Dhameliya Anandbhai Ghusabhai

Vi 2 Laxmi Nagar Soc Sarthana Date: 17/01/2024

Jakatnaka Kamraej Road Surat
Surat
Gujarat
Soc Sarthana
Pin : 395006 India
Tel. No.: Mob. No.: 09328755448
Policy No.: 77871107

BD MU6W AB 77871107
Email: dhameliyaanand15@gmail.com

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 Kotak Assured Savings Plan
A Non- Participating Endowment Assurance Plan
PART A
Dear Dhameliya Anandbhai Ghusabhai
We welcome you to Kotak Life Insurance family.
We view Insurance as being much more than a cover; it is about savings and protection,
about being carefree, about living life to the fullest. It is indeed heartening to know that you
share our sentiments.
Please be rest assured, the faith and confidence that you have placed in us would certainly
be a rewarding and wholesome experience.

Your Policy details:

Name of Plan Policy No Client Id
Kotak Assured Savings Plan(UIN-107N081V05) 77871107 73939612

Life Advisor Details:

KLI Servicing Branch Address: Mumbai-Branch 6 9th floor, Intellion

Square (Bldg No.4), Infinity IT Park, Gen.
AK Vaidya Marg, Malad (E),Mumbai
400097
TREFCON INSURANCE SERVICES
Name of the Life Advisor
PRIVATE LIMITED
Life Advisor Code 60772203
Life Advisor Tel No
Life Advisor Mob No 01204457422
Address of the Life Advisor SECTOR 63,Noida,Noida,,
PIN
Email Trefconinurance@fastinsurance.in

Your Policy document is an important legal document and should be kept in a safe place.
This Policy is subject to tax laws prevailing in India. You are kindly advised to consult your
Tax Advisor for the tax benefits available under this Policy.
Free Look Period :
In case you are not agreeable to any of the provisions stated in the Policy, then you have the
option of returning the Policy to us stating the reasons thereof within 15 days [except in case
of electronic policies and policies obtained through Distance Marketing* mode which will have
30 days] from the date of the receipt of the Policy. The cancellation request should be
submitted to your nearest Kotak Life Insurance branch or sent directly to our Head Office. On
receipt of your letter along with the original Policy document we shall arrange to refund the
Premium Paid by you after deducting the proportionate risk Premium, medical charges and
stamp duty. A Policy once returned shall not be revived, reinstated or restored at any point of
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 stamp duty. A Policy once returned shall not be revived, reinstated or restored at any point of
time and a new proposal will have to be made for a new Policy.

The free look period applicable to this Policy is 15 days.

*Distance Marketing includes every activity of solicitation (including lead generation) and sale
of insurance products through the following modes: (i) Voice mode, which includes telephone
calling (ii) Short Messaging service (SMS) (iii) Electronic mode which includes e-mail, internet
and interactive television (DTH) (iv) Physical mode which includes direct postal mail and
newspaper & magazine inserts and (v) Solicitation through any means of communication
other than in person.

Contact us :

If you notice any discrepancy with respect to your name, personal details or other information
relating to the Policy, please return the Policy documents to us immediately along with a letter
stating the discrepancy. In case of claim or any service request please contact your Life
Advisor or the nearest Kotak Life Insurance Branch. You may also reach us at
https://kli.in/WECARE or call our Customer Service Officers at 18002098800. Please quote
your Policy number and client id number in all your correspondence with us.

We hope this Policy meets your expectations and this is the beginning of a long relationship
with you. It will be our pleasure to serve you, protect you and be with you; assuring you of
our best services at all times.

Best wishes,

Kotak Mahindra Life Insurance Company Limited

CIN: U66030MH2000PLC128503, IRDAI Registration No. 107, Regd. Office: 8th Floor, Plot #C-12, G-
Block, BKC, Bandra (E), Mumbai- 400051, Website: https://www.kotaklife.com,
https://kli.in/WECARE, WhatsApp: 9321003007, Toll Free No.: 18002098800

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 Tax Invoice (ORIGINAL FOR RECIPIENT)
First Premium Certificate
Kotak Mahindra Life Insurance Company Ltd
Mumbai-Branch 6 9th floor, Intellion Square (Bldg No.4), Infinity IT Park, Gen. AK Vaidya Marg, Malad (E),Mumbai 400097
Branch GSTIN State Code TIN No.
Mumbai-Branch 6 27AAACO3983B1ZK MH 27
Serial Number: 7787110717012024 Date: 17/01/2024
Name & Address of the Policyholder: Dhameliya Anandbhai Ghusabhai
Vi 2 Laxmi Nagar Soc Sarthana Jakatnaka Kamraej Road Surat Surat Gujarat Soc
Sarthana Pin- 395006
State Code: GJ GSTIN: TIN No.:
Place of Supply (to be filled only In SAME AS ABOVE Place of Supply-State: GJ
case of Inter State services ):
Proposal No: 77871107 Policy No: 77871107
Basic Product: Kotak Assured Savings Plan(UIN-107N081V05) Policy Term: 15 years
Date of Commencement of Policy: 17/01/2024 Premium Payment Term: 10 Years

Installment Premium [excluding Goods and Guaranteed Maturity Benefit: Rs. 1,641,914.30
Rs. 95,693.00
Services Tax and Cess]:
Next Premium Due: 17/01/2025
Total Installment Premium: Rs. 99,999.00
Payment Mode: Annual
CGST SGST IGST Cess
Description of Goods/Services HSN/SAC Total Discount Taxable
Rate Amt Rate Amt Rate Amt Rate Amt
Code Value
Kotak Assured Savings
997132 95,693 0 23,923.25 0 0 0 0 18 4,306 0 0
Plan(UIN-107N081V05)
Total 95,693 23,923.25 0 0 4,306 0

Total Invoice Value (In figure): 99,999.00

Total Invoice Value (in words): Ninety Nine Thousand Nine Hundred and Ninety Nine Only
Amount of tax subject to reverse charge: NIL
Tax benefits on the Premiums paid and the benefits received are subject to fulfillment of conditions as specified under the
prevailing tax laws and are subject to modifications made there to from time to time.
* Goods and Services Tax and Cess is levied at the applicable tax rates in accordance with the prevailing Tax Laws, from time
to time.

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 INDEX ~In01+510+600+~

Sr. No. Contents Page No.

Part A Agreement
Schedule ~I01A+510+705+~
6

Part B Definitions 10
~I01B+510+678+~

Benefits Payable
Part C
Payment of Premiums
~I01C+510+635+~
15
Lapse
~I01D+510+570+~
Revival
Surrender Value
18
Part D Reduced Paid-Up
Loans
Vesting on attaining Majority
Free Look Provision
Part E Not Applicable ~I01E+510+515+~ 24
Suicide Exclusion
~I01F+510+415+~
Proof of Age
Fraud and Misstatement
Forfeiture of Policy 25
Part F Assignment and Nomination
Claims
Notice
Electronic Transaction
Jurisdiction
Part G Grievance Redressal System
List of Insurance Ombudsman
Annexure 1: Simplified version of Section 38 ~I01G+510+215+~

Annexure 2: Simplified version of Section 39 29

Annexure 3: Simplified version of Section 45
Annexure 4: List of valid age proofs

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I. AGREEMENT: ~Main_A ~Main_0A

Kotak Mahindra Life Insurance Company Limited, is registered with the Insurance Regulatory
& Development Authority of India (hereinafter referred to as “IRDAI”) under the Insurance Act,
1938 (4 of 1938) (hereinafter referred to as the “Act”) as a Life Insurer having Registration
No. 107,and accordingly is engaged in the business of life insurance, which includes its
assigns and successors (hereinafter called “the Company”), has received a Proposal and
Declaration together with first Premium for insurance from the Policyholder named in the
Schedule hereto, and it has been agreed to by the Policyholder that the proposal, declaration
and statements contained and referred to therein are declared to be the basis of this contract
of insurance for the benefits and on the terms stated in the Schedule.

