Bharti AXA Policy Document Elite Advantage
Bharti AXA Policy Document Elite Advantage
Bharti AXA Policy Document Elite Advantage
PART B
Definitions: (meaning of technical words used in Policy Document) s) Policy Year is measured from the Date of Commencement of Risk
and is a period of twelve consecutive calendar months.
a) Age is the Age at last birthday in completed years. t) Policyholder/Proposer is the owner of the Policy whose name is
b) Annualized Premium shall be the Premium amount payable in a mentioned in the proposal form.
year chosen by the Policyholder, excluding the taxes, Rider u) Premium is the amount payable by the Policyholder on the due dates
Premiums, underwriting extra Premiums and loadings for modal in a Policy Year, including modal factors as per the mode chosen by
premiums, if any. the Policyholder.
c) Appointee means the person registered with us in the Nominee v) Premium Payment Term means the number of Policy Years for
details specified in the Policy Schedule who is authorized to receive which the Policyholder is required to pay the Premium due under the
and hold in trust the benefits under this Policy on behalf of the Policy.
Nominee/(s), if the Nominee/(s) is/are less than Age 18 on the date
of payment. w) Revival means reviving the Policy after the Policyholder has paid all
due Premiums in accordance with the terms and conditions of this
d) Assignee means the one to whom the policy has been assigned, Policy.
i.e. the person to whom the policy rights have been transferred as
defined under the provisions of Section 38 of the Insurance Act, x) Revival Period is the time of 5 years from the date of the last
1938 as amended from time to time. unpaid Premium due date and is the period available to the
Policyholder to revive the Policy.
e) Assignment means a provision wherein You can assign or transfer
a Policy in accordance with Section 38 of the Insurance Act, 1938 as y) Rider is an optional insurance cover which is purchased along with
amended from time to time (refer Appendix I of the Policy document). the Base Policy. It provides additional benefits to the Policyholder/ Life
Insured. It is not a standalone document and should be read along
f) Base Policy is the life insurance product issued to You by the with Base Policy.
Company.
z) Rider Premium is the premium payable for the Rider/(s) chosen by
g) Date of Commencement of Risk is the date from which the life the Policyholder and is mentioned in the Policy Schedule.
insurance coverage under this Policy commences, for all lives
including minors, and is as specified in the Policy Schedule. aa) Sum Assured is the absolute amount of benefit chosen by the
Policyholder at the Date of Inception of the Policy and specified in the
h) Date of Inception of Policy is the date on which the Policy is Policy Schedule.
first issued and is as specified in the Policy Schedule.
bb) Sum Assured on Death means an absolute amount of benefit
i) Grace Period is the time extended by the Company to allow You to which becomes payable on death of the Life Insured in accordance
pay the unpaid Premium, in case the Premium/s had not been paid with the terms and condition of the Policy.
as on the due date, during which time the Policy is considered to be
in-force with the risk cover, including risk cover under the Rider. You cc) Sum Assured on Maturity means the amount specified in the
have a Grace Period of 30 days for annual/ semi-annual/ quarterly Policy Schedule which is payable in accordance with the terms and
premium payment modes and 15 days for monthly mode to pay the conditions of the Policy.
unpaid Premium due under the Policy and the benefits under the dd) Surrender means complete withdrawal of the Policy by the You
Policy will remain unaltered during this period, subject to the Policy thereby resulting in termination of the Policy.
terms and conditions.
ee) Surrender Value means an amount, if any, that becomes payable
j) Life Insured is the person named in the Policy Schedule and whose in case of Surrender in accordance with the terms and conditions of
life is covered under the Policy. the Policy.
k) Lapse is the status of the Policy where the Policy has not acquired ff) The Company /Company means Bharti AXA Life Insurance
a Surrender Value and Premium due is not paid on the due date or Company Limited.
before the expiry of Grace Period.
gg) Total Premiums Paid means total of all the Premiums received,
l) Maturity Date is the date on which the Policy Term concludes and is excluding any extra premium, any Rider Premium and taxes.
specified as such in the Policy Schedule.
hh) You/Your/Yours refers to the Policyholder.
m) Nominee is the person nominated under the Policy to receive the
benefits under the Policy in the event of death of the Life Insured The terms defined above shall also act as a reference guide to the Policy
before Maturity Date or after the Maturity Date but before the Document in terms of IRDAI Circular No. IRDA/LIFE/CIR/G-
payment of proceeds or benefits under this Policy as per the DL/034/01/2014 dated 14 January 2014.
