Showing posts with label Endowment Plans. Show all posts
Showing posts with label Endowment Plans. Show all posts
Jeevan Aadhar
New Jeevan Dhara
New Jeevan Dhara
Features
Options available at the time of buying
Options for annuity at the time of vesting The following options can be exercised at least 6 months before the date of vesting but not earlier than 12 months before the date of vesting.
Benefits Annuity option | | ||||||||||||
New Jeevan Dhara
New Jeevan Dhara
Features
Options available at the time of buying
Options for annuity at the time of vesting
The following options can be exercised at least 6 months before the date of vesting but
not earlier than 12 months before the date of vesting.
Benefits
Annuity option |
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Jeevan Suraksha
Jeevan Suraksha
Features
Pension options The Pension will be payable monthly starting at the end of the chosen deferment period (waiting period) as per the option exercised by the purchased in all the above types of Plan. The following options are available in the plan: Life pension - Pension for life during the lifetime of the purchaser. Benefits Under plan with life coverOn vesting date (i.e. at the start of pension)Under plan without life cover On the vesting date (i.e. at the start of pension)Benefits under endowment type On vesting (i.e. at the start of pension)Tax benefits
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Jeevan Suraksha
Jeevan Suraksha
Features
Pension options
The Pension will be payable monthly starting at the end of the chosen deferment period
(waiting period) as per the option exercised by the purchased in all the above types of
Plan. The following options are available in the plan: Life pension - Pension for life during the lifetime of the purchaser.
Benefits
Under plan with life coverOn vesting date (i.e. at the start of pension)Under plan without life cover On the vesting date (i.e. at the start of pension)Benefits under endowment type On vesting (i.e. at the start of pension)Tax benefits
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Jeevan Sukanya
Jeevan Sukanya
Features
Benefits On survival | | ||||||
Jeevan Sukanya
Jeevan Sukanya
Features
Benefits
On survival |
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PLANS FOR HANDICAPPED DEPENDENTS
- Jeevan Adhar
Product summary
This plan may be offered to a person who has a handicapped dependant satisfying conditions as specified in Section 80DDA of Income Tax Act, 1961. The plan provides life insurance cover throughout the lifetime of the purchaser. The benefits under the plan are for the handicapped dependant which are partly in lump sum and partly in the form of an annuity.
The premiums paid under this plan are eligible for Income Tax relief under Section 80DDA of Income Tax Act.
Premiums:
Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deductions, as opted by you, within the selected premium paying terms of 10, 15, 20, 25, 30 or 35 years or till the earlier death. Alternatively, the premiums may be paid in one lump sum (Single Premium).
Guaranteed Additions:
The policy provides for the Guaranteed Additions at the rate of Rs.100 per thousand Sum Assured for each completed policy year. The Guaranteed Additions will accrue up to age 65 of the life assured or till his/her death, if earlier.
Terminal Additions:
This is a with-profits plan and participates in the profits of the Corporation’s life insurance business. It gets a share of the profits in the form of Terminal Additions. The policy will be entitled for Terminal Additions if at least 10 years premiums have been paid. The Terminal additions would depend on the future experience of the Corporation.
This plan may be offered to a person who has a handicapped dependant satisfying conditions as specified in Section 80DDA of Income Tax Act, 1961. The plan provides life insurance cover throughout the lifetime of the purchaser. The benefits under the plan are for the handicapped dependant which are partly in lump sum and partly in the form of an annuity.
The premiums paid under this plan are eligible for Income Tax relief under Section 80DDA of Income Tax Act.
Premiums:
Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deductions, as opted by you, within the selected premium paying terms of 10, 15, 20, 25, 30 or 35 years or till the earlier death. Alternatively, the premiums may be paid in one lump sum (Single Premium).
Guaranteed Additions:
The policy provides for the Guaranteed Additions at the rate of Rs.100 per thousand Sum Assured for each completed policy year. The Guaranteed Additions will accrue up to age 65 of the life assured or till his/her death, if earlier.
Terminal Additions:
This is a with-profits plan and participates in the profits of the Corporation’s life insurance business. It gets a share of the profits in the form of Terminal Additions. The policy will be entitled for Terminal Additions if at least 10 years premiums have been paid. The Terminal additions would depend on the future experience of the Corporation.
