Bajaj Allianz Life Insurance Company Limited Bajaj Allianz Life Group Annuity

Transcription

1 Name of e Policyholder Address Bajaj Allianz Life Insurance Company Limited Bajaj Allianz Life Group Annuity Part A FORWARDING LETTER Dear We would like to ank you for investing your fai in us.

2 Policy No. Product Name UIN: Bajaj Allianz Life Group Annuity 116N059V05 Name of e Policyholder Policyholder s Address Policy Commencement Date Date of Issue Policy Term Indefinite No. of Members at Inception Purchase Price Received at Inception Option available for annuity As per Section 1c) below On Examination of e Policy, if e Policyholder notices any mistake in e above Schedule, e Policy Document is to be returned for correction to e Company Agent s details, if any: Name: License no.: Phone no : Address : Dated at PUNE is day of 20 For and behalf of Bajaj Allianz Life Insurance Company Limited (Company) Auorized Signatory

3 Part B DEFINITIONS & ABBREVIATIONS In is Policy where e context so admits, e masculine shall include e feminine, e singular shall include e plural and e following expressions shall unless repugnant to e context have e following meanings; 1) Definitions & Abbreviations a b c d e f g Annuitant Annuity Installment Annuity Option Annuity Payout Period Beneficiary Certain Period Certificate of Insurance shall mean e Member on whose life e Annuity Installment is payable and whose life is assured under is Policy. shall mean e amount payable to e Annuitant as and when it is due, and as recorded in e Membership Register and Certificate of Insurance. means one of e following Options chosen by e Primary Member at inception of his Membership Option A: Life annuity The annuity is paid to e Primary Member as long as he is alive. Option B: Life annuity wi Return of Purchase Price The annuity is paid to e Primary Member as long as he is alive. On dea of e Primary Member e purchase price is returned to e nominee. Option C: Annuity Certain for period 5 yrs,10 yrs, 15 yrs & 20 yrs Annuity is paid for e chosen Certain Period to e Primary Member, if alive, oerwise to e nominee. At e expiry of e Certain Period if e Primary Member is alive, e annuity is paid to e Primary Member as long as he is alive. Option D: Joint Life Last Survivor wi 50% of annuity to spouse The annuity is paid to e Primary Member as long as he is alive. On dea of e Primary Member, 50% of e annuity is payable to e nominated spouse as long as e spouse is alive. Option E: Joint Life Last Survivor wi Return of Purchase Price on dea of Last Survivor The annuity is paid up to e dea of e last surviving Member. On dea of e last surviving Member e purchase price is returned to e beneficiary/nominee. Option F: Joint Life Last Survivor wi 100% of annuity to spouse -The annuity is paid to e Primary Member as long as he is alive. On dea of e Primary Member, 100% of e annuity is payable to e nominated spouse as long as e spouse is alive. shall mean e period starting from e Entry Date till: i. e date of dea of e Annuitant, if Annuity Option A or Option B has been opted; ii. e date of dea of e Annuitant or till e end of Certain Period, whichever is later, if Annuity Option C has been opted; and iii. e date of dea of e of e last surviving Annuitant, if joint life Annuity Option D, Option E or Option F has been opted. shall mean e person who has been nominated by e Member as nominee and whose name has been entered in e Membership Register maintained by e Policyholder as being eligible under e Scheme Rules to receive e Dea Benefits payable under e Policy on e dea of e Annuitant. is a fixed period of 5 years, 10 years, 15 years or 20 years, as recorded in e Membership Register/Certificate of Insurance and is applicable for Annuity Option C, during which e Annuity Installment is payable by e Company irrespective of wheer e Annuitant is alive or not. shall mean a certificate issued by e Company to each Member on e Entry Date, which contains information about e Annuitant like Policy Number, Name, Age, Address, Purchase Price, Entry Date, Annuity Option, Annuity Installment, Annuity Frequency, Certain Period (where applicable) and details of Beneficiary, if any. h Claimant means e Annuitant or e Nominee or e legal heirs of Annuitant/Nominee(s) to whom e Policy Benefit will be payable i j Company Dea Benefit shall mean and refer to e Bajaj Allianz Life Insurance Company Limited. has e meaning given in Section 4.1.b) below.