provisions of Section 39 of Insurance Act, 1938 as amended from
time to time.
n) Paid Up is the status of the Policy if Premiums have been paid for at
least 2 full Policy Years and thereafter Premiums are not paid within
the Grace Period.
o) Policy means Bharti AXA Life Elite Advantage along with the
unique Policy number issued to You as mentioned in the “Policy
Schedule”.
p) Policy Document means and includes the proposal form for
insurance submitted by the Policyholder, the benefit illustration
signed by the Policyholder, the Policy Schedule, the first Premium
receipt, any attached endorsements or supplements together with all
the addendums provided by the Company from time to time.
q) Policy Schedule contains amongst others, the details of You and
the Life Insured which forms an integral part of the Policy.
r) Policy Term is the number of Policy Years for which the Policy is
in-force , commencing from the Date of Commencement of Risk and
ending on the Maturity Date as specified in the Policy Schedule.
UIN : 130N060V06
130N060VXX Bharti AXA Life Elite Advantage Page 01
Policy Document -
Bharti AXA Life Elite Advantage
Non-Participating Individual
A Non-Linked, Non-Participating, Life Insurance
Life, Individual Savings Plan
Savings Product
PART C
Premiums Paid less Sum of the survival benefits already paid]. The Net
Present Value is present value of all future payouts discounted at a
Benefits payable certain rate. The rate at which it will be discounted is guaranteed at
8.50% p.a.
1. Death Benefit
Death benefit shall paid in accordance with the following:
Upon the death of the Life Insured, provided that the Policy is in force
and all due Premiums till the date of death have been received, the a) If the Policyholder and Life Insured are different and the Life Insured
Sum Assured on Death will be payable as a lumpsum immediately on was less than Age 18 at the Date of Inception of Policy, then the Death
death. The Sum Assured on Death will be higher of: Benefit will be payable to the Policyholder if the Life Insured was less
than Age 18 on the date of death;
a) Sum Assured on Maturity; or b) If the Policyholder and Life Insured are different and the Life Insured
b) 11 times the Annualized Premium; or was less than Age 18 at the Date of Inception of Policy, then the Death
c) 105% of Total Premiums Paid. Benefit will be payable to the Nominee if the Life Insured was more than
In the event of death of the Life Insured: Age 18 on the date of death;
a. during the grace period allowed for payment of due premium: the c) If the Policyholder and Life Insured are the same person on the Date
Death Benefit (after deducting of Inception of Policy, then the Death Benefit will be payable to the
the unpaid due Premium) shall be payable Nominee.
b. while the policy is in Lapsed status: no benefit shall be payable
c. when the policy is in Paid-up status: Paid up value as specified in 2. Maturity Benefit
Part D sub section 2B be payable
d. during the Maturity Payout Period: No Death Benefit shall be Upon the Life Insured surviving until the Maturity Date, provided that
the Policy is in force and all due Premiums have been received, the
Payable in case of Death of Life Insured during the Maturity Payout
Maturity Benefit will be payable as follows:
Period. The unpaid Guaranteed Payout will be paid to the Nominee as
per the Schedule mentioned in Part C section 2 and the Sum Assured
on Maturity will be paid at the end of 20th year. The Nominee has an 1. Guaranteed Payout: The percentage of the Sum Assured on Maturity
option to take the Maturity Payout as a lump sum at anytime during the specified in the table below shall be payable at the frequency for
Maturity Payout Period. The Lump sum shall be calculated as higher of Guaranteed Payout specified in the Policy Schedule. The Guaranteed
[Net Present Value of future payouts.] and [100.1% of the Total Payout shall be payable for the Maturity Payout Period specified in the
Policy Schedule:
5. Grace Period
Grace period is the time extended by the Company to facilitate the
Policyholder to pay the unpaid premium, in case the premium/s had not
been paid as on the Due date. The Policyholder gets Grace Period (30
days for annual/ semi-annual/quarterly premium payment modes and
15 days for monthly mode) to pay the premiums which fell due and the
benefits under the policy remain unaltered during this period. However,
the Death Benefit payable under Part C Section 1 shall be reduced to
the extent of the unpaid Premium due under the Base Policy.