This is Only Educational and Read Only Purpuse. This Contain Copyright By "http://www.licindia.in/".
- Jeevan Vishwas
Product summary:
This is an Endowment Assurance plan designed for the benefit of handicapped dependants.
Premiums:
Premiums are payable quarterly, half-yearly or yearly throughout the term of the policy or till the earlier death. Alternatively, the premium may be paid in one lump sum (single premium).
Guaranteed Additions:
The policy provides for the Guaranteed additions at the rate of Rs.60 per thousand Sum Assured for each completed policy year while the policy is in full force. The Guaranteed Additions are payable at the end of the policy term or on earlier death.
Loyalty Additions:
This is a with-profit plan and participates in the profits of the Corporation’s life insurance business. It gets a share of the profits in the form of loyalty additions which are terminal bonuses payable along with death or maturity benefit. Loyalty addition may be payable from fifth year onwards depending on the experience of the Corporation.
This is an Endowment Assurance plan designed for the benefit of handicapped dependants.
Premiums:
Premiums are payable quarterly, half-yearly or yearly throughout the term of the policy or till the earlier death. Alternatively, the premium may be paid in one lump sum (single premium).
Guaranteed Additions:
The policy provides for the Guaranteed additions at the rate of Rs.60 per thousand Sum Assured for each completed policy year while the policy is in full force. The Guaranteed Additions are payable at the end of the policy term or on earlier death.
Loyalty Additions:
This is a with-profit plan and participates in the profits of the Corporation’s life insurance business. It gets a share of the profits in the form of loyalty additions which are terminal bonuses payable along with death or maturity benefit. Loyalty addition may be payable from fifth year onwards depending on the experience of the Corporation.
PLANS FOR HANDICAPPED DEPENDENTS
- Jeevan Adhar
Product summary
This plan may be offered to a person who has a handicapped dependant satisfying conditions as specified in Section 80DDA of Income Tax Act, 1961. The plan provides life insurance cover throughout the lifetime of the purchaser. The benefits under the plan are for the handicapped dependant which are partly in lump sum and partly in the form of an annuity.
The premiums paid under this plan are eligible for Income Tax relief under Section 80DDA of Income Tax Act.
Premiums:
Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deductions, as opted by you, within the selected premium paying terms of 10, 15, 20, 25, 30 or 35 years or till the earlier death. Alternatively, the premiums may be paid in one lump sum (Single Premium).
Guaranteed Additions:
The policy provides for the Guaranteed Additions at the rate of Rs.100 per thousand Sum Assured for each completed policy year. The Guaranteed Additions will accrue up to age 65 of the life assured or till his/her death, if earlier.
Terminal Additions:
This is a with-profits plan and participates in the profits of the Corporation’s life insurance business. It gets a share of the profits in the form of Terminal Additions. The policy will be entitled for Terminal Additions if at least 10 years premiums have been paid. The Terminal additions would depend on the future experience of the Corporation.
This plan may be offered to a person who has a handicapped dependant satisfying conditions as specified in Section 80DDA of Income Tax Act, 1961. The plan provides life insurance cover throughout the lifetime of the purchaser. The benefits under the plan are for the handicapped dependant which are partly in lump sum and partly in the form of an annuity.
The premiums paid under this plan are eligible for Income Tax relief under Section 80DDA of Income Tax Act.
Premiums:
Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deductions, as opted by you, within the selected premium paying terms of 10, 15, 20, 25, 30 or 35 years or till the earlier death. Alternatively, the premiums may be paid in one lump sum (Single Premium).
Guaranteed Additions:
The policy provides for the Guaranteed Additions at the rate of Rs.100 per thousand Sum Assured for each completed policy year. The Guaranteed Additions will accrue up to age 65 of the life assured or till his/her death, if earlier.
Terminal Additions:
This is a with-profits plan and participates in the profits of the Corporation’s life insurance business. It gets a share of the profits in the form of Terminal Additions. The policy will be entitled for Terminal Additions if at least 10 years premiums have been paid. The Terminal additions would depend on the future experience of the Corporation.
This is Only Educational and Read Only Purpuse. This Contain Copyright By "http://www.licindia.in/".
