Non-Medical General. NMS/NMG (Professionals & Other Self Employed)/NRIs & FNIO s. Non-Medical for Minors and Major Students

Transcription

1 Age (NBD) Non-Medical General Standard Age proof Sum Under Consideration (SUC)* All NSAPs 18 to 35 8 lakhs 5 lakhs 36 to 45 5 lakhs 3 lakhs 46 to 50 3 lakhs 2 lakhs Plans Allowed 814, 815, 816, 817, 818, 820, 821, 830, 833, 835, 836 & , 815, 816, 817, 818, 820, 821, 830, 833, 835 & 836 *SUC = 1.25 times of S.A under plans 815,820, 821, 830 & 838 NMS/NMG (Professionals & Other Self Employed)/NRIs & FNIO s Age (NBD) a) Non-Medical Special b) NRIs & FNIOs under NMS/Professional from Group V Countries only. Sum Under Consideration (SUC)* Non-Medical for Minors and Major Students Age (NBD) SUC* Plans Allowed 0 to 9 25 lakhs 814, 817, 832, 834, 835 & to 17 8 lakhs 814, 816, 817, 820, 821, 832, 834, 835, 836 & to lakhs 814, 815, 816, 817, 818, 820, 821, 830, 833, 835, 836 & 838 *SUC = 1.25 times of S.A under plans 815, 820, 821, 830, 834 & 838 Standalone Non-Medical under Plan 827 Age (NBD) Standard Age Proof All NSAPs 8 to 55 2 lakhs 2 lakhs Standalone Non-Medical under Plan 841 a) NMG for Professionals with Min Income of 2.50 lakhs. b) Other Self Employed Males and Literate Females with IT Returns above 10 Lakhs 18 to lakhs 25 lakhs 36 to lakhs 15 lakhs 46 to lakhs 8 lakhs Plans Allowed 814, 815, 816, 817, 818, 820, 821, 830, 833, 835, 836, 838, Term Rider & PWB *SUC = 1.25 times of S.A under plans 815,820, 821, 830 & 838 Age (NBD) Standard Age Proof All NSAPs 14 to 35 5 lakhs 5 lakhs 36 to 45 5 lakhs 3 lakhs

2 Sum Under Consideration If a proposal cannot be considered under any of non-medical scheme Following special reports will have to be called for apart from FMR: Age at Entry (Last Birthday) Upto 35 years 36 to 45 years 46 to 55 years 56 & above Upto 2,00,000 FBS 2,00,001 to 5,00,000 5,00,001 to 10,00,000 10,00,001 to 15,00,000 15,00,001 to 35,00,000 35,00,001 to 50,00,000 50,00,001 and Above Rest ECG,FBS Lipidogarm, FBS, Elisa for HIV, Hb% SBT-13, RUA, Hb% SBT-13, RUA Lipidogarm, FBS, RUA, Elisa for HIV, Hb% SBT-13, RUA, Hb% SBT-13, RUA, CTMT HbAlc FBS, SBT-13, RUA, Hb% SBT-13, RUA, CTMT HbAlc FBS, FBS, SBT-13, CTMT, RUA, HbAlc 1. Income Multiples: Age Group Max TRSA as Multiple of Average Income of 3 Years Less than 10 lakhs 10 lakhs & Above Upto 35 Years 25 times 30 times 36 to 45 Years 20 times 25 times 46 to 50 Years 12 times 20 times 51 to 55 Years 12 times 15 times 56 Years & Above 10 times 10 times 10 Times more allowed for Proposals of Minor Lives & Major Students No Additional multiples are allowed for Proposals of Minor Lives & Major Students 2. Discretionary powers to officers-in-charge: The officers in-charge at BO/DO/ZO are empowered to grant additional sum proposed in excess of allowable multiples on the basis of Proposer s education, overall profile, socio-economic and financial status. 3. PFQ/CA certificate Limits: TRSA ( Existing + Proposed) Up to 25 lakhs, Other than Term Plan/ TR Up to 25 lakhs, with Term Plan/ TR and TRSA above 25 lakhs up to 50 Lakhs without Term Plan/TR TRSA above 25 lakhs, with Term Plan/ TR and TRSA above 50 Lakhs without Term Plan/TR Income Proof As Declared in Proposal Form PFQ/ CA Certificate 3 Years ITRs with Computation of Income, P/L A/c and Balance Sheet/ Form-16/ Form-16A/ Form-26AS. Computation of Income, P/L A/c and Balance Sheet not required if income in ITR is adequate to get TRSA as per age multiple