If the Policyholder dies during the Policy Term when the Policy is in force
or in Paid-up Status, then:
1. Any person who is the parent or the grandparent of the Life Insured only
may become the Policyholder under the Policy by giving the Company a
written request. Once the Company accepts the request in writing, this
person shall be considered the Policyholder for all purposes and shall have
all rights and undertake all the obligations of the Policyholder in
accordance with the terms and conditions of the Policy; and
2B Paid Up Status
If at least two full Policy Years Premiums have been paid and Surrender Paid up Value of Maturity Benefit x
further Premiums have not been paid due to any reason, the (Surrender Value Factor/1000)
Policy will automatically be converted into Paid Up status. Once
the Policy becomes Paid Up, all the benefits under the Policy The timing of reduced benefits under a Paid Up Policy remains
would be reduced and calculated as given below. unaltered. The manner of payout of the Maturity Benefit shall also remain
unaltered.
3. Surrender Benefits
The policy acquires Surrender Value on receipt of all due Premiums for
at least two full Policy Years. On Surrender of the Policy, the Company
will pay the Surrender Value which is equal to the higher of the Special
Surrender Value (SSV) and the Guaranteed Surrender Value (GSV),
which are calculated as follows.
The Surrender Value payable will be subject to any statutory or any
other restrictions as may be applicable. Surrender of the Policy shall
extinguish all the rights and benefits of the Policyholder under the
Policy the Company shall not be liable to pay any benefits under the
Policy.
(ii) If the Policy is in Paid Up status (After the Policy acquires Surrender
Policy Year 5 years 7 years 12 years Value):
1. If a Policy in Paid Up status is not revived within the Revival Period,
1 ‐ ‐ ‐ the Policy shall continue in Paid Up status. The benefits under a Paid
up Policy shall be reduced to Paid Up benefits. For details, refer to Part
2 30% 30% 30% D, Section 2(b).
2. If a Policy in Paid Up status is revived within the Revival Period, all
3 35% 35% 35%
benefits will be restored.
4 50% 50% 50%
5 55% 55% 55% 5. Suicide
In case of the Life Insured’s death due to suicide within 12 months from
6 60% 60% 60% the Date of Commencement of Risk or from the date of Revival of the
Policy, as applicable, the Nominee shall be entitled to at least 80% of
7 70% 65% 65% the Total Premiums Paid till the date of death or the Surrender Value
8 80% 70% 70% available as on the date of death whichever is higher, provided the
Policy is in force.
9 90% 75% 75%
10 90% 80% 80% 6. Termination
The Policy and all benefits under the Policy will terminate immediately
11 ‐ 90% 90% and automatically on the earliest of the following:
12 ‐ 90% 90%
a) At the end of Revival Period in case of Lapsed Policy as mentioned
in Part D, Section 4(i); or
3B Special Surrender Value: b) On the date the Company pays the Surrender Value; or
The Company may declare Special Surrender Values at such other c) On complete payment of the Death Benefit or Maturity Benefit, as
rates not less than the Guaranteed Surrender Values as specified in applicable; or
the table above. These rates are not guaranteed and will be declared d) Acceptance of Free Look request by the Company.
by the Company from time to time, subject to prior approval from
IRDAI.
7. Loan
Loans may be granted by the Company to the Policyholder provided
4. Revival that the Policy is in force and has acquired Surrender Value. The loan
Revival shall be as per the Company’s Board approved underwriting which may be granted shall always be within the applicable Surrender
policy. Value and shall be subject to the following terms and conditions:
The effective date of Revival is the date on which the below conditions
are satisfied and the risk is accepted by the Company. The Revival of The loan shall carry interest at the rate specified by the Company at the
the Policy may be on terms different from those applicable to the Policy time of advancing the loan. The loan interest rate will be equal to the 10
before it Lapsed. The Revival will take effect only after it is specifically year GSec* rate prevailing on 1st April each year plus 3% and will
communicated by the Company. remain applicable for new as well as existing loans for that financial
year. The interest rate on a Policy loan is not guaranteed and will be
A Policy which has lapsed or Paid Up may be Revived for full benefits reviewed by the Company on 1st of April every year. The current rate of
under the Policy subject to the following conditions: interest for FY 22-23 chargeable on Policy loans is 10.02% p.a. simple
interest.
a. The application for Revival is made within the Revival Period.
b. Satisfactory evidence of insurability of the Life Insured is produced. The Policyholder shall assign the Policy absolutely to the Company and
c. Payment of an amount equal to all unpaid Premiums together with the Policy will be held by the Company as security for repayment of the
interest at such rate as the Company may charge for such Revival, as loan and interest thereon.
decided by the Company from time to time, subject to prior approval
from IRDAI. The revival interest rate will be calculated on the 1st of The interest shall be calculated on a daily basis and the Policyholder
April every year and will be derived as average of last six months 10 can choose the method and frequency of billing of the loan interest
year G.Sec* yield of the immediate last financial year plus 0.50%. The amount.
revival rate of interest for FY 22-23 is 7.15% p.a. simple interest.
d. Terms and conditions as may be specified by the Company from The loan amount plus the outstanding interest will be adjusted against
time to time any benefits payable under the Policy.
