Certifies that a transfer value is not to be used to provide retirement benefits in lump sum form, such as on a transfer from an FSAVC scheme.
Insurance Encyclopedia
Nil Claim
A claim that results in no payment by the insurer, e.g., because the claim is found not be valid, or because the amount of the loss turns out to be no greater than the excess, or because the policyholder has reported a claim in order to comply with the conditions of the policy but has elected to meet the cost in order to preserve and entitlement to no claim discount.
Nil Depreciation Riders for Motor Insurance
Depreciation will not be deducted for replacement of parts for partial loss claims (TL/CTL will be settled on the basis of IDV). The cover is provided for up to 3 years of private cars and two wheelers