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1. Proof of Age : The maturity Sum Assured having been calculated on the age of
the (i) The Policy shall be assigned absolutely to and held by
the Corporation as
Life Assured as declared in the Proposal, in case the age is found different fro
m such security for the repayment of advance (s) and of the i
nterest thereon.
age, without prejudice to the Corporation's other rights and remedies, including
those (ii) Interest on the advance (s) shall be paid compounding
half-yearly to the
under the Insurance Act, 1938, the sum Assured payable on maturity as shown in t
he Corporation at the rate to be specified by the Corpora
tion when the relative
schedule will be correspondingly altered. The premiums towards optional riders,
if advance is made The first payment of interest is to be
made on the next Policy
opted for, shall be payable in such case at the rate calculated on the Rider Sum
anniversary or an the date six months before the next
Policy anniversary
Assured for the correct age at entry, and the accumulated difference between the
whichever immediately follows the date on which the re
lative advance is made
Rider premium for the correct age and the original premium, from the
and every half year thereafter, interest is charged fo
r a minimum period of six
commencement of the Policy up to the date of such payment shall be paid to the
months.
(iil) The Corporation shall be entitled to call for repaym
ent of the advance(s) with all
corporation with interest at such rate as may be fixed by the corporation from t
ime to
due interest by giving 3 months notice In the event of
failure to repay the
time compounding half-yearly provided. however that in case the Assured continue
s advance (s) when required or to pay interest on the du
e dates as herein above
to pay the premiums at the rates shown herein, and also does not pay the above
mentioned or within 30 days after each due date respec
tively the policy shall be
mentioned accumulated debt, the accumulated difference between the premium for
held without the necessity of any notice being given,
to be forfeited to the
the correct age and the original premium from the commencement of this Policy up
to Corporation and the Corporation shall be entitled to a
pply the surrender value
the date on which the Policy becomes a claim, with interest on each instalment o
f such allowable in respect of the policy in payment of the a
dvance (s) and interest.
difference at such rate as may be prevailing at the time of claim compounding ha
lf- (iv) In case the policy shall mature or become a claim by
death, the corporation shall
yearly, shall accrue and be treated as a debt due by the Assured against the sai
d become entitled to deduct the amount of the advance(s)
or any portion thereof
Policy and will be deducted from the Policy moneys payable on the Policy becomin
g a which is outstanding together with all interest from t
he policy moneys
claim provided further that if the Assured's correct age at entry is such as wou
ld have 10. Assignments and Nominations : Notice of Assignment or Nom
ination should be
made him uninsurable under the class or terms of assurance specified in the said
submitted for registration to the office of the Corpor
ation, where this policy is
Schedule hereto, the class or terms shall stand altered to such as are granted b
y the serviced In registering an assignment or nomination th
e Corporation does not
Corporation according to the practice in force at the commencement of this Assur
ance accept any responsibility or express any opinion as to
its validity or legal effect.
2. Grace Period :- A grace period of one month but not less than 30 days will be
11. Accident Benefit (if opted for) : If at any time when thi
s policy is in force for the
allowed for payment of yearly, half yearly or Quarterly premiums If a premiums,
that full sum assured or reduced sum assured in case of partial sur
render of the policy, the
has become due is not paid before the expiry of the days of grace, the Policy la
pses Life Assured, before the expiry or the policy term or before
the policy anniversary on ,
If death occurs in the first policy year any premium that has fallen due but not
paid
r.
which the ago nearer birthday of the Life Assured is 70 years
whichever is earlier, is
and premiums, If any, falling due before the next policy anniversary shall be de
ducted involved in an accident resulting in either permanent disabili
ty as hereinafter defined or
from the claim amount
death and the same is proved to the satisfaction of the Corpor
ation, the Corporation
3. Revival of Discontinued Policies: If the Policy has lapsed It may be revived
during agrees in the case of
the life time of the Life Assured. but within period of 5 years from the due dat
e of the first (a) Disability to the Life Assured : (i) to pay in monthly ins
talments spread over 10
unpaid premium and before the date of maturity, on submission of proof of contin
ued years an additional sum equal to the Accident Benefit Sum Assu
red, under this policy. If the
insurability to the satisfaction of the Corporation and the pavMerltsf all the a
rrears of policy becomes a claim before the expiry of the said period of
10 years, the disability
re h :r r 'nt n com oundi . al ra I at suc r may tie fixed by
benefit instalments which have not fallen due will be paid alo
ng with the claim: (ii) to waive
thes,omorationtom fir elo time_The Corporation reserves the right to accept or a
ccept the payment of future premiums
with modified terms or decline the revival of discontinued Policy_ The revival o
f a The maximum aggregate limit of assurance under all pol
icies on the same life to
discontinued Policy shall take effect only after the same is approved by the Cor
poration which benefit (i) and (ii) above apply shall not in any event
exceed Rs_ 50,00,000.
and is specifically communicated to the Life Assured
If there be more policies than one and if the total assurance
exceeds Rs 50.00,000 the
4. Non-forfeiture Regulations : a) If after at least 3 full years' premiums have
been paid benefits shall apply to the first Rs_ 50,00,000 sum assured, i
n order of the date of the
in respect of this Policy, any subsequent premium be not duly paid, this Policy
shall not be policies issued
wholly void, but shall subsist as a paid-up policy for a reduced sum assured Thi
s The waiver of premium shall extinguish all options under
this Policy and the benefits
Reduced Sum Assured will be called as paid-up Policy value which shall be payabl
e in covered by para (b) of this condition except as to such assura
nces if any, As exceeds the
case of death/maturity and shall depend On the number of years for which premium
s have maximum limit of Rs. 50,00,000 and which may have been kept in
force by continued
been paid and shall be the greater of
payment of premiums.