*The source of 10 year G-sec is the Clearing Corporation of India Ltd If the Policy is in force, then the Policy shall not be foreclosed on the
(ccilindia.com) Negotiated Dealing System – Order Matching ground of outstanding loan amount including interest exceeding the
(NDS-OM) Platform. Surrender Value.
If a claim arises under the Policy before the repayment of the loan
(i) If the Policy is in Lapsed status (Before the Policy acquired Surren- amount with interest in full, the Company shall be entitled to recover the
der Value): outstanding loan amount and interest from any amount payable under
the Policy.
1. If a Policy in Lapsed status is not revived within the Revival Period,
the Policy shall be terminated, and no benefits shall be payable. If the Policy is in Paid Up status, then the outstanding loan amount
2. If a Policy in Lapsed status is revived within the Revival Period, all together with the interest shall not be equal to or exceed the Surrender
benefits will be restored. Value of the Policy at any point of time. In case the outstanding loan
3. In case of death of the Life Insured during the Revival Period, no amount with interest is greater than or equal to the Surrender Value, the
benefit is payable to the Nominee(s)/legal heirs Policy shall stand immediately and automatically terminated and all
future benefits under the Base Policy and Riders (if any) will cease to
exist. The Company will intimate the Policyholder through reminders to
repay the loan amount before termination of the Policy.
The minimum amount of loan that may be granted under this Policy is
Rs.15, 000.
PART E
Part E is not applicable to this Policy.
Grievance Redressal Cell: Section 41 of the Insurance Act, 1938, as amended from
Bharti AXA Life Insurance Company Ltd. time to time:
Spectrum tower, 3rd Floor, (1) “No person shall allow or offer to allow, either directly or
Malad link road, Malad (west), indirectly, as an inducement to any person to take out or
Mumbai 400064. Maharashtra’ renew or continue an insurance in respect of any kind of risk
relating to lives or property in India, any rebate of the whole
Step 2: Tell us if you are not satisfied or part of the commission payable or any rebate of the premium
In case you are not satisfied with the decision provided or if you shown on the policy, nor shall any person taking out or
have not received any response post completion of 14 days, you renewing or continuing a policy accept any rebate, except such
may write to Head - Customer Service for resolution at the above rebate as may be allowed in accordance with the published
mentioned address or email at: prospectus or tables of the insurer:
[email protected]
You are requested to inform us about your concern (if any) within 8 (2) Any person making default in complying with the provisions of
weeks of receipt of resolution as stated above, failing which it will this section shall be liable for a penalty which may
be construed that the complaint is satisfactorily resolved. extend to ten lakh rupees.”
If you are not satisfied with the response or do not receive a
response from us within 14 days, you may approach the Grievance Section 13 of the Insurance Ombudsman Rules, 2017:
Cell of the Insurance Regulatory and Development Authority of Duties and Powers of Insurance Ombudsman
India (IRDAI) on the following contact details:
RDAI Grievance Call Centre (IGCC) TOLL FREE NO:155255 or 1) The Ombudsman shall receive and consider complaints or
18004254732 disputes relating to—
Email ID: [email protected]
You can also register your complaint online at http://www.igms.ir- a) Delay in settlement of claims, beyond the time specified in the
dai.gov.in/ regulations, framed under the Insurance Regulatory and Develop-
Address for communication for complaints by paper: ment Authority of India Act, 1999;
Consumer Affairs Department b) Any partial or total repudiation of claims by the Company;
Insurance Regulatory and Development Authority of India c) Disputes over premium paid or payable in terms of insurance
Sy no.115/1, Financial District, policy;
Nanakramguda, Gachibowli, Hyderabad – 500032 d) Misrepresentation of policy terms and conditions at any time in
the policy document or policy contract;
IStep 3: If you are not satisfied with the resolution e) Legal construction of insurance policies in so far as the dispute
provided by the company relates to claim;
Where the redressal provided by the Company is not satisfactory
despite the escalation above, the customer may represent the case
to the Ombudsman for Redressal of the grievance, if it pertains to
the following:
f) Policy servicing related grievances against insurers and their 3) No complaint to the Insurance Ombudsman shall lie
agents and intermediaries; unless—
g) issuance of life insurance policy, general insurance policy a. The complainant makes a written representation to the
including health insurance policy which is not in conformity with Company named in the complaint and—
the proposal form submitted by the proposer; i. either the Company had rejected the complaint; or
h) Non-issuance of insurance policy after receipt of premium in ii. the complainant had not received any reply within a period of
life insurance; and one month after the Company received his representation; or
i) any other matter resulting from the violation of provisions of iii. the complainant is not satisfied with the reply given to him by
the Insurance Act, 1938, as amended from time to time, or the the Company.