The Company agrees that, subject to realization of the first Premium received and due receipt
of the subsequent Premiums as set out in the Schedule, and subject to terms and conditions
set forth in this Policy contract, it will pay the benefits as mentioned in the Schedule, to the
Claimant as mentioned in the Schedule, on proof:

• of the benefits having become payable as set out in the said Schedule,
• of the title of the said person(s) claiming payment,

• of the correctness of the age of the Policyholder/ Life Insured stated in the proposal if
not previously admitted, and
• of the correctness of all the statements stated in the proposal form, viz., health, family
medical history, occupation, income, personal medical history, existing insurance
details etc.
It is hereby declared that this Policy contract of insurance shall be subject to the conditions
and privileges as hereinafter stated and that the following Schedule and every endorsement
incorporated in this Policy by the Company shall be deemed to be part of the Policy.
In this Policy, unless the context specifies otherwise, references to the Recitals, Clauses,
Schedules and Annexures, if any, shall be deemed to be a reference to the Recitals, Clauses,
Schedules and Annexures of this Policy.
Words and expressions used in this Policy but not defined herein shall, unless the context
specifies otherwise, have the same meaning as defined in the Insurance Act, 1938 and/or any
Rules/Regulations made there under.
This Policy is subject to the Tax Laws* and other legislations prevailing in India. In the event
of any amendments, or change (prospective and retrospective) to any of the provisions of the
said Tax Laws and/or legislations and /or in the event any interpretation adopted by the
Company is held contrary to the position adopted by the Government Authorities, impacting
cash flows, charges, revenue and remuneration accruing from this contract, the Company
reserves the right to revise the Premium(s) or the benefits(s) under this Policy and/or modify
the terms and conditions entailed in this Contract with the prior approval of IRDAI. Any
change, modification, or reversal of the Premium or the benefit by the Company shall be
informed to the Policyholders and cannot be disputed or contested by the Policyholders.
References to any enactment are to be construed as referring to any amendment,
re-enactment (whether before or after the date of signing of the Policy) or enactment that has
replaced the first mentioned enactment (with or without amendment) and to any regulation or
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replaced the first mentioned enactment (with or without amendment) and to any regulation or
order made under it.

* "Tax Laws" means all laws, regulations, legislations including any amendments made in
relation to taxes, levies, imposts, cesses, duties and other forms of taxation, including (but
without limitation) Goods and Services Tax, any other tax which are applicable or may be
applicable on any future date, corresponding to the Premiums or benefits under this Policy
and includes any interest, surcharge, penalty or fine in connection therewith which may be
payable.
In the event that any term, condition or provision of this Policy is held to be in violation of any
applicable Law, Statute or Regulation or if for any reason a court of competent jurisdiction
finds any provision of the Policy or portion thereof, to be unenforceable, that provision shall
be enforced to the maximum extent permissible so as to give effect to the intent of the Policy,
and the remainder of this Policy shall continue in full force and effect. The Policyholder/
Claimant shall be liable for any amount which is payable under the applicable tax laws to any
competent Governmental Authority in India on the Premium amount or any benefit payable to
such Policyholder/ Claimant by the Company.

Any dispute under this Policy shall be subject to the laws prevailing in India.

Stamp Duty of Rs. 186 /- is paid as provided under Article 47( ) of Indian Stamp Act, 1899 and
included in Consolidated Stamp Duty Paid to the Government of Maharashtra Treasury vide
Order of Addl. Controller Of Stamps, Mumbai at General Stamp Office, Fort, Mumbai - 400001.,
vide this Order No.(ENF-2/LOA/ENF-2/CSD/20/2023/Validity Period Dt. 22/12/2023 To Dt.
22/12/2025/5918 Date :21/12/2023).

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II. SCHEDULE
a) Policy Details

Policy No.: 77871107

Plan Name: Kotak Assured Savings Plan
Unique Identification Number (UIN): 107N081V05
Plan Description: A Non-Participating Endowment Assurance Plan
Participating: No
Client ID of Policyholder: 73939612
Name of the Policyholder in full: Dhameliya Anandbhai Ghusabhai
Date of Birth of the Policyholder: 15/05/1973
Gender of the Policyholder: Male
Policyholder's Age at Commencement: 50 years
Whether Age of the Policyholder at
Yes
Commencement Admitted:
Client ID of Life Insured: 73939612
Name of the Life Insured in full: Dhameliya Anandbhai Ghusabhai
Vi 2 Laxmi Nagar Soc Sarthana
Jakatnaka Kamraej Road Surat
Surat
Address of the Life Insured:
Gujarat
Soc Sarthana
395006
Date of Birth of the Life Insured: 15/05/1973
Gender of the Life Insured: Male
Life Insured's Age at Commencement: 50 years
Whether Age of the Life Insured at
Yes
Commencement Admitted:
Date of Commencement of Policy: 17/01/2024
Date of Commencement of Risk: 17/01/2024
Date of Issue/ Inception of Policy: 17/01/2024
Basic Sum Assured: Rs. 929,669.00

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 Term of the Policy: 15 years
Premium Payment Term: 10 Years
Premium Payment Mode: Annual
Amount of Premium: (Incl. of applicable
taxes and cess as mentioned in the First Rs. 99,999.00
Premium Certificate):
Due Date for payment of Premium: 17/01/2025
Date of Last Installment Premium 17/01/2033
Guaranteed Maturity Benefit: Rs. 1,641,914.30
Date of Maturity: 17/01/2039

b) Rider Details:

Please note if any riders are attached they will form part of the Policy Document by way of an
endorsement or annexure.

c) Nominee Details:
Name of Nominee(s) under Section 39 of the Insurance Act, 1938:
Name of the Age of Gender Name of the Gender of Entitlement Relationship
Nominee(s) Nominee of Appointee where the (%) with the Life
Nominee Nominee is minor Appointee Insured
where
Nominee
is minor

Neeta Ben 45 Female NA NA 100.00 Spouse

~End1~ Please Note: To enjoy the full benefits under this Policy, please ensure that all Premiums are
paid up to date.

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 PART B
~Main~B
Definitions

i. Act:
The Insurance Act, 1938, as amended from time-to-time.

ii. Accident:
Accident is a sudden, unforeseen and involuntary event caused by external, visible and
violent means.

iii. Age:
Refers to the age at last birthday of the Life Insured.

iv. Annualised Premium:

Means the total of all Premiums payable by the Policyholder in one Policy year
excluding the underwriting extra Premiums, loadings for modal Premium, Goods and
Services Tax and Cess and Rider Premium, if any.

v. Basic Death Benefit:

Basic Death Benefit is the guaranteed benefit payable on death and is:

For entry age less than 50 years For entry age 50 years and above
Higher of; Higher of;
- 11(Eleven) times of Annualised Premium, - 7 (Seven) times of Annualised Premium,
or or
- Guaranteed Minimum Death Benefit, or - Guaranteed Minimum Death Benefit, or
- 105% of total Premiums Paid (excluding - 105% of total Premiums paid (excluding
any extra premiums) any extra premiums)

vi. Basic Sum Assured:

This is the amount given in the schedule. This is the amount of benefit guaranteed to be
payable on the death during the Policy term or on Maturity where all the due premiums
have been paid in full. The Basic Sum Assured is arrived after taking into account Term,
Premium Paying Term and the Age of the Life Insured. Other benefits payable under the
Policy are with reference to the Basic Sum Assured.

vii. Board:
Means the Board of Directors of the Company.

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viii. BAUP:
Board Approved Underwriting Policy

ix. Claimant:
Means, the Policyholder; or the Life Insured; or the Assignee; or the Nominee; or the
legal heir of the Policyholder or the nominee, as the case may be.

x. Date of Commencement of Policy:

Means the date mentioned in the Schedule as Date of Commencement of Policy.

xi. Date of Commencement of Risk:

Means the date from which the risk on the life of Life Insured is assumed by the Insurer.

xii. Grace Period:

Means the time granted by the Company i.e. 30 days from the due date for the payment
of Premium for annual, half-yearly and quarterly mode and 15 days for monthly mode
without levy of any interest or penalty during which time the Policy is considered to be
in-force with the risk cover without any interruption as per the terms of the Policy.

xiii. Guaranteed Yearly Additions:

Guaranteed Yearly Additions shall be calculated as a percentage of cumulative
Annualised Premiums paid every year during Premium Payment Term and will be based
on the Premium Payment Term chosen. It will accrue throughout the Premium Payment
Term and such accrued Guaranteed Yearly Additions will be paid on Maturity or on
Death, if prior to it. The rates of Guaranteed Yearly Additions are as follows:

Guaranteed Yearly Additions

Premium Payment Term
as % of Cumulative Annualised Premium
5 years 7%
6 years 8%
7 years 9%
10 years 10%

xiv. Guaranteed Loyalty Addition:

