insurance Policy.
8.These terms
are not in derogation or substitution of the terms governing the
Phone Banking Facility of ICICI Bank.
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