4 k l m n o p q r s t u v w Entry Date IRDAI Member Membership Anniversary Membership Register Policy Policyholder Policy Commencement Date Policy Terms and Conditions Proposal Form Primary Member Purchase Price Scheme Rules shall mean I e Policy Commencement Date in relation to e Members already existing as Members under e scheme on e Policy Commencement Date and ii. in relation to a new Member, e date when his name has been recorded in e Membership Register as a Member, after due approval from e Company. means e Insurance Regulatory and Development Auority of India. shall mean a Primary Member and e Spouse of e Primary Member (in case of joint life Annuity Option) whose name has been recorded in e Membership Register as Member, after due approval from e Company, and whose life is assured under is Policy. means e date corresponding numerically wi e Entry Date in each subsequent calendar year. is a record of e Members maintained by e Policyholder, which contains information about Members including but not limited to any unique identification number of Member, name, age, gender, Beneficiary, Purchase Price, Entry Date, Certain Period, Annuity Option, Frequency of Annuity payment, Spouse s name and age in case of joint life Annuity Option D, Option E or Option F. shall mean e arrangements established by e Policy Terms and Conditions shall mean e person or entity who has been named as e Policyholder in e Schedule shall mean e date as mentioned in e Schedule from which is Policy was effected. shall mean is Policy wording, e Schedule (which is attached herewi and forms part of is Policy and if revised en e latest one), e Membership Register, Certificate of Insurance, any Annexure and e Proposal Form submitted to e Company based upon which is Policy has been issued. means e Policyholder s statements in e proposal for is Policy submitted by or on behalf of e Policyholder along wi any oer information or documentation provided to e Company prior to inception. shall mean a person who meets and continues to meet e eligibility criteria specified in e Scheme Rules. shall mean e amount paid by e Policyholder to purchase e Annuity Installment for each Member. shall mean e rules adopted by e Policyholder, and approved by e Company to run e scheme under Bajaj Allianz Life Group Annuity Plan to provide e benefits to e Members, as a pre-requisite to e issuance of is Policy. A certified copy of e Scheme Rules has to be furnished to e Company by e Policyholder. x Spouse shall mean e spouse of e Primary Member, in case of joint life Annuity Option D, Option E or Option F. The terms Herein Herein After Hereafter 'Hereof' 'Hereto' and 'Hereunder' used wherever in is Policy refer to e Policy in its entirety.

5 2. Policy Description (a) The Policy is a non-linked, non-participating group immediate annuity plan. (b) The Policy provides Annuity Benefit and Dea Benefit as per Section 4.1. below. (c) The Policyholder shall hold e Policy but all e benefits payable hereunder in accordance wi e Scheme Rules shall be paid to e Annuitant/Beneficiary; and e Policyholder shall have no beneficial interest hereunder. (d) The Policy does not in any way confer any right whatsoever on e Policyholder to oerwise share in e profits or surplus of e business of e Company or make in any additional payments to e Member. 3. Purchase Price Purchase Price in respect of each Member has to be paid by e Policyholder to e Company on e Entry Date of e Member. The Policyholder has furer agreed to furnish such statements and information as may be required by e Company about e Member. 4. Benefits 4.1 The Company shall be liable to pay e following benefits to e Annuitant/Beneficiary, subject to Section 12 and Section 18 below. a) Annuity Benefit i) The Annuity Benefits under is Policy vests on e Annuitant on e Entry Date. ii) Depending on e Annuity Frequency chosen, e Annuity Installment payment will start one (1) year after e Entry Date for a yearly Annuity Frequency, six (6) mons after e Entry Date for a half yearly Annuity Frequency, ree (3) mons after e Entry Date for quarterly Annuity Frequency and one (1) mon after e Entry Date for a monly Annuity Frequency iii) Annuitant has to produce an Existence Certificate as per Section 19. iv) Depending on e Annuity Option chosen, e amount of Annuity Installment and e period for which annuity is payable are as given below: 1) For all Annuity Options oer an Option D, e Annuity Installment is payable roughout e Annuity Payout Period. 