- Jeevan Vishwas
Product summary:
This is an Endowment Assurance plan designed for the benefit of handicapped dependants.
Premiums:
Premiums are payable quarterly, half-yearly or yearly throughout the term of the policy or till the earlier death. Alternatively, the premium may be paid in one lump sum (single premium).
Guaranteed Additions:
The policy provides for the Guaranteed additions at the rate of Rs.60 per thousand Sum Assured for each completed policy year while the policy is in full force. The Guaranteed Additions are payable at the end of the policy term or on earlier death.
Loyalty Additions:
This is a with-profit plan and participates in the profits of the Corporation’s life insurance business. It gets a share of the profits in the form of loyalty additions which are terminal bonuses payable along with death or maturity benefit. Loyalty addition may be payable from fifth year onwards depending on the experience of the Corporation.
This is an Endowment Assurance plan designed for the benefit of handicapped dependants.
Premiums:
Premiums are payable quarterly, half-yearly or yearly throughout the term of the policy or till the earlier death. Alternatively, the premium may be paid in one lump sum (single premium).
Guaranteed Additions:
The policy provides for the Guaranteed additions at the rate of Rs.60 per thousand Sum Assured for each completed policy year while the policy is in full force. The Guaranteed Additions are payable at the end of the policy term or on earlier death.
Loyalty Additions:
This is a with-profit plan and participates in the profits of the Corporation’s life insurance business. It gets a share of the profits in the form of loyalty additions which are terminal bonuses payable along with death or maturity benefit. Loyalty addition may be payable from fifth year onwards depending on the experience of the Corporation.
SPECIAL PLAN
Bima Nivesh 2005
Bima Nivesh 2005 is a plan with compound rate of guaranteed additions and loyalty additions . This is the revised version of our popular Bima Nivesh Plan 2004 and is introduced to meet the overwhelming demand for a single premium plan from our customers . It is a single premium, ideal investment plan for those who have no regular income but good periodical income . Bima Nivesh 2005 is available for terms 5 and 10 years. The guaranteed surrender value is payable after the policy has run for at least one year. Term Assurance Rider is also available by payment of a single premium at the option of the proposer.
This is Only Educational and Read Only Purpuse. This Contain Copyright By "http://www.licindia.in/".
Jeevan Saral
Product Summary:
This is an Endowment Assurance plan where the proposer has simply to choose the amount and mode of premium payment. The plan provides financial protection against death throughout the term of the plan. The death benefit is directly related to the premiums paid. The Maturity Sum Assured depends on the age at entry of the life to be assured and is payable on survival to the end of the policy term. It also offers the flexibility of term and a lot of liquidity.
This is an Endowment Assurance plan where the proposer has simply to choose the amount and mode of premium payment. The plan provides financial protection against death throughout the term of the plan. The death benefit is directly related to the premiums paid. The Maturity Sum Assured depends on the age at entry of the life to be assured and is payable on survival to the end of the policy term. It also offers the flexibility of term and a lot of liquidity.
Premiums:
Premiums are payable yearly, half-yearly, quarterly, or monthly through salary deductions as opted by you throughout the term of the policy or till earlier death.
Premiums are payable yearly, half-yearly, quarterly, or monthly through salary deductions as opted by you throughout the term of the policy or till earlier death.
Loyalty Additions:
This is a with-profits plan and participates in the profits of the Corporation’s life insurance business. It gets a share of the profits in the form of loyalty additions which are terminal bonuses payable along with death benefit or maturity benefit. Loyalty Additions may be payable from the 10th year onwards depending upon the experience of the Corporation.
This is a with-profits plan and participates in the profits of the Corporation’s life insurance business. It gets a share of the profits in the form of loyalty additions which are terminal bonuses payable along with death benefit or maturity benefit. Loyalty Additions may be payable from the 10th year onwards depending upon the experience of the Corporation.
SPECIAL PLAN
Bima Nivesh 2005
Bima
Nivesh 2005 is a plan with compound rate
of guaranteed additions and loyalty additions
. This is the revised version of
our popular Bima Nivesh Plan
2004 and is introduced to meet
the overwhelming demand for a
single premium plan from our customers
. It is a single premium, ideal investment
plan for those who have no regular income
but good periodical income . Bima
Nivesh 2005 is available for
terms 5 and 10 years. The
guaranteed surrender value is payable
after the policy has run for at least
one year. Term Assurance Rider is also
available by payment of a single premium
at the option of the proposer.