Guaranteed Loyalty Addition shall be calculated as a percentage of Basic Sum Assured
and will be payable at maturity. The Guaranteed Loyalty Addition will be based on the
Premium Payment Term chosen. The rates are as follows:

Guaranteed Loyalty Addition

Premium Payment Term
as % Basic Sum Assured
5 years 10%
6 years 12%
7 years 14%
10 years 20%
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 xv. Guaranteed Minimum Death Benefit:
Guaranteed Minimum Death Benefit shall be calculated as a percentage (mentioned
below) of Basic Sum Assured and will be considered for benefit payable on death:

Guaranteed minimum death benefit

Premium Payment Term
(% of Basic Sum Assured)
5 years 110%

6 years 112%

7 years 114%
10 years 120%

xvi. Guaranteed Maturity Benefit:

Guaranteed Maturity Benefit is payable at maturity and is the sum of;
a. Basic Sum Assured
b. Accrued Guaranteed Yearly Additions
c. Guaranteed Loyalty Addition.

xvii. Insurer/ Company/us:

Means Kotak Mahindra Life Insurance Company Limited.

xviii. IRDAI:
Means the Insurance Regulatory and Development Authority of India.

xix. Lapse:
Means suspension of the benefits under the Policy upon non-payment of the due
Premiums within the Grace Period. Such suspension shall be effective from the date of
the first unpaid Premium.

xx. Life Insured:

Means the person as stated in the Policy Schedule on whose life the contingent events
have to occur for the Benefits to be payable. The Life Insured may be the Policyholder.

xxi. Minimum Age & Maximum Age:

The Minimum age of the Life Insured at entry is 3 years and the Maximum age is 60
years. The Minimum age at maturity is 18 years and the Maximum age at maturity is 75
years.

xxii. Nominee:
Means the person named in the Schedule to whom the Death Benefit shall become
payable if the conditions specified in Part C of this Policy are satisfied subject to
provisions of section 39 of the Insurance Act, 1938 as amended from time to time.

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 xxiii. Nomination:
Means the process of nominating a person(s) in accordance with provisions of Section
39 of the Insurance Act, 1938 as amended from time to time.

xxiv. Policy:
Shall mean the contract of insurance entered into between the Policyholder and the
Insurer as evidenced by the Policy Document.

xxv. Policyholder:
Means the person named in the Schedule on whom the contract under this Policy is
executed and owns this Policy and, subject to the terms and conditions of this Policy,
holds all the rights under the Policy

xxvi. Policy Document:

Means the present contract of insurance which has been issued on the basis of the
proposal, other representations and documents submitted by the Policyholder and/or
the Life Insured(s).

xxvii. Proposal Form:

Means a form to be filled in by the prospect in written or electronic or any other format
as approved by the Authority, for furnishing all material information as required by the
insurer in respect of a risk, in order to enable the insurer to take informed decision in the
context of underwriting the risk, to determine the rates, advantages, terms and
conditions of the cover to be granted.
Explanation: “Material Information” for the purpose of this regulation shall mean all
important, essential and relevant information sought by the insurer in the Proposal
Form and other connected documents to enable him to take informed decision in the
context of underwriting the risk.

xxviii. Premium:
Means the total initial Premium and subsequent Premiums due and payable under the
Policy. The Premium shall be subject to taxes as may be applicable from time to time.

xxix. Premium Payment Term:

This is the period during which the Policyholder shall pay the Premium to get the full
benefits as mentioned in the Schedule of the Policy.

xxx. Revival:
Means restoration of the lapsed or Reduced Paid-Up Policy in accordance with the
provisions of the Policy Document. Revival may be of the following two types and the
same may be made before the date of maturity of the Policy but, within the timelines
indicated below:
a. ‘Minor Revival’: means revival made within six months from the due date of the first
unpaid Premium causing the Policy to Lapse or get converted to Reduced Paid-Up; and
b. ‘Major Revival’: means revival made after six months but within five years from the
due date of the first unpaid Premium causing the Policy to Lapse or get converted to
Reduced Paid-Up.

xxxi. Surrender:
Means the request by the Policyholder (in prescribed format) to the Company, for
termination of the Policy in accordance with the provisions of the Policy Document.
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xxxii. Words importing the masculine gender shall include the feminine gender and vice
versa.

xxxiii. Words in the singular shall include the plural and vice versa.

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 ~Main~C PART C

A. Benefits Payable
The following benefits are payable provided the Policy is in force.

1. Maturity Benefit:
On Survival of the Life Insured till the end of the Policy term, Guaranteed Maturity Benefit
as defined above will be paid.

2. Death Benefit:

In case of an unfortunate event of death of the Life Insured during the term of the Policy,
the benefits will be sum of:
• Basic Death Benefit (as defined above) and
• Guaranteed Yearly Additions accrued as on the date of death

If the death occurs during Grace Period, the due unpaid Premium (if any) till the date of
death will be deducted from the Death Benefit. If premium payment mode is other than
‘Annual’, the balance of the Premiums for that Policy year will be deducted from the Death
Benefit.

Death Benefit payable under Reduced Paid-Up will be based on Reduced Paid-Up Basic
Sum Assured. For details and conditions, kindly refer to clause ‘Reduced Paid-Up’. Death
benefits are not provided for policies in Lapse mode.

3. Rider Benefits:

Policyholder can opt for Riders anytime during the Policy Term. Riders available under
this Policy are the following and the same shall be subject to the terms and conditions
of the respective Rider:

i. Kotak Term Benefit Rider (UIN:107B003V03):

Provides additional protection over and above the Basic Death Benefit

ii. Kotak Life Guardian Benefit (UIN:107B012V02):

Remaining premiums will be paid on behalf of the Policyholder in case of his / her death.

iii. Kotak Accidental Disability Guardian Benefit (UIN:107B011V02):

Remaining premiums paid on behalf of the Policyholder in case of accidental disability

iv. Kotak Accidental death Benefit Rider (UIN – 107B001V03):

Lump sum benefit paid on accidental death of Life Insured.

v. Kotak Permanent disability Rider (UIN – 107B002V03):

Instalments paid on admission of a claim on Life Insured becoming disabled due to
accident.

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vi. Kotak Critical Illness Plus Benefit Rider (UIN – 107B020V01):
Provides Rider Sum Assured on admission of a claim on any one of the 37 covered
critical illnesses, subject to terms and conditions, definitions and specific exclusions.

B. Payment of Premiums
The annual premiums are payable in advance on the anniversary of the date of
commencement of the Policy. However, with the consent of the Company, the premiums
can also be paid by Half-yearly, Quarterly or Monthly installments.

A Grace Period of 30 days from the due date of payment will be allowed for payment of
premiums for all modes other than Monthly. For Monthly mode the Grace Period would
be 15 days from the due date of payment of premiums. Premiums may be revised by the
Company to give effect to any changes in the prevailing tax laws or other legislation. In
the event of Death during the Grace Period and/or before the payment of the premium
then due, and the death claim is admitted, the claim will be settled after deducting the
balance of the Premium then due and the balance of the year's premium for cases where
the Premium is not paid annually in advance.

As a gesture of goodwill, the Company may by way of written intimation remind the
Policyholder when the Premium is due and payable under this Policy. However, it shall be
the sole responsibility of the Policyholder, at all times, to discharge the premium
payment obligations as mentioned in the Policy.

Likewise it shall not be obligatory on the Company to issue any communication to

a Policyholder conveying that his/her premium paying instrument (including those for
any other payments under the Policy) has bounced and/or any standing instructions by
the Policyholder to a bank has not been honoured, thereby resulting in non-
payment/non-receipt of the premium(s)/payments under the Policy. As mentioned above
it shall be the sole responsibility of the Policyholder, to ensure that the premiums as
mentioned herein (including for any other payments under the Policy) are duly and
properly discharged.

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PREMIUM PAYABLE

Mode of Premium Payment : Annual

Due date(s) of Future Premium Payments: 17/01/2025 and Annual thereafter.

Extra Date of Date of Last

Regular Premium
Benefits Premium Commencement Premium
(Rs.)
(Rs.) of Risk Due
Basic Benefit 95,693.00 0.00 17/01/2024 17/01/2033

The total Annual Premium payable is the Premium for Basic Benefit: Rs. 95,693.00.