2) For Annuity Option D, (a) e Annuity Installment is payable roughout e Annuity Payout Period as long as e Primary Member is alive and, (b) on e dea of Primary Member, 50% of e Annuity installment is payable to e Spouse, if e Spouse has not pre-deceased, roughout e remaining Annuity Payout Period. b) Dea Benefit The Dea Benefit payable under e policy is as given below: i) Option A: Any outstanding Annuity Installments due prior to date of dea of e Annuitant shall be paid to e Beneficiary. There shall be no return of Purchase Price. ii) Option B: The Purchase Price and any outstanding Annuity Installments due prior to date of dea of e Annuitant shall be paid to e Beneficiary. All Annuity Installments which fell due after e date of dea of e Annuitant and paid by e company will be recovered from e Dea Benefit payable to e Beneficiary. iii) Option C: 1) If dea of e Annuitant is wiin e Certain Period, e Annuity Installments shall be paid to e Beneficiary wi e same Annuity Frequency till e end of e Certain Period. 2) If dea of e Annuitant is after e Certain Period, any outstanding Annuity Installments due prior to date of dea of e Annuitant shall be paid to e Beneficiary. 3) There shall be no return of Purchase Price. Part C

6 iv) Option D: 1) Any outstanding Annuity Installments due prior to date of dea of e Primary Member shall be paid and payment of 50% of e Annuity Installment shall commence to e Spouse, if alive. 2) On e second dea of e Spouse, any outstanding Annuity Installment due prior to e date of dea shall be paid to e Beneficiary. 3) There shall be no return of Purchase Price. v) Option E: On second dea, out of e Primary Member and e Spouse, e Purchase Price shall be paid to e Beneficiary. All Annuity Installments which fell due after e date of dea of bo e Annuitants and paid by e company will be recovered from e Dea Benefit payable to e Beneficiary. vi) Option F: Any outstanding Annuity Installments due prior to date of second dea, out of e Primary Member and e Spouse, shall be paid to e Beneficiary. There shall be no return of Purchase Price. c) Surrender Benefit No surrender benefit is available under is Policy 4.2 Payments of Benefits The Benefits, as per Section 4.1 above under is Policy shall be paid to e Annuitant/Beneficiary/legal heirs, as e case may be directly. The Policyholder has no role to play apart from e payment to e Annuitant/Beneficiary/legal heirs 5. Free Look Period Wiin 15 days [irty (30) days in case is Policy is issued under e provisions of IRDA Guidelines on Distance Marketing of Insurance Products] of e receipt of is Policy, e Policyholder has e option to review e terms and conditions of e Policy and if e Policyholder disagrees to any of e terms & conditions, he has an option to return e Policy stating e reasons for his objections. The Purchase Price (excluding applicable taxes) paid less e Annuity Installment paid less e expense incurred in stamp duty charges will be made available to e Policyholder. However is shall also comply wi any relevant regulation (as it exists from time to time) in is regard. 6. Policy Loan No loan is available under is Policy. Part D Part E CHARGES, FUND OPTIONS, PORTFOLIO STRATEGIES, Etc Not Applicable Part F General Conditions 7. Eligibility a) The age of e Member as admitted in e Policyholder s records shall be taken by e Company for e purpose of acceptance of a person as a Member. The acceptance of a person as a Member under e Policy shall be as per norms imposed by e Company from time to time. b) The payment of Annuity Installment on a Member s life shall commence only after he has been admitted as a Member under is Policy. Every Member shall become entitled for e Benefits, as per Section 4.1 above under e Policy from e Entry Date. 8. Age Proof a) The Purchase Price payable under e Policy is calculated on e basis of e Annuitant s Age as declared in e Membership Register. If e Age has not been admitted by e Company, e Policyholder shall furnish such proof of Age as is acceptable to e Company and have e Age admitted.