3 A. Females with own Income: Category Plans & TRSA Income Proof Other Conditions 1. Eligible under NMS OR Filing ITRs: Employed/ Self Employed/ having income through Investment and/or Property) Financial Underwriting as applicable to adult male lives. For Investment/Rental Income Supporting evidence such as latest rental agreement/ bank statement/ proof of investment etc is required along with ITRs. If supporting evidences are not available, maximum TRSA should be restricted to 200 lakhs on the basis of average income shown in the ITRs. In such cases family should be insurance minded. Education: SSC for NMS. For Self Employed/ Income through Investment, Special MHR by BM is required on point of active participation in Business and time spent on Business Activities. Funding from Husband s Income allowed for Insurance above her own eligibility. 2. Having own income that can be ascertained 50 Lakhs Incl. Term Plan. Max SA Under Term Plan: 25 Lakhs. Max TRSA for Lump Sum received through Death Claim/Compensation etc: 100 Lakhs under Single Premium Plans & No Limit on Immediate/ Deferred Annuity Plans under Single Premium. PFQ/ CA certificate/ salary sheet/ rental agreement/ investment income proof/ pension papers/ proof of lump sum income etc and/ or copy of bank passbook (showing regular similar credit at least for 3 months). Special MHR (as per female lives Annexure-I) by DO and ABM(s)/BM is required. Education: SSC for Term Plan. For Term Plan, Special MHR by BM in letter format (In addition to female lives Annexure-I) regarding social and financial status of the life proposed is Required. Funding from Husband s Income allowed for insurance above 50 lakhs. 3. Having own income that cannot be ascertained Only Savings Plans Allowed. Term Plan/ Term rider/ PWB not Allowed. Max. TRSA: 15 Lakhs for Education Qualification HSC & above. 10 Lakhs for Education Qualification below HSC. Special MHR (as per female lives Annexure-I) by DO and ABM(s)/BM is required clearly stating source of income, type of occupation, family particulars, need of insurance etc. Age Proofs: All Allowed. Max Age at Entry: For Regular Premium Plans: 60 years. For Single Premium Plans: As allowed under the plan. Proof of Education Qualification is must for HSC & above. B. Housewives without own income: Category Plans & TRSA Other Conditions Common Conditions 1. Graduates and Above 2. Below Graduation 100 Lakhs Including Term Plan, subject to equivalent husband s insurance. Max SA Under Term Plan: 50 Lakhs or 50% of Husband s term insurance whichever is less. Term Plan/ Term Rider/ PWB not allowed. 60 lakhs subject to equivalent husband s insurance. Proof of Education Qualification is must. Must possess Passport/ Credit Card/ Driving License/ Mediclaim Policy/ Aadhar card/ Pan Card. Age Proofs: All Allowed. Income of Husband should be sufficient to support Insurance on his own life and lives of spouse and children. MHR by BM Club Agent/DO and by ABM(s)/BM is required for SA above 5 lakhs. If Husband is uninsurable due to medical reasons, Max 50 lakhs TRSA allowed under Savings Plan only.