regulations, circulars, guidelines or instructions issued by the
IRDAI from time to time or the terms and conditions of the b. The complaint is made within one year—
policy contract, in so far as they relate to issues mentioned at i. after the order of the Company rejecting the representation is
clauses (a) to (f). received; or
ii. after receipt of decision of the Company which is not to the
satisfaction of the complainant;
2) The Ombudsman shall act as counselor and mediator iii. after expiry of a period of one month from the date of
relating to matters specified in sub-rule (1) provided there is sending the written representation to the Company if the
written consent of the parties to the dispute. Company fails to furnish reply to the complainant.
3) The Ombudsman shall be precluded from handling any 4) The Ombudsman shall be empowered to condone the delay
matter if he is an interested party or having conflict of interest. in such cases as he may consider necessary, after calling for
objections of the Company against the proposed condonation
4) The Central Government or as the case may be, the IRDAI and after recording reasons for condoning the delay and in
may, at any time refer any complaint or dispute relating to case the delay is condoned, the date of condonation of delay
insurance matters specified in sub-rule (1), to the Insurance shall be deemed to be the date of filing of the complaint, for
Ombudsman and such complaint or dispute shall be further proceedings under these rules.
entertained by the Insurance Ombudsman and be dealt with as
if it is a complaint made under Clause provided herein below. 5) No complaint before the Insurance Ombudsman shall be
maintainable on the same subject matter on which proceedings
Section 14 of the Insurance Ombudsman Rules, are pending before or disposed of by any court or consumer
forum or arbitrator.
2017: Manner in which complaint to be made
List of Ombudsman
(For the updated list You may refer to IRDAI website)
Council for Insurance Ombudsmen (Monitoring Body for Offices of Insurance Ombudsman)
3rd Floor, Jeevan Seva Annexe, S V Road, Santacruz (West), Mumbai – 400054.
Tel no: 022-26106671/6889/980. Email id: [email protected] website:www.cioins.co.in
If you have a grievance, approach the grievance cell of Insurance Company first. If
complaint is not resolved/ not satisfied/not responded for 30 days then You can approach
The Office of the Insurance Ombudsman (Bimalokpal)
Please visit our website for details to lodge complaint with Ombudsman.
CHANDIGARH Punjab,
Office of the Insurance Ombudsman, Tel.:- 0674- 2596461/2596455
Email: bimalokpal..chandigarh@ Haryana (excluding Gurugram,
S.C.O. No. 101, 102 & 103, 2nd Floor, Faridabad, Sonepat and
Batra Building, Sector 17 – D, cioins.co.in
Bahadurgarh),
CHANDIGARH-160 017. Himachal Pradesh,
Union Territories of Jammu &
Kashmir, Ladakh & Chandigarh
Page 9
UIN : 130N060V06 Bharti
Bharti
Bharti AXA
AxaAxa
LifeLife
Life Elite
Elite
Elite Advantage
Advantage
Advantage Page 01
UIN : 130N060V06
130N060VXX
Policy Document -
Bharti AXA Life Elite Advantage
Non-Participating,Individual
A Non-Linked, Non-Participating Life, Individual Savings Product
Life Insurance Savings Plan
• IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of
premiums. Public receiving such phone calls are requested to lodge a police complaint.