7 b) If e Age so admitted (e correct Age ) is found to be different from e Age declared in e Membership Register, en, wiout prejudice to e Company s oer rights and remedies including ose under e Insurance Act 1938 as amended from time to time, e following actions shall be taken: i) If e correct Age is such as would have made e Annuitant uninsurable under is Policy, e plan of assurance shall stand altered to such annuity plan as is generally granted by e Company for e Annuitant s correct Age, which will be subject to e terms and conditions as are applicable to at plan. ii) If it is not possible to grant any oer annuity plan, e Policy shall stand terminated wi immediate effect by e Company and e Purchase Price shall be refunded subject to e deduction of Annuity Installments already paid and e expenses incurred in stamp duty charges. iii) If e Annuitant s correct Age is lower an e Age declared in e Membership Register, e Annuity Installment payable under e Policy shall be altered corresponding to e correct Age of e Annuitant and e total of e difference between e original Annuity Installment and e corrected Annuity Installment from e Date of Commencement of Annuity up to e date of such alteration wi interest shall be collected from e Annuitant or would be adjusted from e next Annuity Installment. iv) If e Annuitant s correct Age is higher an e Age declared in e Membership Register, e Annuity Installment payable under e Policy shall be altered corresponding to e correct Age of e Annuitant from e next due date of Annuity Installment. However, e Company shall not make any payment on e difference in Annuity Installment paid so far. 9. Nomination Nomination should be in accordance wi provisions of section 39 of e Insurance Act 1938 as amended from time to time. [A Leaflet containing e simplified version of e provisions of section 39 is enclosed in Annexure AA for reference] 10. Fraud Misrepresentation and forfeiture Fraud, Misrepresentation and forfeiture would be dealt wi in accordance wi provisions of section 45 of e Insurance Act 1938 as amended from time to time. [A Leaflet containing e simplified version of e provisions of section 45 is enclosed in Annexure BB for reference] 11. Modifications The provision of is Policy cannot be changed or varied except by a Policy endorsement signed by an officer of e Company auorized for e purpose. 12. Payment of Dea Claim a) Upon dea of e Primary Member or, in case of joint life Annuity Option, on e second dea (out of e Primary Member and e Spouse), e Dea Benefit shall becomes payable to e Beneficiary subject to e Policy Terms and Conditions and e Company s right to receive all information and documentation sought which includes but not limited to following: i) Dea certificate issued by e local municipal auority. ii) Claimant s proof of entitlement to receive e Dea Benefit. iii) Documents to establish right of claimant in case of no valid nomination being in existence at e time of dea. iv) Any oer document at may be relevant in establishing e validity of e claim. b) When no Beneficiary has been nominated in e Membership Register or all nominated Beneficiaries have pre-deceased e Member, en, e Dea Benefit shall be payable to e legal heirs of e Primary Member. 13. General Conditions a) The Company reserves e right to revise e annuity rates (used to arrive at e applicable Annuity Installment) wi respect to a new Member at any time at its discretion wiout giving any advance notice and also reserves e right to vary from time to time e Policy Terms and Conditions and e Schedule. b) The Policyholder shall furnish to e Company all such data, information or evidence as e Company may reasonably required upon or wi regard to any matter affecting e Company s liability to pay e Annuity Installment effected or to be effected herein under and

8 e Company shall not be liable for any action taken in good fai upon any data, information, or evidence so furnished which shall be or shall prove to have been erroneous or inaccurate. c) The Policyholder s records in original (or certified photocopies ereof) which, in e opinion of e Company, have a bearing on e benefits to be provided hereunder shall be open for inspection by e Company at all times. d) The Company shall have e right to terminate e Policy for new Members by giving not less an 90 day's notice in writing, but existing Member s benefit shall continue as per is Policy Terms and Conditions. 14. Waiver Failure or neglect by e Company to enforce at anytime e provisions of is Policy shall not be construed or be deemed to be eier a waiver of e Company s right herein nor in anyway affect e validity of e whole or any part of is Policy nor prejudice e Company s right to take subsequent action. 15. Notices Any notice, direction or instruction to be given under is Policy shall be in writing and delivered by hand, post, facsimile or to: a. The Member/Policyholder: i) Shall be sent eier by hand, post, courier, facsimile, Short Messaging Service (SMS), Voice call, or rough any oer digital/electronic media to e Policyholder to e address or communication/ correspondence details specified by e Policyholder in e Enrollment/Proposal Form or as per subsequent most recent change of address and/or communication/correspondence details intimation submitted by em to e Company. ii) The Company shall not be responsible for any consequences arising out of non-intimation of change of e Policyholder s/member s address and/or communication/correspondence details. In case e notice comes back to e Company undelivered to e Policyholder/Member due to any reason, ere shall be no obligation upon e Company to make any attempt again towards dispatch of e notice which was returned undelivered. b. The Company, shall be submitted by hand, post, facsimile or Bajaj Allianz Life Insurance Company, GE Plaza, Airport Road, Yerawada, Pune Toll Free No Fax: customercare@bajajallianz.co.in The Policyholder must ensure at he keeps e Company informed if ere is a change of address and contact details. This will enable e Policyholder to receive regular updates, and communication from time to time and facilitate efficient and timely payouts by e Company of e benefits under e Policy. 16. Governing Law Any and all disputes arising out of and under is Policy shall be governed by and determined in accordance wi Indian law and by e Indian Courts. 17. Taxation The Policyholder agrees to pay or allows e Company to deduct from any of e benefits payable under is Policy, a sum on account of any tax or oer payment which may be imposed by any legislation, order, regulation or oerwise, upon e Company, e Policyholder, Annuitant or any oer Beneficiary, which, in e opinion of e Company, is necessary and appropriate. 18. Termination Conditions The payment of Annuity Installment shall immediately and automatically terminate on receipt of intimation of dea of e Primary Member or, in case of joint life Annuity Option, on second dea out of e Primary Member and e Spouse. 19. Production of Existence Certificate: a) It shall be e responsibility of e Annuitant to produce e existence certificate as per e Company Policy at his expense.