Modal factors depending on the mode of Premium are stated below:

Frequency Modal Factors

Yearly 100%
Half-Yearly 51% of yearly Premium
Quarterly 26% of yearly Premium
Monthly 8.8% of yearly Premium

Goods and Services Tax and Cess at prevailing applicable rate will be collected together with the
Premiums.
Special Conditions, if any:
Extra of Rs. 0.00 on Basic Benefit.

Signed for and on behalf of Kotak Mahindra Life Insurance Company Limited at Mumbai on
2024-01-17

~End2~

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 ~Main~D
PART D

1. Lapse
If premiums are discontinued anytime during the first two policy years, the policy shall
lapse at the end of the Grace Period.

The Policyholder can revive the Policy as per the procedure mentioned below. In case the
Policy is not revived within 5 years from the date of Lapse, the Policy shall stand forfeited
as per clause 4 of Part F and all the benefit available under the Policy will cease.

No benefits shall be payable if the Policy is lapsed.

2. Revival
The Policyholder can revive the lapsed Policy or a Policy in Reduced Paid-Up mode with
or without rider benefits, by making an application within a period of five years from the
due date of the first unpaid Premium and before the date of maturity of the Policy.

The Policy may be revived on the following terms:

Sr. Type of Revival Requirements for Revival Amount Payable for

No. Revival
i) within six months without evidence of good on payment of
from the due health a) Premiums in arrears,
date of the first and;
unpaid Premium b) Interest charge at
(“Minor Revival”); such rates as may be
prescribed by the
Company from time to
time on premiums in
arrears. (currently 9%
per annum of
outstanding premiums).
Interest charge may be
revised from time to
time with prior approval
from IRDAI
after six months on production of evidence of on payment of
but within five good health and good habits a) Premiums in arrears,
years from the by the Policyholder/Life and;
due date of the Insured/attending physician b) Interest charge at
first unpaid of the Life Insured, as the such rates as may
ii) be prescribed by the
Premium and case may be and also the
company from time
before the date of evidence of there being no
to time on premiums
maturity of the adverse change in the
in arrears. Interest
Policy (“Major personal or family history or charge may be
Revival”); occupation of the Life revised from time to
Kotak Assured Savings Plan Page 18 of 39
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 Insured; In such cases, extra time with prior
Premiums and any other approval from IRDAI.
documents may be required Extra Premiums may
based on the Board be required based
on the Board
Approved Underwriting
Approved
Policy (BAUP); Underwriting Policy
(BAUP)

The Company may, at its absolute discretion, accept or decline the request for Revival
(made by the Policyholder in writing) of a lapsed Policy or accept the request for revival
on such terms and conditions as it deems fit. Extra risk premiums may be required
based on the underwriting decision. The revival of the Policy will be effective after the
Company's approval is communicated in writing to the Policyholder.
In case the lapsed Policy is not revived within the above mentioned period and before
the date of maturity of the Policy, the same shall stand terminated without paying any
benefit. However, if the Policy is in Reduced Paid-Up mode and is not revived during the
Revival period, it will continue in that mode until maturity.
3. Surrender Value:
The Policy acquires a Surrender Value provided premiums due for at least 2 Policy years
have been paid in full.
On Surrender, the benefits available will be higher of:
• Guaranteed Surrender Value; or
• Special Surrender Value

Guaranteed Surrender Value

Guaranteed Surrender Value will be calculated as sum of:

• ‘X’% of total Premiums paid (excluding Goods and Services Tax and Cess, Rider
premium and Extra Premium, if any); PLUS
• the Value of accrued Guaranteed Yearly Additions (if any)
Where, ‘X’ varies by year of surrender, Premium Payment Term and Policy Term, as
mentioned in the table below:

Premium
Payment Term 5 5 6 6 7 7 10 10
Policy Term 10 15 12 18 14 20 15 20
Policy Year
1 0% 0% 0% 0% 0% 0% 0% 0%
2 30% 30% 30% 30% 30% 30% 30% 30%
3 35% 35% 35% 35% 35% 35% 35% 35%
4 50% 50% 50% 50% 50% 50% 50% 50%
5 50% 50% 50% 50% 50% 50% 50% 50%
6 50% 50% 50% 50% 50% 50% 50% 50%
7 50% 50% 50% 50% 50% 50% 50% 50%
Kotak Assured Savings Plan Page 19 of 39
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 8 70% 55% 55% 53% 53% 52% 51% 51%
9 90% 61% 65% 57% 58% 56% 53% 54%
10 90% 68% 77% 62% 63% 60% 56% 56%
11 77% 90% 68% 70% 65% 59% 60%
12 87% 90% 75% 80% 70% 65% 63%
13 98% 83% 90% 77% 75% 68%
14 111% 92% 95% 83% 90% 72%
15 125% 101% 91% 90% 77%
16 111% 99% 83%
17 122% 108% 89%
18 135% 118% 95%
19 128% 102%
20 140% 110%

The Value of accrued Guaranteed Yearly Additions is calculated as the accrued

Guaranteed Yearly Additions multiplied by the Guaranteed Surrender Value Factor.

Guaranteed Surrender Value Factor is mentioned below:

Guaranteed Surrender Value Factor

Outstanding GSV Factor Outstanding GSV Factor Outstanding GSV Factor

Term Term Term
0 100.00% 7 49.89% 14 25.29%
1 90.50% 8 45.21% 15 23.01%
2 81.91% 9 40.99% 16 20.95%
3 74.15% 10 37.18% 17 19.10%
4 67.13% 11 33.73% 18 17.43%
5 60.79% 12 30.63% 19 15.93%
6 55.06% 13 27.82% 20 14.58%

Special Surrender Value

The Company shall pay a Special Surrender Value if it is equal to or higher than
Guaranteed Surrender Value.

Such Special Surrender Value will be solely determined by the Company at its
discretion, and the same will be quoted in writing by the Company, on receipt of a
written request from the Policyholder

Please note that at all times surrender value payable will be higher of Guaranteed
Surrender Value and Special Surrender Value.

Kotak Assured Savings Plan Page 20 of 39

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 On paid-up policies the Special Surrender Value, if any, will take into account the
consequent benefit reductions (as contemplated in Clause 4).

Once the surrender value is paid, all the benefits will cease and the Policy shall be
terminated.

4. Reduced Paid-Up
After the Policy acquires Surrender Value, as defined in Section 5, if the subsequent
premiums are not paid within the Grace Period the Policy will be automatically
converted into a Reduced Paid-Up Policy.

Once the Policy is converted into Reduced Paid-Up Policy, the Policy will not be
eligible for any Guaranteed Loyalty Additions and any future Guaranteed Yearly
Additions.

When the Policy becomes Reduced Paid-Up, Rider Benefits may cease depending
on the features of the Rider Benefits chosen.

The Reduced Paid-Up Basic Sum Assured is calculated as follows:

(Total Premiums paid/Total Premiums Payable over the Policy term) X Basic Sum
Assured.

On maturity of the Policy after being Reduced Paid-Up, the benefit payable will be sum
of:
• Reduced Paid-Up Basic Sum Assured
• Accrued Guaranteed Yearly Additions

Reduced Paid-Up Basic Death Benefit is calculated as follows:

[(Total Premiums paid / Total premiums payable over the Policy term)] × Basic
Death Benefit

On death of the Life Insured during the Policy term after being Reduced Paid-Up, the
benefit payable will be sum of:
• Reduced Paid-Up Basic Death Benefit
• accrued Guaranteed Yearly Additions

A Paid-Up Policy may be revived for the original benefits within 5 years of the date of
Policy becoming Paid-Up as mentioned under “Revival” Clause.

Kotak Assured Savings Plan Page 21 of 39

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 5. Loans
Loans may be granted for a minimum amount of Rs. 10,000/- and maximum up to 50%
of the surrender value of the Policy and at an interest rate as specified by the Company
from time to time, subject to the following terms and conditions, for such amounts and
on such further terms and conditions as the Company may fix from time to time.
The Policy shall be assigned absolutely to and kept with the Company as security for
the repayment of the loan, interest on the loan and expenses incurred in connection with
the loan.
The initial rate of interest (currently at 9.70% p.a.) will be specified by the Company in
respect of each loan when the same is sanctioned. The first payment of the interest will
be on the date specified by the Company and every 6 months thereafter. The company
may revise the interest rate from time to time.
The Company shall not be bound to accept repayment of the loan unless tendered in
full.
In the event of failure to pay interest within one calendar month after each due date or if
premiums are discontinued, the Policy may be held to be forfeited to the Company,
without notice of forfeiture being necessary. However, if all due premiums have been
paid, Policy will not be auto foreclosed. For such policies, the amount paid on death or
maturity will be the Death Benefit or Guaranteed Maturity Benefit reduced by
outstanding loan amount respectively. The Company shall be entitled to apply the
surrender value allowable in respect of the Policy to the payment of loan and interest.
The balance if any, of such surrender value after the above adjustment, shall be paid to
the Claimant entitled to it.
If the Policy becomes a claim by Death or Maturity and the amount of loan or any
portion thereof remains outstanding, the Company shall be entitled to deduct the same
together with all interest up to the date of claim from the Policy proceeds before settling
the claim.