This is Only Educational and Read Only Purpuse. This Contain Copyright By "http://www.licindia.in/".
Jeevan Saral
Product Summary:
This is an Endowment Assurance plan where the proposer has simply to choose the amount and mode of premium payment. The plan provides financial protection against death throughout the term of the plan. The death benefit is directly related to the premiums paid. The Maturity Sum Assured depends on the age at entry of the life to be assured and is payable on survival to the end of the policy term. It also offers the flexibility of term and a lot of liquidity.
This is an Endowment Assurance plan where the proposer has simply to choose the amount and mode of premium payment. The plan provides financial protection against death throughout the term of the plan. The death benefit is directly related to the premiums paid. The Maturity Sum Assured depends on the age at entry of the life to be assured and is payable on survival to the end of the policy term. It also offers the flexibility of term and a lot of liquidity.
Premiums:
Premiums are payable yearly, half-yearly, quarterly, or monthly through salary deductions as opted by you throughout the term of the policy or till earlier death.
Premiums are payable yearly, half-yearly, quarterly, or monthly through salary deductions as opted by you throughout the term of the policy or till earlier death.
Loyalty Additions:
This is a with-profits plan and participates in the profits of the Corporation’s life insurance business. It gets a share of the profits in the form of loyalty additions which are terminal bonuses payable along with death benefit or maturity benefit. Loyalty Additions may be payable from the 10th year onwards depending upon the experience of the Corporation.
This is a with-profits plan and participates in the profits of the Corporation’s life insurance business. It gets a share of the profits in the form of loyalty additions which are terminal bonuses payable along with death benefit or maturity benefit. Loyalty Additions may be payable from the 10th year onwards depending upon the experience of the Corporation.
SPECIAL PLANS
LIC’s Special Plans are not plans but opportunities that knock on your door once in a lifetime. These plans are a perfect blend of insurance, investment and a lifetime of happiness!
SPECIAL PLANS
LIC’s
Special Plans are not plans but opportunities
that knock on your door once in a lifetime.
These plans are a perfect blend of
insurance, investment and a
lifetime of happiness!
TERM ASSURANCE PLANS
- Two Year Temporary Assurance Policy
- The Two Year Temporary Assurance policy is designed for the insuring public who requires risk cover for a maximum of two years.
- Under the Two Year Temporary Assurance policy a single premium is required to be paid at the outset of the policy to cover the entire period of term.
- The proposer is required to pay the medical examination fee. The proof of age must also accompany the proposal.
- The policy issued will be only under the 'Without Profits' plan.
- The policy is not entitled to any surrender value.
- No loan will be granted against the Two Year Temporary Assurance policy.
Suitable For
The Two Year Temporary Assurance policy caters to the individuals who specifically require insurance cover against risk for a short period of two years, for instance persons who are required to go on tours for instance for a year or so.
This is Only Educational and Read Only Purpuse. This Contain Copyright By "http://www.licindia.in/".
- The Convertible Term Assurance Policy
This plan of assurance is designed to meet the needs of those who are initially unable to pay the larger premium required for a Whole Life or Endowment Assurance Policy, but hope to be able to pay for such a policy in the near future.
This plan would be found useful also in cases where it is desired to leave the final decision as to the plan to a later date when, perhaps a better choice could be made.
Policy holders get an option of converting an policy into endowment assurance or limited payment whole life assurance.
Suitable For
For all people with earned income under Category I and unearned incomes under Category II, basically Standard and sub-Standard lives attracting EMR classes I and II.
This plan would be found useful also in cases where it is desired to leave the final decision as to the plan to a later date when, perhaps a better choice could be made.
Policy holders get an option of converting an policy into endowment assurance or limited payment whole life assurance.
Suitable For
For all people with earned income under Category I and unearned incomes under Category II, basically Standard and sub-Standard lives attracting EMR classes I and II.
This is Only Educational and Read Only Purpuse. This Contain Copyright By "http://www.licindia.in/".