9 b) Failing Sub-Section a) above, e Annuity Installment due from e next Membership Anniversary shall be wiheld till production of Existence Certificate. The Company shall not under any circumstances pay any interest for any delay in payment of Annuity Installment on account of non-receipt of existence certificate by e Company. 20. Loss of e Policy Document / Certificate of Insurance a) The Company shall issue a duplicate Policy Document / Certificate of Insurance if e original is lost, subject to being satisfied about e loss of e original document, and e Policyholder s / Member s payment of a replacement fee. b) If a copy is issued, e original Policy Document / Certificate of Insurance will cease to have any legal effect and e Policyholder / Member shall indemnify and keep indemnified and hold e Company harmless from any costs, expenses, claims, awards or judgments arising out of or howsoever connected to e original Policy Document. 21. Grievance Redressal Part G In case you have any query or compliant/grievance, you may contact e Grievance Officer of any nearest Customer Care Center at Branch Office of e Company during e Company s office hours from 9 am to 6 pm. Alternatively, you may communicate wi e Company: By post at: Customer Care Desk, Bajaj Allianz Life Insurance Company Ltd., GE Plaza, Airport Road, Yerawada, Pune By Phone at: Toll Free No By Fax at: By customercare@bajajallianz.co.in In case you are not satisfied wi e resolution provided to you by e above office, or have not received any response wiin 10 days, or you have any suggestion in respect of is Policy or on e functioning of e office, you may contact e following official for resolution: Grievance Redressal Officer, Bajaj Allianz Life Insurance Company Ltd. 3rd Floor, Bajaj Finserv, Survey No: 208/1-B, Behind Weik Field IT Park, Viman Nagar, Pune Tel. No: Fax: (+91 20) , ID: customercare@bajajallianz.co.in If Policyholder is not satisfied wi e response or does not receive a response from e Company wiin fifteen (15) days, he mayapproach e IRDAI Grievance Cell Centre (IGCC) on e following contact details: By Phone: TOLL FREE NO: , By complaints@irda.gov.in By post at: Consumer Affairs Department Insurance Regulatory and Development Auority of India 9 floor, United India Towers, Basheerbagh, Hyderabad , Andhra Pradesh By Fax at: The Policyholder can also register his complaint online at Ombudsman a) In case you are not satisfied wi e decision/resolution of e Company, you may approach e Insurance Ombudsman if your grievance pertains to any of e following: I) Insurance claim at has been rejected or dispute of a claim on legal construction of e Policy ii) Delay in settlement of claim iii) Dispute wi regard to premium iv) Non-receipt of your insurance document b) The address of e Insurance Ombudsman is provided as per as per Address & Contact Details of Ombudsman Centres attached herewi. For e latest list of insurance ombudsman, please refer to e IRDAI website at c) The complaint should be made in writing and duly signed by e complainant or by his legal heirs wi full details of e complaint and e contact information of complainant. d) Also please note at as per provision 13(3) of e Redressal of Public Grievances Rules 1998, e complaint to e Ombudsman can be made i) Only if e grievance has been rejected by e grievance redressal mechanism of e Company. ii) The complaint should be filed wiin a period of one year from e date of rejection by e Company. e) The complaint should not be simultaneously under any litigation