6. Vesting on attaining majority

Where the Policy has been issued on the life of a minor, the Policy shall automatically
vest on him/her with effect from the date of completion of 18 years of age and the Life
Insured would be the holder of the Policy from such date. The Company shall thereafter
enter into all correspondence directly with him/her. Any assignment or nomination of the
Policy contrary to this provision would be null and void as against the Company.

In case of the Policy held by a minor, the Company shall till the date of his/her attaining
majority seek instructions from and enter into all correspondence directly with the Legal
Guardian whose details are made available to the Company. The Company shall not be
held responsible vis-à-vis the Policyholder for any acts executed by it, based on any
instructions issued to it by such a Guardian.

Kotak Assured Savings Plan Page 22 of 39

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 7. Free Look period

In case you are not agreeable to any of the provisions stated in the Policy, then you have the
option of returning the Policy to us stating the reasons thereof within 15days [except in case of
electronic policies and policies obtained through Distance Marketing* mode which will have 30
days] from the date of the receipt of the Policy. The cancellation request should be submitted to
your nearest Kotak Life Insurance branch or sent directly to our Head Office. On receipt of your
letter along with the original Policy document we shall arrange to refund the Premium Paid by
you after deducting the proportionate risk Premium, medical charges and stamp duty. A Policy
once returned shall not be revived, reinstated or restored at any point of time and a new
proposal will have to be made for a new Policy.

The free look period applicable to this Policy is 15 days.

* Distance Marketing includes every activity of solicitation (including lead generation) and sale
of insurance products through the following modes: (i) Voice mode, which includes telephone
calling (ii) Short Messaging service (SMS) (iii) Electronic mode which includes e-mail, internet
and interactive television (DTH) (iv) Physical mode which includes direct postal mail and
newspaper & magazine inserts and (v) Solicitation through any means of communication
other than in person.
~End3~

Kotak Assured Savings Plan Page 23 of 39

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 ~Main~E Part E

This part deals with applicable charges to unit linked policies and as this is a non-unit
linked policy, this part is not applicable.

Kotak Assured Savings Plan Page 24 of 39

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 PART F
~Main~F
1. Suicide Exclusion

In the event of the Life Insured committing suicide within 12 months of the date of
Commencement of Risk of the Policy, no death benefit under the Policy shall be payable.
However, in such case 80% of the Total Premiums* Paid till the date of death will be
payable to the nominee/ Claimant.

In case of Minor Revival done after 12 months from Date of Commencement of Risk of
Policy, Suicide Exclusion shall not be applicable and the Death Benefit under the Policy
shall be payable.

In case of suicide within 12 months of the date of Major Revival, done after one year from
the Date of Commencement of Risk of Policy, the benefit payable shall be higher of 80%
of Total Premiums* Paid till the date of death or Surrender Value (if any) at the date of
death, provided the Policy is in force. In such cases, no death benefit under the Policy
shall be payable.
* Total Premiums include extra premium paid, if any.

2. Proof of Age
The Basic Sum Assured has been calculated on the basis of the age(s) of the Life
Insured / the Policyholder and as declared by him/her in the proposal form. If at a future
date, the age(s) of the Life Insured / the Policyholder is/are found to be different from the
age(s) declared, without prejudice to the Company’s other rights and remedies including
those under the Insurance Act, 1938, and any other laws then prevailing, the benefits will
be calculated based on:
• the correct age(s) at entry;
• the Basic Sum Assured Rates/mortality charges then in force;
• the Premium paid on the Policy;
• eligibility criteria
subject to any additional underwriting required, the other terms and conditions of the
contract remaining the same.
If at a future date, the age is found to be different from the age declared by the
Policyholder/Life Insured, without prejudice to the Company's other rights and remedies
including those under the Insurance Act, 1938, and any other laws then prevailing, the
Company will have the right to recover/refund the difference in the Premium as the case
may be from the Policyholder during the Policy term or at the time of settlement of
his/her claim.

If it is found that the age of the Life Insured is beyond the permissible cover limit, the Company
have the right to cancel the Policy as per the provisions of Insurance Act 1938.
[A Leaflet containing the list of valid age proofs is enclosed in Annexure – 4 for reference].

Kotak Assured Savings Plan Page 25 of 39

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 3. Fraud/Misstatement
The provisions of Section 45 of the Insurance Act 1938, as amended from time-to-time,
will be applicable to this contract. [A Leaflet containing the simplified version of the
provisions of Section 45 is enclosed in Annexure – 3 for reference].
4. Forfeiture of Policy
The Policy will be forfeited if,
• Lapsed Policy is not revived as mentioned in ‘Revival’ clause
• When the monies due to the Company for loans, interest or otherwise exceed
Surrender Value of the Policy
• Any condition herein contained or endorsed hereon is contravened.

5. Assignment and Nomination

i. Assignment is allowed as per Section 38 of the Act, as amended from time-to-time. [A
Leaflet containing the simplified version of the provisions of Section 38 is enclosed in
Annexure – 1 for reference].

ii. Nomination is allowed as per Section 39 of the Act, as amended from time-to-time. [A
Leaflet containing the simplified version of the provisions of Section 39 is enclosed in
Annexure – 2 for reference].

iii. In case of lapsation of the Policy, fresh Nomination and Assignment will not be allowed.

iv. The provisions of nomination shall not apply to any policy of the life insurance to which
Section 6 of the Married Women’s Property (MWP) Act, 1874, applies or has at any time
applied. Assignment will not be permitted when the Policy is issued under the MWP Act.

v. By registering the nomination or change in nomination, the Company does not express
any opinion upon the validity nor accepts any responsibility on the nomination.

6. Claims
A. Maturity Claim: In event of completion of policy tenure subject to fulfilment of terms
and conditions of the policy for payment of maturity benefit as defined under Part C
of the policy, the policyholder / assignee as the case may be shall submit the
following documents for processing of the claim to the Company at the earliest.
i. Maturity Payout Form duly filled by the Claimant.
ii. Photocopy of Bank Pass Book/Bank Statement of Claimant, as mentioned above showing
name of Bank, location of Bank Branch, Name of Account Holder, Account No. duly
attested by the concerned Bank or Original Cancelled Cheque copy bearing the
aforesaid details.
iii. Current residential proof and identity proof of Claimant.
iv. Original Policy document.

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 B. Death Claim: In the unfortunate event of death of the Life Insured, the benefit will be
paid to the Nominee/Legal Heir/ Life Insured or to such person(s) as directed by a
court of competent jurisdiction in India.
All claims payable will be subject to production of proof of the death , such other
requirements as stipulated by the Company and the legal title of the claimant.
The Company reserves its rights to condone the delay on merits for delayed claims, where
the delay is genuine and proved to be for the reasons beyond control of the Life
Insured/claimant.

The Primary documents normally required for processing a claim are:

i. Intimation of the death (duly supported by evidence of death), in writing and in the
Company’s format and signed by the Claimant / nominee/ assignee/ legal heirs as
the case may be. This intimation shall mention the following:
• A statement that the death has occurred
• Details of the Policy under which the Life Insured is covered
• Date of the death
• Place of occurrence of death (i.e. residence/ hospital etc.) and the address of
such place
• Bank Account Details
ii. Cause of death with supporting documents.
iii. Proof of death with supporting documents (e.g. original death certificate in the case
of a death claim/hospital reports in the case of a critical illness claim etc.)
iv. Original Policy document.
v. Proof of age of the insured, if this has not been previously admitted by the Company
(e.g. birth certificate, school leaving certificate etc.).
vi. Recent photograph of the Claimant, as mentioned above.
vii. Current residential and permanent address proof and identity proof of Claimant, as
mentioned above.
viii. Photocopy of Bank Pass Book / Bank Statement of Claimant, as mentioned above
showing name of Bank, location of Bank Branch, Name of Account Holder and
Account No.
ix. Documents relied on for taking the said Policy.