4 Minor Lives (Both Male and Female) TRSA PWB Other Conditions Max TRSA Allowed: 200 lakhs subject to equivalent Parents Insurance and adequacy of income. Without Matching Parents Insurance: With PWB : 25 Lakhs. Without PWB : 10 Lakhs. Only Standard Lives Allowed. Following Proposals may be referred to higher office with Special recommendation/mhr from MM/CM/ SDM: TRSA above 200 Lakhs. Without Parents adequate matching insurance. Substandard lives PWB can be allowed to all women who are earning and are eligible for Term Plans. TRSA on her life including PWB should not exceed Max TRSA allowed to her. PWB to legal guardian can be allowed on merits of the case, if both the parents are not alive. Major Students up to Age 30 (Both Male and Female): TRSA Other Conditions Max TRSA Allowed: 200 lakhs subject to equivalent Parents Insurance and adequacy of income. Without Matching Parents Insurance: 25 Lakhs. Following Proposals may be referred to higher office with Special recommendation/mhr from MM/ CM/ SDM: TRSA above 200 Lakhs. Without Parents adequate matching insurance. Major Children who are well qualified but who have not started earning. Recent Photograph is must. Recent Photograph of child is must. The physical/mental development of the child should be in accordance with his/her age. Child must be attending school/college regularly (meant for normal children). Recent school/college progress report is required. As far as possible siblings should have equal/equivalent insurance. Socio-ecomonic status of the family should be satisfactory. The physical/mental development of the child should be in accordance with his/her age. Declaration from Student and parents that he/she is regularly attending college/technical institution. Copy of College progress report/passing Certificate of just Completed academic year is must. As far as possible siblings should have equal/equivalent insurance. Socio-ecomonic status of the family should be satisfactory. TRSA taken by Parents from LIC as well as from any private insurance companies can be considered as matching insurance. Keyman/Partnership Insurance will not be considered. A separate eligibility limit up to 10 times of Proposer s average annual income for granting insurance to dependent Minor Lives and Major Students up to age 30 years is allowed, subject to maximum TRSA limit of Rs.200 Lakhs. Insurance Cover against Educational Loans: 1. Applicable to all major students between 18 to 30 years. 2. Should be pursuing professional studies or higher education in any faculty, where loan has been raised for this purpose from bank or any reputed financial institution. 3. Matching Insurance on the lives of parents or equal insurance of siblings not required. 4. Has secured admission in University/Institute (In India or abroad) for Part/Full time course. 5. All Plans including Term Plans are allowed. 6. Insurance is intended as a collateral security against the loan being raised. 7. Amount of insurance has a relation with the amount of loan as prescribed by the lender. 8. Certified copies of loan paper and copies of evidences as to higher studies/ education are submitted. 9. Special MHR by an official ABM(S) or above regarding Social and financial status of the family is required.

5 Revised limits applicable for completion of MHR for All Non-medical and Medical proposals are as given below: MHR Limits for Agents, Development Officers, SBAs, CLIAs, Limits Upto (Rs.) Retired Employees and Branch Officials i. Authorised agents working under Development Officer or as Direct Agents or Career Agents satisfying the minimum business performance for each of the previous three financial years as under:- A. Net No. of Lives : 15 Net Sum Assured : Rs. 6 lacs 5 lakhs B. ii. Member of Branch Manager s Club and Distinguished Agent s Club i. Divisional Manager s club/ Specified Person of Corporate Agent/Bank ii. Zonal Manager s Club iii. Chairman s Club/ MDRT/ Club Galaxy/COT/TOT iv. Corporate Club 20 lakhs 40 lakhs 60 lakhs 100 lakhs 150 Lakhs C. Development Officers 150 Lakhs D. SBAs 300 Lakhs E. Retired Employees 75 Lakhs F. G. H. CLIAs : DM Club : ZM Club : CM Club /MDRT/Club Galaxy/COT/TOT : Corporate Club Member Assistant Branch Manager (Sales), Branch Manager (Sales), Assistant Branch Manager-in-charge of Branch Branch Managers/ Senior Branch Managers or Managers-in-charge of Branch 75 Lakhs 100 Lakhs 125 Lakhs 150 Lakhs 400 Lakhs 500 Lakhs I. Manager (Sales) Up to 1000 Lakhs J. Marketing Manager/ Chief Manager/ SDM 1000 Lakhs & above Notes: However for SUC above 50 lakhs, MHR is required in form no 3251 (Annexure A & B) for all cases. No MHR will be required upto TRSA of Rs.2 lakhs. MHR by Class I officer is supplement to MHR given by Agent/Development officer. ZUS/CUS can call for Special MHRs from other official, depending on the merits of the case. MHR limit for watch listed agents will be one step below the limit mentioned above and their authority to write MHR will continue as long as they continue to be a Club Member of respective club.