10 Address & Contact Details of Ombudsman Centres In case you have any grievance, you may approach e Company Grievance Cell. In case you are not satisfied wi e decision/resolution of e Company or if your complaint is not resolved/ not satisfied/not responded for 30 days, you may approach e Office of Insurance Ombudsman, in line wi e details provided hereinabove in e policy document, at e addresses given below: AHMEDABAD BENGALURU BHOPAL BHUBANESHWAR CHANDIGARH CHENNAI DELHI GUWAHATI HYDERABAD Office of e Insurance Ombudsman,6 Floor, Jeevan Prakash Bldg.,Tilak Marg, Relief Road, Ahmedabad Tel no s: /02/05/06, bimalokpal.ahmedabad@ecoi.co.in. Office of e Insurance Ombudsman, Jeevan Soudha Building, PID No N-19 Ground Floor, 19/19, 24 st Main Road, JP Nagar, 1 Phase, Bengaluru , Tel.: / , bimalokpal.bengaluru@ecoi.co.in. nd Office of e Insurance Ombudsman, Janak Vihar Complex, 2 Floor, 6, Malviya Nagar, Opp. Airtel Office, Near New Market, Bhopal , Tel.: / Fax: , bimalokpal.bhopal@ecoi.co.in. Office of e Insurance Ombudsman,62, Forest park, Bhubaneshwar , Tel.: / Fax: , bimalokpal.bhubaneswar@ecoi.co.in. nd Office of e Insurance Ombudsman, S.C.O.No.101,102 & 103, 2 Floor, Batra Building, Sector 17 D, Chandigarh ,Tel.: / Fax: , bimalokpal.chandigarh@ecoi.co.in. Gujarat, Dadra & Nagar Haveli, Daman and Diu Karnataka Madhya Pradesh, Chhattisgarh Orissa Punjab, Haryana, Himachal Pradesh, Jammu & Kashmir, Chandigarh Office of e Insurance Ombudsman, Fatima Akhtar Court, 4 Floor, 453 (old 312), Anna Salai, Teynampet, Tamil Nadu, Pondicherry Town and Karaikal CHENNAI , Tel.: / Fax: , bimalokpal.chennai@ecoi.co.in. (Which are part of Pondicherry) Office of e Insurance Ombudsman, 2/2 A, Universal Insurance Building, Asaf Ali Road, New Delhi Delhi Tel.: / Fax: , bimalokpal.delhi@ecoi.co.in. Office of e Insurance Ombudsman, Jeevan Nivesh, 5 Floor, Nr. Panbazar over bridge, S.S. Road, Guwahati Assam, Meghalaya, Manipur, Mizoram, Arunachal (ASSAM), Tel.: / Fax: , bimalokpal.guwahati@ecoi.co.in. Pradesh, Nagaland and Tripura st Office of e Insurance Ombudsman, , 1 floor, "Moin Court", Lane Opp. Saleem Function Palace, A. C. Guards, Lakdi-Ka-Pool, Hyderabad , Tel.: / Fax: , bimalokpal.hyderabad@ecoi.co.in. JAIPUR Office of e Insurance Ombudsman, Jeevan Nidhi II Bldg., Gr. Floor, Bhawani Singh Marg, Jaipur Tel.: , bimalokpal.jaipur@ecoi.co.in. Andhra Pradesh, Telangana, Yanam and part of Territory of Pondicherry Rajasan ERNAKULAM KOLKATA MUMBAI PUNE PATNA LUCKNOW nd Office of e Insurance Ombudsman, CC 22/ Floor, Pulinat Bldg.,Opp. Cochin Shipyard, M.G.Road, Kerala, Lakshadweep, Mahe -a part of Ernakulam , Tel.: / Fax: , bimalokpal.ernakulam@ecoi.co.in. Pondicherry Office of e Insurance Ombudsman, Hindustan Bldg. Annexe, 4 Floor, 4, C.R. Avenue, KOLKATA , West Bengal, Bihar, Sikkim, Jharkhand Andaman Tel.: / , Fax : , bimalokpal.kolkata@ecoi.co.in. & Nicobar Islands rd Office of e Insurance Ombudsman, 3 Floor, Jeevan Seva Annexe, S. V. Road, Santacruz (W), Mumbai , Tel.: / , Fax: , bimalokpal.mumbai@ecoi.co.in. nd Office of e Insurance Ombudsman, Jeevan Darshan Bldg., 2 Floor, C.T.S. No.s. 195 to 198,N.C. Kelkar Road, Narayan Pe, Pune , Tel.: , bimalokpal.pune@ecoi.co.in. st Office of e Insurance Ombudsman, 1 Floor, Kalpana Arcade Building, Bazar Samiti, Road, Bahadurpur, PATNA , Tel No: , bimalokpal.patna@ecoi.co.in. Office of e Insurance Ombudsman, 6 Floor, Jeevan Bhawan, Phase-II, Nawal Kishore Road, Hazratganj, Lucknow , Tel.: / Fax: , bimalokpal.lucknow@ecoi.co.in. Goa, Mumbai Metropolitan Region excluding Navi Mumbai & Thane Maharashtra, Area of Navi Mumbai and Thane, excluding Mumbai Metropolitan Region Bihar Districts of Uttar Pradesh: Laitpur, Jhansi, Mahoba, Hamirpur, Banda, Chitrakoot, Allahabad, Mirzapur, Sonbhabdra, Fatehpur, Pratapgarh, Jaunpur, Varanasi, Gazipur, Jalaun, Kanpur, Lucknow, Unnao, Sitapur, Lakhimpur, Bahraich, Barabanki, Raebareli, Sravasti, Gonda, Faizabad, Amei, Kaushambi, Balrampur, Basti, Ambedkarnagar, Sultanpur, Maharajgang, Santkabirnagar, Azamgarh, Kushinagar, Gorkhpur, Deoria, Mau, Ghazipur, Chandauli, Ballia, Sidharanagar NOIDA Office of e Insurance Ombudsman, 4 Floor, Bhagwan Sahai Palace, Main Road, Naya Bans, Sector 15, NOIDA , Tel: /51/53, bimalokpal.noida@ecoi.co.in. State of Uttaranchal and e following Districts of Uttar Pradesh: Agra, Aligarh, Bagpat, Bareilly, Bijnor, Budaun, Bulandshehar, Etah, Kanooj, Mainpuri, Maura, Meerut, Moradabad, Muzaffarnagar, Oraiyya, Pilibhit, Etawah, Farrukhabad, Firozbad, Gautambodhanagar, Ghaziabad, Hardoi, Shahjahanpur, Hapur, Shamli, Rampur, Kashganj, Sambhal, Amroha, Haras, Kanshiramnagar, Saharanpur Annexure Ver. 2.1 (072017)