The Company reserves the right to call for any additional information and documents
required for the validity of a claim. The amount due under this Policy is payable at the
office of the Company situated at Mumbai, but the Company may fix an alternative place
of payment for the claim at any time before or after the Policy has become a claim.

7. Notice
Any notice, information or instruction to the Company must be in writing and delivered to
the address intimated by the Company to the Policyholder which is currently:
Customer Care,
Kotak Mahindra Life Insurance Company Ltd,
Kotak Assured Savings Plan Page 27 of 39
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 9th floor, Intellion Square (Bldg No. 4), Infinity IT Park,
Gen. AK Vaidya Marg, Malad (E), Mumbai-400 097.
Toll Free: 1800 209 8800
kli.in/WECARE

The Company may change the address stated above and intimate the Policyholder
of such change by suitable means.

The Policyholder is also advised to promptly notify the Company of any change in
his/her address and/or that of his/her nominee to ensure timely and effective
communication of policy related information to the Policyholder

Any notice, information or instruction from the Company to the Policyholder shall be
mailed to the address specified in the proposal form or to the changed address as
intimated to the Company in writing.

8. Electronic Transactions

The Policyholder will adhere to and comply with all such terms and conditions as
prescribed by the Insurer from time to time, and all transactions effected by or through
facilities for conducting remote transactions including the internet, world wide web,
electronic data interchange, call centers, tele-service operations (whether voice, video,
data or any combination thereof) or by means of electronic, computer, automated
machines network or through other means of telecommunication, established by the
Insurer or on behalf of the Insurer, for and in respect of this Policy, or in relation to any of
the Insurer’s products and services, shall constitute legally binding and valid
transactions when executed in adherence to and in compliance with the terms and
conditions for such facilities, as may be prescribed by the Insurer from time to time.

Similarly, the electronic communication received from the Policyholder/Life

Insured/Legal Heir/Nominee (including their digital signature/online consent) with
respect to the Policy shall be legally binding, if the same is made in accordance with the
terms and conditions of this Policy and other terms and conditions of the Insurer from
time to time with respect to individual transactions.

9. Jurisdiction:
Without prejudice to the generality of the aforesaid provisions, this Policy shall be
governed by the laws of India.

Kotak Assured Savings Plan Page 28 of 39

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 PART G
~Main~G
Grievance Redressal System
1. In case you have any query or complaint/grievance, you may approach any of our branches
or you may contact our Customer Service Department at the following address:
Customer Care,
Kotak Mahindra Life Insurance Company Ltd,
9th floor, Intellion Square (Bldg No. 4), Infinity IT Park,
Gen. AK Vaidya Marg, Malad (E), Mumbai-400 097.
Toll Free: 1800 209 8800
kli.in/WECARE

2. In case you are not satisfied with the decision of the above office, or have not received any
response within 10 days, you may contact the following official for resolution:
The Grievance Redressal Officer,
Kotak Mahindra Life Insurance Company Ltd,
9th floor, Intellion Square (Bldg No. 4), Infinity IT Park,
Gen. AK Vaidya Marg, Malad (E), Mumbai-400 097.
Toll Free No: 1800 209 8800
Email ID: kli.grievance@kotak.com

3. If you are not satisfied with the response or do not receive a response from us within 15
days, you may approach the Grievance Cell of the Insurance Regulatory and Development
Authority of India (IRDAI) on the following contact details:

IRDAI Grievance Call Centre (IGCC) TOLL FREE NO: 155255 or 1800 4254 732
Email ID: complaints@irdai.gov.in

You can also register your complaint online at http://www.igms.irda.gov.in/

Address for communication for complaints:

Consumer Affairs Department
Insurance Regulatory and Development Authority of India
Sy.No.115/1,Financial District, Nanakramguda,
Gachibowli, Hyderabad-500032

In case you are not satisfied with the decision/resolution of the Company, you may approach
the Insurance Ombudsman at the address given below if your grievance pertains to:

Kotak Assured Savings Plan Page 29 of 39

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V1.11
 (a) delay in settlement of claims, beyond the time specified in the regulations, framed under
the Insurance Regulatory and Development Authority of India Act, 1999;
(b) any partial or total repudiation of claims by the Insurer;
(c) disputes over premium paid or payable in terms of insurance policy;
(d) misrepresentation of policy terms and conditions at any time in the policy document or
policy contract;
(e) legal construction of insurance policies in so far as the dispute relates to claim;
(f) policy servicing related grievances against Insurer and their life advisors and
intermediaries;
(g) issuance of life insurance policy, including health insurance policy which is not in
conformity with the proposal form submitted by the proposer;
(h) non-issuance of insurance policy after receipt of premium in life insurance including
health insurance; and
(i) any other matter resulting from the violation of provisions of the Insurance Act, 1938
or the regulations, circulars, guidelines or instructions issued by the IRDAI from time to
time or the terms and conditions of the policy contract, in so far as they relate to
issues mentioned at clauses (a) to (f).
The list of Insurance Ombudsman, their contact details and areas of jurisdiction are
annexed below.

4. The complaint should be made in writing duly signed by the complainant or by his legal
heirs with full details of the complaint and the contact information of complainant.
5. As per provisions of Insurance Ombudsman Rules, 2017, notification no. GSR 413(E)
[F.NO.14019/22/2010-INS.II], dated 25-4-2017 the complaint to the Ombudsman can be
made:

o Only if the grievance has been rejected by the Grievance Redressal Machinery of the
Insurer
o Within a period of one year from the date of rejection by the Insurer
o If it is not simultaneously under any litigation.
List of Insurance Ombudsman:

Ahmedabad: Bengaluru:

Office of the Insurance Ombudsman, Office of the Insurance Ombudsman,

Jeevan Prakash Building, 6th floor, Tilak Jeevan Soudha Building,PID No. 57-27-
Marg, Relief Road, Ahmedabad – 380 001. N-19 Ground Floor, 19/19, 24th Main Road,
Tel.: 079 - 25501201/02/05/06 JP Nagar, Ist Phase, Bengaluru – 560 078.
Email: bimalokpal.ahmedabad@cioins.co.in Tel.: 080 - 26652048 / 26652049
Email: bimalokpal.bengaluru@cioins.co.in
Jurisdiction: Gujarat, Dadra & Nagar Haveli,
Daman and Diu. Jurisdiction: Karnataka.
Bhopal: Bhubaneswar:
Office of the Insurance Ombudsman, 1st
Office of the Insurance Ombudsman,
Floor of LIC Zonal Office Building, Jeevan
62, Forest park, Bhubaneswar – 751 009.
Shikha, 60-B, Hoshangabad Road, Opp.
Tel.: 0674 - 2596461 /2596455
Gayatri Mandir, Bhopal –462011.
Email: bimalokpal.bhubaneswar@cioins.co.in
Tel.: 0755 - 2769201 / 2769202
Email: bimalokpal.bhopal@cioins.co.in
Jurisdiction: Odisha.
Jurisdiction: Madhya Pradesh, Chhattisgarh.
Kotak Assured Savings Plan Page 30 of 39
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Chandigarh: Chennai:
Office of the Insurance Ombudsman, Office of the Insurance Ombudsman,
S.C.O. No. 101, 102 & 103, 2nd Floor, Batra Fatima Akhtar Court, 4th Floor, 453, Anna
Building, Sector 17 – D, Chandigarh – 160 Salai, Teynampet, CHENNAI – 600 018.
017. Tel.: 044 - 24333668 / 24335284
Tel.: 0172 - 2706196 / 2706468 Email: bimalokpal.chennai@cioins.co.in
Email: bimalokpal.chandigarh@cioins.co.in
Jurisdiction: Tamil Nadu, Puducherry Town
Jurisdiction: Punjab, Haryana (excluding and Karaikal (which are part of Puducherry).
Gurugram, Faridabad, Sonepat and
Bahadurgarh), Himachal Pradesh, Union
Territories of Jammu & Kashmir, Ladakh &
Chandigarh.
Delhi: Guwahati:

