Fundamental Principles Of Insurance Adopted In The Life Insurance Policy

891 words - 4 pages

A live project on the ‘FUNDAMENTAL PRINCIPLES OF INSURANCE ADOPTED IN THE LIFE INSURANCE POLICY’

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Submitted to: Submitted by:

Mr Nagraj K Nikita Agrawal (8NBBP078)

Faculty : Legal Environment of Business Akshat Lahoti (8NBBP039)

MBA 2008-10

SEM II Sec B

Legal Principles of Insurance:

1. Good Faith (Ubberimae Fide).

2. Insurable Interest.

3. Law of indemnity.

4. Proximity of Clause.

5. Risk.

6. Mitigation of Loss.

7. Subrogation.

8. Contribution.

Standard Clauses in Life Insurance Policy:

The life insurance of a person is a contract by which the insurer in consideration at a ...view middle of the document...

(b) Surrender.

(c) Non-forfeiture.

(d) Revival of lapsed policies.

10. Contingencies excluded from the scope of the cover, both in respect of the main policy statement and drivers.

11. The provisions for nomination, assignment, and loans on security of the policy and a statement that the rate of interest payable on such loan amount shall be as prescribed by the insurance company at the time of taking the loan.

12. Any special clauses or conditions such as pregnancy clause, suicide clause etc.

13. The existence of Insurance Ombudsman, other grievance redressal mechanism for resolution of disputes like claims review committee with Zonal/Regional/Head Offices/Central Office.

14. The address of the insurer to which all communications in respect of the policy shall be sent.

Name of the Company: ICICI Prudential Life Insurance.

Punch Line: We cover you. At every step in life.

Name of the Policy Holder: Mr. Biswajit Saha, 91,64,861st member of ICICI Prudential family.

The Information available in the Life Insurance policy is as follows:

1. The name of the plan governing the policy: LifeTime Gold.

2. Not mentioned about the participation in profits.

3. Not mentioned about the participation in profits.

4. Benefits Payable is mentioned: as specified in the policy document.

a) A regular premium Unit-linked endowment policy that offers potentially higher returns through the Multiplier Fund.

b) Option to choose from 7 different investment funds.

c) Systematic withdrawal of money from fourth year of Policy term.

d) Higher of the fund value and sum assured payable as death benefits.

e) Fund value payable as maturity benefit; this can be taken out as lump sum or in instalments.

f) Option to switch between funds up to 4 times a year, absolutely free. 

g) Available with optional Accidental death and disability benefit Rider, Critical illness benefit Rider and Waiver of premium Rider.

h) Tax benefits under Sections 80C, 80D and 10 (10D) of the Income Tax Act, 1961.

5. There are no riders attached to the policy.

6. Date of commencement: 16/06/2008

Date of Maturity:...

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