11 Anexure AA Section 39 of e Insurance Act, 1938 Nomination by Policyholder Nomination of a life insurance Policy is as below in accordance wi Section 39 of e Insurance Act, 1938 as amended by Insurance Law (Amendment) Act, The extant provisions in is regard are as follows: 1. The Policyholder of a life insurance Policy on his own life may nominate a person or persons to whom money secured by e Policy shall be paid in e event of his dea. 2. Where e Nominee is a minor, e Policyholder may appoint any person to receive e money secured by e Policy in e event of Policyholder s dea during e minority of e Nominee. The manner of appointment to be laid down by e Company. 3. Nomination can be made at any time before e maturity of e Policy. 4. Nomination may be incorporated in e text of e Policy itself or may be endorsed on e Policy communicated to e Company and can be registered by e Company in e records relating to e Policy. 5. Nomination can be cancelled or changed at any time before Policy matures, by an endorsement or a furer endorsement or a will as e case may be. 6. A notice in writing of change or cancellation of nomination must be delivered to e Company for e Company to be liable to such Nominee. Oerwise, Company will not be liable if a bona-fide payment is made to e person named in e text of e Policy or in e registered records of e Company. 7. Fee to be paid to e Company for registering change or cancellation of a nomination can be specified by e IRDAI rough Regulations. 8. On receipt of notice wi fee, e Company should grant a written acknowledgement to e Policyholder of having registered a nomination or cancellation or change ereof. 9. A transfer or assignment made in accordance wi section 38 of Insurance Act, 1938 as amended from time to time, shall automatically cancel e nomination except in case of assignment to e Company or oer transferee or assignee for purpose of loan or against security or its reassignment after repayment. In such case, e nomination will not get cancelled to e extent of Company s or transferee s or assignee s interest in e Policy. The nomination will get revived on repayment of e loan. 10. The right of any creditor to be paid out of e proceeds of any Policy of life insurance shall not be affected by e nomination. 11. In case of nomination by Policyholder whose life is insured, if e Nominees die before e Policyholder, e proceeds are payable to Policyholder or his heirs or legal representatives or holder of succession certificate. 12. In case Nominee(s) survive e person whose life is insured, e amount secured by e Policy shall be paid to such survivor(s). 13. Where e Policyholder whose life is insured nominates his/her (a) parents or (b) Spouse or (c) children or (d) Spouse and children or (e) any of em The Nominees are beneficially entitled to e amount payable by e Company to e Policyholder unless it is proved at Policyholder could not have conferred such beneficial title on e Nominee having regard to e nature of his title. 14. If Nominee(s) die after e Policyholder but before his share of e amount secured under e Policy is paid, e share of e expired Nominee(s) shall be payable to e heirs or legal representative of e Nominee(s) 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 e commencement of Insurance Law (Amendment) Act, If Policyholder dies after maturity but e proceeds and benefit of e Policy has not been paid to him because of his dea, his Nominee(s) shall be entitled to e proceeds and benefit of e Policy. 