Office of the Insurance Ombudsman, Office of the Insurance Ombudsman,

2/2 A, Universal Insurance Building, Asaf Ali Jeevan Nivesh, 5th Floor, Nr. Panbazar over
Road, New Delhi – 110 002. bridge, S.S. Road,
Tel.: 011 - 23232481/23213504 Guwahati – 781001(ASSAM).
Email: bimalokpal.delhi@cioins.co.in Tel.: 0361 - 2632204 / 2602205
Email: bimalokpal.guwahati@cioins.co.in

Jurisdiction: Delhi & Following Districts of

Haryana - Gurugram, Faridabad, Sonepat & Jurisdiction: Assam, Meghalaya, Manipur,
Bahadurgarh. Mizoram, Arunachal Pradesh, Nagaland and
Tripura.
Hyderabad: Jaipur:
Office of the Insurance Ombudsman, Office of the Insurance Ombudsman,
6-2-46, 1st floor, "Moin Court", Lane Opp. Jeevan Nidhi – II Bldg., Gr. Floor, Bhawani
Saleem Function Palace, A. C. Guards, Singh Marg, Jaipur - 302 005.
Lakdi-Ka-Pool, Hyderabad - 500 004. Tel.: 0141 - 2740363
Tel.: 040 - 23312122 Email: bimalokpal.jaipur@cioins.co.in
Email: bimalokpal.hyderabad@cioins.co.in
Jurisdiction: Rajasthan
Jurisdiction: Andhra Pradesh, Telangana,
Yanam and part of Union Territory of
Puducherry.
Ernakulam: Kolkata:
Office of the Insurance Ombudsman, 10th Office of the Insurance Ombudsman,
Floor, LIC Building, ‘Jeevan Prakash’, M G Hindustan Bldg. Annexe, 4th Floor,
Road, Ernakulam, Kochi - 682011. 4, C.R. Avenue, KOLKATA - 700 072.
Tel.: 0484 - 2358759 / 2359338 Tel.: 033 - 22124339 / 22124340
Email: bimalokpal.ernakulam@cioins.co.in Email: bimalokpal.kolkata@cioins.co.in

Jurisdiction: Kerala, Lakshadweep, Mahe-a Jurisdiction: West Bengal, Sikkim, Andaman

part of Union Territory of Puducherry. & Nicobar Islands.
Lucknow: Mumbai:

Office of the Insurance Ombudsman, Office of the Insurance Ombudsman,

6th Floor, Jeevan Bhawan, Phase-II, Nawal 3rd Floor, Jeevan Seva Annexe, S. V. Road,
Kishore Road, Hazratganj, Lucknow - 226 Santacruz (W), Mumbai - 400 054.
001. Tel.:
Tel.: 0522 - 2231330 / 2231331 69038821/23/24/25/26/27/28/28/29/30/31
Email: bimalokpal.lucknow@cioins.co.in Email: bimalokpal.mumbai@cioins.co.in

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Jurisdiction: Districts of Uttar Pradesh- Jurisdiction: Goa, Mumbai Metropolitan
Lalitpur, Jhansi, Mahoba, Hamirpur, Banda, Region (excluding Navi Mumbai & Thane).
Chitrakoot, Allahabad, Mirzapur,
Sonbhabdra, Fatehpur, Pratapgarh,
Jaunpur,Varanasi, Gazipur, Jalaun, Kanpur,
Lucknow, Unnao, Sitapur, Lakhimpur,
Bahraich, Barabanki, Raebareli, Sravasti,
Gonda, Faizabad, Amethi, Kaushambi,
Balrampur, Basti, Ambedkarnagar,
Sultanpur, Maharajgang, Santkabirnagar,
Azamgarh, Kushinagar, Gorkhpur, Deoria,
Mau, Ghazipur, Chandauli, Ballia,
Sidharathnagar.
Noida: Patna:

Office of the Insurance Ombudsman, Office of the Insurance Ombudsman,

Bhagwan Sahai Palace, 4th Floor, Main 2nd Floor, Lalit Bhawan, Bailey Road,
Road, Patna 800 001.
Naya Bans, Sector 15, Distt: Gautam Buddh Tel.: 0612-2547068
Nagar, U.P-201301. Email: bimalokpal.patna@cioins.co.in
Tel.: 0120-2514252 / 2514253
Email: bimalokpal.noida@cioins.co.in

Jurisdiction: State of Uttarakhand and the Jurisdiction: Bihar, Jharkhand.

following Districts of Uttar Pradesh- Agra,
Aligarh, Bagpat, Bareilly, Bijnor, Budaun,
Bulandshehar, Etah, Kannauj, Mainpuri,
Mathura, Meerut, Moradabad,
Muzaffarnagar, Oraiyya, Pilibhit, Etawah,
Farrukhabad, Firozbad, Gautam Buddh
nagar, Ghaziabad, Hardoi, Shahjahanpur,
Hapur, Shamli, Rampur, Kashganj,
Sambhal, Amroha, Hathras,
Kanshiramnagar, Saharanpur.
Pune:

Office of the Insurance Ombudsman,

Jeevan Darshan Bldg., 3rd Floor, C.T.S. No.s.
195 to 198, N.C. Kelkar Road, Narayan Peth,
Pune – 411 030.
Tel.: 020-41312555
Email: bimalokpal.pune@cioins.co.in

Jurisdiction: Maharashtra, Areas of Navi

Mumbai and Thane (excluding Mumbai
Metropolitan Region).

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 Annexure 1

Section 38 - Assignment and Transfer of Insurance Policies

Assignment or transfer of a policy should be in accordance with Section 38 of the Insurance

Act, 1938 as amended by Insurance Laws (Amendment) Act, 2015. The extant provisions in
this regard are as follows:

01. This policy may be transferred/assigned, wholly or in part, with or without consideration.
02. An Assignment may be effected in a policy by an endorsement upon the policy itself or by a
separate instrument under notice to the Insurer.
03. The instrument of assignment should indicate the fact of transfer or assignment and the
reasons for the assignment or transfer, antecedents of the assignee and terms on which
assignment is made.
04. The assignment must be signed by the transferor or assignor or duly authorized life
advisor and attested by at least one witness.
05. The transfer of assignment shall not be operative as against an insurer until a notice in
writing of the transfer or assignment and either the said endorsement or instrument itself
or copy there of certified to be correct by both transferor and transferee or their duly
authorised life advisors have been delivered to the insurer.
06. Fee to be paid for assignment or transfer can be specified by the Authority through
Regulations.
07. On receipt of notice with fee, the insurer should Grant a written acknowledgement of
receipt of notice. Such notice shall be conclusive evidence against the insurer of duly
receiving the notice.
08. If the insurer maintains one or more places of business, such notices shall be delivered
only at the place where the policy is being serviced.
09. The insurer may accept or decline to act upon any transfer or assignment or endorsement,
if it has sufficient reasons to believe that it is
a. not bonafide or
b. not in the interest of the policyholder or
c. not in public interest or
d. is for the purpose of trading of the insurance policy.
10. Before refusing to act upon endorsement, the Insurer should record the reasons in writing
and communicate the same in writing to Policyholder within 30 days from the date of
policyholder giving a notice of transfer or assignment.
11. In case of refusal to act upon the endorsement by the Insurer, any person aggrieved by the
refusal may prefer a claim to IRDAI within 30 days of receipt of the refusal letter from the
Insurer.
12. The priority of claims of persons interested in an insurance policy would depend on the
date on which the notices of assignment or transfer is delivered to the insurer; where there
are more than one instruments of transfer or assignment, the priority will depend on dates
of delivery of such notices. Any dispute in this regard as to priority should be referred to
Authority.
13. Every assignment or transfer shall be deemed to be absolute assignment or transfer and
the assignee or transferee shall be deemed to be absolute assignee or transferee, except
a. where assignment or transfer is subject to terms and conditions of transfer or
assignment OR
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 b. where the transfer or assignment is made upon condition that
i. the proceeds under the policy shall become payable to policyholder or nominee(s) in the
event of assignee or transferee dying before the insured OR
ii. the insured surviving the term of the policy
Such conditional assignee will not be entitled to obtain a loan on policy or surrender the
policy. This provision will prevail notwithstanding any law or custom having force of law
which is contrary to the above position.
14. In other cases, the insurer shall, subject to terms and conditions of assignment, recognize
the transferee or assignee named in the notice as the absolute transferee or assignee and
such person
a. shall be subject to all liabilities and equities to which the transferor or assignor was
subject to at the date of transfer or assignment and
b. may institute any proceedings in relation to the policy
c. obtain loan under the policy or surrender the policy without obtaining the consent of the
transferor or assignor or making him a party to the proceedings
15. Any rights and remedies of an assignee or transferee of a life insurance policy under an
assignment or transfer effected before commencement of the Insurance Laws
(Amendment) Act, 2015 shall not be affected by this section.