- Anmol Jeevan-I
| On Death during the Term of the Policy | Sum Assured |
| On Maturity | Nil |
Restrictions
| Minimum age at entry | 18 years (completed) |
| Maximum age at entry | 55 years (nearer birthday) |
| Maximum age at maturity | 65 years |
| Minimum Term | 5 years |
| Maximum Term | 25 years |
| Minimum Sum Assured | Rs.5,00,000/- |
| Maximum Sum Assured | Less than 25,00,000 . |
| Mode of Premium Payment* | Yearly, Half- Yearly and Single premium |
Rebate
i) Sum Assured Rebate : NIL in case of regular premium policies .
ii) Mode Rebate : 1 % of Annual premium for yearly mode and nil for Half-Yearly mode.
Underwriting, Age Proof and Medical Requirements
The plan is available to Standard and Sub-standard lives (upto Class VI EMR). This plan is also available to female lives (category I and II lives only) and to physically handicapped persons subject to certain conditions. Standard age proof will have to be submitted along with the Proposal Form.
PAID-UP AND SURRENDER VALUE :
i) The policy will not acquire any paid-up value.
ii) No Surrender Value will be available under this plan.
Loan
No loan will be granted under this plan.
Grace Period For Non-Forfeiture Provisions
A grace period of 15 days will be allowed for payment of yearly or half-yearly premiums. If death occurs within this period and before the payment of the premium then due, the policy will still be valid and the Sum Assured paid after deduction of the said premium as also unpaid premiums falling due before the next policy anniversary of the Policy. If the premium is not paid before the expiry of the days of grace, the Policy lapses.
Revival
If the Policy has lapsed, it may be revived during the life time of the Life Assured, but before the date of expiry of policy term, on submission of proof of continued insurability to the satisfaction of the Corporation and the payment of all the arrears of premium together with interest at such rate as may be prevailing at the time of the payment. The corporation reserves the right to accept or decline the revival of discontinued policy. The revival of the discontinued policy shall take effect only after the same is approved by the Corporation and is specifically communicated to the Life Assured. The cost of the Medical reports, including Special Reports, if any, required for the purposes of revival of the policy, should be borne by the Life Assured.
Payment Of claims
No Claims concession will be applicable to this Policy.
Back-Dating Interest
The policy can be back dated within the financial year. No dating back interest shall be charged.
This is Only Educational and Read Only Purpuse. This Contain Copyright By "http://www.licindia.in/".
- Amulya Jeevan – I
Death Benefit: In case of unfortunate death of the Life Assured during the term of the policy, Sum Assured is payable, provided the policy is kept in force.
Maturity Benefit: Nil
MODE OF PAYMENT OF PREMIUMS
Premiums may be paid Yearly, Half-yearly or by Single Premium mode.
Premiums may be paid Yearly, Half-yearly or by Single Premium mode.
PREMIUM RATES
The tables below provide specimen tabular premiums for various age-term combinations for Rs. 1000/- Sum Assured
The tables below provide specimen tabular premiums for various age-term combinations for Rs. 1000/- Sum Assured
Annual Premium:
Age (yrs.) | Term of the Policy (years) | ||||||
5 | 10 | 15 | 20 | 25 | 30 | 35 | |
20 | 1.97 | 1.97 | 1.97 | 1.97 | 2.05 | 2.18 | 2.38 |
25 | 2.07 | 2.07 | 2.08 | 2.18 | 2.35 | 2.61 | 2.94 |
30 | 2.13 | 2.19 | 2.36 | 2.57 | 2.92 | 3.36 | 3.88 |
35 | 2.43 | 2.64 | 2.94 | 3.40 | 3.97 | 4.65 | 5.47 |
40 | 3.04 | 3.43 | 4.07 | 4.81 | 5.70 | 6.77 | - |
Single Premium:
Age (yrs.) | Term of the Policy (years) | ||||||
5 | 10 | 15 | 20 | 25 | 30 | 35 | |
20 | 8.12 | 13.71 | 18.12 | 22.03 | 25.86 | 29.84 | 34.51 |
25 | 8.55 | 14.33 | 19.46 | 24.49 | 29.70 | 35.84 | 42.79 |
30 | 8.81 | 15.54 | 22.14 | 28.99 | 37.04 | 46.18 | 56.37 |
35 | 10.07 | 18.73 | 27.72 | 38.31 | 50.31 | 63.71 | 78.88 |
40 | 12.62 | 24.45 | 38.38 | 54.18 | 71.81 | 91.79 | - |
REBATES:
Large Sum Assured Rebates: The reduction in tabular premiums for different Sum Assured ranges are given below:
Large Sum Assured Rebates: The reduction in tabular premiums for different Sum Assured ranges are given below:
Sum Assured | Regular Premium | Single premium |
Up to Rs.99 lakh | - | - |
Rs.1 Crore and above | - | Rs.0.50 %o SA |
MODE EXTRA : 2.00% of tabular annual premium for half-yearly mode.