17. The provisions of section 39 of e Insurance Act, 1938 as amended from time to time, 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 Law (Amendment) Act, 2015, a nomination is made in favour of Spouse or children or Spouse and children wheer or not on e face of e Policy it is mentioned at it is made under section 39 of e Insurance Act, 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 e Policy. In such a case only, e provisions of section 39 of Insurance Act, 1938, will not apply. [Disclaimer: This is not a comprehensive list of amendments of Insurance Law (Amendment) Act, 2015 and only a simplified version prepared for general information. Policy Holders are advised to refer to Original Insurance Law (Amendment) Act, 2015 for complete and accurate details. ] Annexure BB Section 45 Policy shall not be called in question on e ground of mis-statement after ree years Provisions regarding Policy not being called into question in terms of section 45 of e Insurance Act, 1938, as amended by Insurance Law (Amendment) Act, 2015 are as follows: 1. No Policy of life insurance shall be called in question on any ground whatsoever after expiry of ree (3) years from (a) e Policy Commencement Date or (b) e Date of Commencement of Risk or (c) e date of latest revival of e Policy or (d) e Date of Commencement of Rider; whichever is later. 2. On e ground of fraud, a Policy of life insurance may be called in question wiin ree (3) years from (a) e Policy Commencement Date or (b) e Date of Commencement of Risk or (c) e date of latest revival of e Policy or (d) e Date of Commencement of Rider; whichever is later. 3. For is, e Company should communicate in writing to e Company or legal representative or Nominee or assignees of Policyholder, as applicable, mentioning e ground and materials on which such decision is based. 4. Fraud means any of e following acts committed by Life Assured or Policyholder or by his Agent, wi e intent to deceive e Company or to induce e Company to issue e life insurance Policy: a. The suggestion, as a fact of at which is not true and which e Company does not believe to be true; b. The active concealment of a fact by e Company having knowledge or belief of e fact; c. Any oer act fitted to deceive; and d. Any such act or omission as e law specifically declares to be fraudulent. 5. Mere silence is not fraud unless, depending on circumstances of e case, it is e duty of e Life Assured or Policyholder or his Agent keeping silence to speak or silence is in itself equivalent to speak. 6. No Insurer shall repudiate a life insurance Policy on e ground of Fraud, if e Life Assured or Policyholder / beneficiary can prove at e misstatement was true to e best of his knowledge and ere was no deliberate intention to suppress e fact or at such mis-statement of or suppression of material fact are wiin e knowledge of e insurer. Onus of disproving is upon e Policyholder, if alive, or beneficiaries. 7. Life insurance Policy can be called in question wiin ree (3) years on e ground at any statement of or suppression of a fact material to expectancy of life of e Life Assured or Policyholder was incorrectly made in e Proposal Form or oer documents, basis which Policy was issued or revived or Rider issued. For is, e Company should communicate in writing to e Life Assured or Policyholder or legal representative or Nominee or assignees of Policyholder, as applicable, mentioning e ground and materials on which decision to repudiate e Policy of life insurance is based. 8. In case repudiation is on ground of mis-statement and not on fraud, e premium(s) collected on Policy till e date of repudiation shall be paid to e Policyholder or legal representative or Nominee or assignees of Policyholder, wiin a period of 90 days from e date of repudiation. 9. Fact shall not be considered material unless it has a direct bearing on e risk undertaken by e Company. The onus is on Company to show at if e Company had been aware of e said fact, no life insurance Policy would have been issued to e Policyholder. 10. The Company 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 e terms of e Policy are adjusted on subsequent proof of Age of Life Assured. So, is 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 Law (Amendment) Act, 2015 and only a simplified version prepared for general information. Policy Holders are advised to refer to Original Insurance Law (Amendment) Act, 2015 for complete and accurate details. ] Annexure Ver. 2.1 (072017)