[ Disclaimer : This is not a comprehensive list of amendments of Insurance Laws (Amendment)

Act, 2015 and only a simplified version prepared for general information. Policyholder is
advised to refer to Insurance Laws (Amendment) Act, 2015 dated 23.03.2015 for complete
and accurate details. ]

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 Annexure 2

Section 39 - Nomination by policyholder

Nomination of a life insurance Policy is as below in accordance with Section 39 of the
Insurance Act, 1938 as amended by Insurance Laws (Amendment) Act, 2015. The extant
provisions in this regard are as follows:
01. The policyholder of a life insurance on his own life may nominate a person or persons to
whom money secured by the policy shall be paid in the event of his death.
02. Where the nominee is a minor, the policyholder may appoint any person to receive the
money secured by the policy in the event of policyholder’s death during the minority of the
nominee. The manner of appointment to be laid down by the insurer.
03. Nomination can be made at any time before the maturity of the policy.
04. Nomination may be incorporated in the text of the policy itself or may be endorsed on the
policy communicated to the insurer and can be registered by the insurer in the records
relating to the policy.
05. Nomination can be cancelled or changed at any time before policy matures, by an
endorsement or a further endorsement or a will as the case may be.
06. A notice in writing of Change or Cancellation of nomination must be delivered to the insurer
for the insurer to be liable to such nominee. Otherwise, insurer will not be liable if a
bonafide payment is made to the person named in the text of the policy or in the registered
records of the insurer.
07. Fee to be paid to the insurer for registering change or cancellation of a nomination can be
specified by the Authority through Regulations.
08. On receipt of notice with fee, the insurer should grant a written acknowledgement to the
policyholder of having registered a nomination or cancellation or change thereof.
09. A transfer or assignment made in accordance with Section 38 shall automatically cancel
the nomination except in case of assignment to the insurer or other transferee or assignee
for purpose of loan or against security or its reassignment after repayment. In such case,
the nomination will not get cancelled to the extent of insurer’s or transferee’s or assignee’s
interest in the policy. The nomination will get revived on repayment of the loan.
10. The right of any creditor to be paid out of the proceeds of any policy of life insurance shall
not be affected by the nomination.
11. In case of nomination by policyholder whose life is insured, if the nominees die before the
policyholder, the proceeds are payable to policyholder or his heirs or legal representatives
or holder of succession certificate.
12. In case nominee(s) survive the person whose life is insured, the amount secured by the
policy shall be paid to such survivor(s).
13. Where the policyholder whose life is insured nominates his
a. parents or
b. spouse or
c. children or
d. spouse and children
e. or any of them
the nominees are beneficially entitled to the amount payable by the insurer to the
policyholder unless it is proved that policyholder could not have conferred such beneficial
title on the nominee having regard to the nature of his title.
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14. If nominee(s) die after the policyholder but before his share of the amount secured under
the policy is paid, the share of the expired nominee(s) shall be payable to the heirs or legal
representative of the nominee or holder of succession certificate of such nominee(s).
15. The provisions of sub-section 7 and 8 (13 and 14 above) shall apply to all life insurance
policies maturing for payment after the commencement of Insurance Laws (Amendment)
Act, 2015.
16. If policyholder dies after maturity but the proceeds and benefit of the policy has not been
paid to him because of his death, his nominee(s) shall be entitled to the proceeds and
benefit of the policy.
17. The provisions of Section 39 are not applicable to any life insurance policy to which
Section 6 of Married Women’s Property Act, 1874 applies or has at any time applied except
where before or after Insurance Laws (Amendment) Act, 2015, a nomination is made in
favour of spouse or children or spouse and children whether or not on the face of the policy
it is mentioned that it is made under Section 39. Where nomination is intended to be made
to spouse or children or spouse and children under Section 6 of MWP Act, it should be
specifically mentioned on the policy. In such a case only, the provisions of Section 39 will
not apply.

[ Disclaimer : This is not a comprehensive list of amendments of Insurance Laws (Amendment)

Act, 2015 and only a simplified version prepared for general information. Policyholder is
advised to refer to Insurance Laws (Amendment) Act, 2015 dated 23.03.2015 for complete
and accurate details. ]

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 Annexure 3

Section 45 – Policy shall not be called in question on the ground of mis-statement after three
years
Provisions regarding policy not being called into question in terms of Section 45 of the
Insurance Act, 1938, as amended by Insurance Laws (Amendment) Act, 2015 are as follows:
01. No Policy of Life Insurance shall be called in question on any ground whatsoever after
expiry of 3 yrs from
a. the date of issuance of policy or
b. the date of commencement of risk or
c. the date of revival of policy or
d. the date of rider to the policy
whichever is later.
02. On the ground of fraud, a policy of Life Insurance may be called in question within 3 years
from
a. the date of issuance of policy or
b. the date of commencement of risk or
c. the date of revival of policy or
d. the date of rider to the policy
whichever is later.
For this, the insurer should communicate in writing to the insured or legal representative or
nominee or assignees of insured, as applicable, mentioning the ground and materials on
which such decision is based.
03. Fraud means any of the following acts committed by insured or by his life advisor with
the intent to deceive the insurer or to induce the insurer to issue a life insurance policy:
a. The suggestion, as a fact of that which is not true and which the insured does not believe
to be true;
b. The active concealment of a fact by the insured having knowledge or belief of the fact;
c. Any other act fitted to deceive; and
d. Any such act or omission as the law specifically declares to be fraudulent.
04. Mere silence is not fraud unless, depending on circumstances of the case, it is the duty of
the insured or his life advisor keeping silence to speak or silence is in itself equivalent to speak.
05. No Insurer shall repudiate a life insurance Policy on the ground of Fraud, if the Insured /
beneficiary can prove that the misstatement was true to the best of his knowledge and
there was no deliberate intention to suppress the fact or that such mis-statement of or
suppression of material fact are within the knowledge of the insurer. Onus of disproving is
upon the policyholder, if alive, or beneficiaries.
06. Life insurance Policy can be called in question within 3 years on the ground that any
statement of or suppression of a fact material to expectancy of life of the insured was
incorrectly made in the proposal or other document basis which policy was issued or
revived or rider issued. For this, the insurer should communicate in writing to the insured or
legal representative or nominee or assignees of insured, as applicable, mentioning the
ground and materials on which decision to repudiate the policy of life insurance is based.
07. In case repudiation is on ground of mis-statement and not on fraud, the premium collected
on policy till the date of repudiation shall be paid to the insured or legal representative or
nominee or assignees of insured, within a period of 90 days from the date of repudiation.
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08. Fact shall not be considered material unless it has a direct bearing on the risk undertaken
by the insurer. The onus is on insurer to show that if the insurer had been aware of the said
fact, no life insurance policy would have been issued to the insured.
09. The insurer can call 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 of age of life insured. So, this Section will not be applicable for
questioning age or adjustment based on proof of age submitted subsequently.

[ Disclaimer : This is not a comprehensive list of amendments of Insurance Laws (Amendment)

Act, 2015 and only a simplified version prepared for general information. Policyholder is
advised to refer to Insurance Laws (Amendment) Act, 2015 dated 23.03.2015 for complete
and accurate details. ]

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 Annexure 4 - List of valid age proofs:

 Birth Certificate
 School / College Leaving Certificate, provided – it specifies Date of Birth, States that
Date of Birth is extracted from School / College Records, Stamped and signed by
College / School
 Passport
 Driving license
 PAN Card
 Ration Card, which specifies the Date of Issue of the Ration Card and the Date of Birth
or Age of the Life to be Insured
 Election ID card (also called voters ID) issued by the Election Commission of India can
be accepted as valid age proof provided it was issued before the date of the insurance
proposal.
 Extract from service register in case of:
o Government and semi-government employees
 In case of defense/central government/ state government personnel, identity card
issued respectively by the defense department /central government/ state government
to their personnel showing, inter alias, the date of birth or age
 Marriage certificate in the case of Roman Catholics issued by Roman Catholic Church
 Domicile certificate in which the date of birth stated was proved on the strength of the
school certificate or birth certificates.

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