ELIGIBILITY CONDITIONS Minimum age at entry - 18 Year (Completed)
Maximum age at entry - 60 years (nearest birthday)
Maximum age at maturity - 70 years
Policy term - 5 to 35 years
Minimum Sum Assured - Rs.25,00,000/-
Maximum Sum Assured - No upper limit
(Sum Assured shall be in multiples of Rs.1,00,000/-)
Maximum age at entry - 60 years (nearest birthday)
Maximum age at maturity - 70 years
Policy term - 5 to 35 years
Minimum Sum Assured - Rs.25,00,000/-
Maximum Sum Assured - No upper limit
(Sum Assured shall be in multiples of Rs.1,00,000/-)
GRACE PERIOD:
A grace period of 15 days will be allowed for payment of yearly or half-yearly premiums.
A grace period of 15 days will be allowed for payment of yearly or half-yearly premiums.
PAID UP VALUE:
The policy shall not acquire any paid-up value.
The policy shall not acquire any paid-up value.
REVIVAL
If the Policy has lapsed, it may be revived during the life time of the Life Assured, but within a period of 5 years from the date of first unpaid premium and before the date of maturity, on submission of proof of continued insurability to the satisfaction of the Corporation and the payment of all the arrears of premium together with interest at such rate as may be fixed by the Corporation from time to time compounding half-yearly.
If the Policy has lapsed, it may be revived during the life time of the Life Assured, but within a period of 5 years from the date of first unpaid premium and before the date of maturity, on submission of proof of continued insurability to the satisfaction of the Corporation and the payment of all the arrears of premium together with interest at such rate as may be fixed by the Corporation from time to time compounding half-yearly.
SURRENDER VALUE:
No Surrender Value will be available under this plan.
No Surrender Value will be available under this plan.
LOAN:
No loan will be available under this plan.
No loan will be available under this plan.
COOLING OFF PERIOD:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to us within 15 days.
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to us within 15 days.
EXCLUSIONS:
Suicide: This policy shall be void if the Life Assured commits suicide (whether sane or insane at that time) at any time on or after the date on which the risk under the policy has commenced but before the expiry of one year from the date of commencement of risk under the policy and the Corporation will not entertain any claim by virtue of this policy except to the extent of a third party’s bonafide beneficial interest acquired in the policy for valuable consideration of which notice has been given in writing to the branch where the Policy is being presently serviced (where the policy records are kept), at least one calendar month prior to death.
Section 45 of Insurance Act, 1938:
No policy of life insurance shall after the expiry of two years from the date on which it was effected, be called in question by an insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose.
No policy of life insurance shall after the expiry of two years from the date on which it was effected, be called in question by an insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose.
Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life assured was incorrectly stated in the proposal.
Prohibition of Rebates (Section 41 of INSURANCE ACT ,1938) :
(1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy nor shall any person taking out or renewing or continuing a policy accept any rebate except such rebates as may be allowed in accordance with the published prospectuses or tables of the insurer provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taking out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.
(1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy nor shall any person taking out or renewing or continuing a policy accept any rebate except such rebates as may be allowed in accordance with the published prospectuses or tables of the insurer provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taking out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.
(2) Any person making default in complying with the provision of this Section shall be punishable with a fine, which may extend to 500 rupees.
Note: Conditions apply for which please refer to the Policy document or contact our nearest Branch Office.
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