Appendix I: Section 38 - Assignment and Transfer of Insurer, any person aggrievedby the refusal may prefer
Insurance Policies a claim to IRDAI within 30 days of receipt of the refusal
Assignment or transfer of a Policy should be in accordance letter from the Insure.
with Section 38 of the InsuranceAct, 1938 as amended from 12. The priority of claims of persons interested in an
time to time. The extant provisions in this regard are as insurancePolicy would dependon the dateon which the
follows: notices of assignment or transfer is delivered to the
01. This Policy may be transferred/assigned,wholly or in insurer; where there are more than one instrumentsof
part, with or without consideration. transfer or assignment,the priority will dependon dates
of delivery of such notices. Any disputein this regard as
02. An Assignment may be effected in a Policy by an to priority should be referred to Authority.
endorsementupon the Policy itself or by a separate
instrument under notice to the Insure 13. Every assignment or transfer shall be deemed to be
absolute assignment or transfer and the assignee or
03. The instrumentof assignmentshould indicate the fact of transferee shall be deemed to be absolute assignee or
transfer or assignment and the reasons for the transferee, except
assignmentor transfer, antecedentsof the assignee and
terms on which assignment is made. a. where assignmentor transfer is subject to terms and
conditions of transfer or assignment OR
04. The assignment must be signed by the transferor or
assignor or duly authorizedagentand attestedby at least b. where the transfer or assignment is made upon
one witness. condition that
05. The transfer of assignment shall not be operative as i. the proceeds under the Policy shall become
against an insurer until a notice in writing of the transfer payable to Policyholder or nominee(s) in the
or assignment and either the said endorsement or event of assignee or transferee dying before the
instrumentitself or copy there of certified to be correct insured OR
by bothtransferorand transfereeor their duly authorized ii. the insured surviving the term of the Policy Such
agents have been delivered to the insure conditionalassigneewill not be entitledto obtain
06. Fee to be paid for assignmentor transfer can be specified a loan on Policy or surrender the Policy. This
by theAuthority through Regulations. provision will prevail notwithstanding any law or
custom having force of law which is contrary to
07. On receipt of notice with fee, the insurer should Grant a the above position.
written acknowledgementof receipt of notice. Such
notice shall be conclusive evidenceagainstthe insurer of 14. In other cases, the insurer shall, subject to terms and
conditions of assignment, recognize the transferee or
duly receiving the notice.
assigne namedin the notice as the absolutetransfereeor
08. If the insurer maintains one or more places of business, assignee and such person
such notices shall be delivered only at the place where a. shall be subjectto all liabilities and equitiesto which
the Policy is being serviced. the transferor or assignor was subject to at the date
09. The insurer may accept or decline to act upon any of transfer or assignment and
transfer or assignment or endorsement, if it has b. may institute any proceedings in relation to the
sufficient reasons to believe that it is Policy
a. not bonafide or c. obtain loan under the Policy or surrenderthe Policy
b. not in the interest of the Policyholder or without obtaining the consent of the transferor or
c. not in public interest or assignor or making him a party to the proceedings
d. is for the purpose of trading of the insurance Policy. 15. Any rights and remediesof an assigneeor transfereeof a
life insurance Policy under an assignment or transfer
10. Before refusing to act upon endorsement,the Insurer effected before commencement of the Insurance Laws
should record the reasons in writing and communicate (Amendment), 2014 shall not be affected by this section.
the same in writing to Policyholder within 30 days from [Disclaimer: This is not a comprehensive list of amendments of
the date of Policyholder giving a notice of transfer or Insurance Laws (Amendment), 2014 and only a simplified version
assignment. prepared for general information. Policy Holders are advised to refer
11. In case of refusal to act upon the endorsement by the to Original Insurance Law (Amendment), 2014. ]
02. On the groundof fraud, a Policy of Life Insurance may 09. The insurer can call for proof of age at any time if he is
be called in question within 3 years from entitled to do so and no Policy shall be deemedto be
a. the date of issuance of Policy or called in questionmerely becausethe terms of the Policy
are adjustedon subsequentproof of age of life insured.
b. the date of commencement of risk or So, this Section will not be applicable for questioning
c. the date of revival of Policy or age or adjustment based on proof of age submitted
d. the date of rider to the Policy subsequently.
whichever is later. [Disclaimer: This is not a comprehensive list of amendments
For this, the insurer should communicatein writing to of Insurance Laws (Amendment),2014 and only a simplified
the insured or legal representative or nominee or version prepared for general information. Policy Holders
assignees of insured, as applicable, mentioning the are advised to refer to Original Insurance Law
ground and materials on which such decision is based. (Amendment), 2014. ]