PNB MetLife Bima Yojana - (Group Micro-Insurance) Group Non-Linked Non-Participating Pure Risk Premium Life Insurance Plan PNB MetLife Bima Yojana – (Group Micro-Insurance) UIN Number: 117N120V01 Page 1 of 27 1. Part A 1.1. Welcome Letter [Name of the group policyholder] Date:dd-mm-yyyy [Address] [Mobile number] <Policy No><Sourcing Branch> Dear M/s[x], (Client ID: XXXXXX) Welcome to the PNB MetLife family! Thank you for choosing a PNB MetLife product and showing your confidence in us. At PNB MetLife, we value your patronage and are committed to offering you the best services always. PNB MetLife brings together financial strength, credibility and reliability of MetLife Inc., one of the leading global providers of insurance, annuities and employee benefit programs, serving more than 90 million customers for the last 140+ years and Punjab National Bank, a leading nationalized bank in India serving more than 80 million customers in the last 120+ years. You can be assured that you have chosen the right partner for life. Please find enclosed the Group Policy Document along with other related information, including a copy of your Application. Free look Provision: Please go through the terms and conditions of your Policy very carefully. If you have any objections to the terms and conditions of this Group Policy, you may return the Group Policy for cancellation by giving a signed written notice to us within 15 days from the date of receiving the Group Policy, stating the reasons for your objection and you will be entitled to a refund of the premium paid in respect of the Insured Members, subject to a deduction of proportionate risk premium for the period of cover, stamp duty and/or the expenses incurred on medical examination of the Insured Members (if any). For any queries or concerns you can contact us via the touch points given below, we are always there to help you. For easy reference sourcing details for your policy are mentioned below. Name <<Valued Advisor>> Channel <<XX>> Code <<XXXXX>> E-Mail ID <<[email protected]>> Mobile / Landline No. <<XXXXXX>> We look forward to being your partner in this wondrous journey of life. Yours Sincerely, PNB MetLife India Insurance Co. Ltd. [Signature] [Name of signing authority] [Designation of signing authority] In case of any queries / concerns, You can reach Us at: Call us at 1800-425-6969 (Toll Free) or 022-41790300(8am-8pm)/ Fax:022-4023 1225 Email Us at [email protected]Visit www.pnbmetlife.com to manage your policy online. Register online using your Customer ID & Policy No. Visit your nearest PNB MetLife Office. Our address details are available o www.pnbmetlife.com Stamp duty of Rs. XXX.XX paid to Government of Maharashtra through consolidated Stamp Duty via Challan No. XXXXXXX
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PNB MetLife Bima Yojana - (Group Micro-Insurance) Group Non-Linked Non-Participating Pure Risk Premium Life Insurance Plan
[Name of the group policyholder] Date:dd-mm-yyyy [Address] [Mobile number] <Policy No><Sourcing Branch> Dear M/s[x], (Client ID: XXXXXX) Welcome to the PNB MetLife family! Thank you for choosing a PNB MetLife product and showing your confidence in us. At PNB MetLife, we value your patronage and are committed to offering you the best services always. PNB MetLife brings together financial strength, credibility and reliability of MetLife Inc., one of the leading global providers of insurance, annuities and employee benefit programs, serving more than 90 million customers for the last 140+ years and Punjab National Bank, a leading nationalized bank in India serving more than 80 million customers in the last 120+ years. You can be assured that you have chosen the right partner for life. Please find enclosed the Group Policy Document along with other related information, including a copy of your Application. Free look Provision: Please go through the terms and conditions of your Policy very carefully. If you have any objections to the terms and conditions of this Group Policy, you may return the Group Policy for cancellation by giving a signed written notice to us within 15 days from the date of receiving the Group Policy, stating the reasons for your objection and you will be entitled to a refund of the premium paid in respect of the Insured Members, subject to a deduction of proportionate risk premium for the period of cover, stamp duty and/or the expenses incurred on medical examination of the Insured Members (if any). For any queries or concerns you can contact us via the touch points given below, we are always there to help you. For easy reference sourcing details for your policy are mentioned below.
Name <<Valued Advisor>> Channel <<XX>> Code <<XXXXX>>
We look forward to being your partner in this wondrous journey of life. Yours Sincerely, PNB MetLife India Insurance Co. Ltd. [Signature] [Name of signing authority] [Designation of signing authority]
In case of any queries / concerns, You can reach Us at:
Call us at 1800-425-6969 (Toll Free) or 022-41790300(8am-8pm)/ Fax:022-4023 1225
PNB MetLife Bima Yojana – (Group Micro-Insurance) A Group Non-linked Non-Participating Pure Risk Premium Life Insurance Plan This is a contract of group insurance between you and PNB MetLife India Insurance Company Limited. This contract of insurance has been enacted on receipt of the premium deposit and is based on the details in the Application received together with the other information, documentation and declarations received from you for effecting a life insurance contract on the lives of the persons named in the Group Policy Schedule below.
We agree to pay the benefits under this Group Policy on the occurrence of the insured event described in Part C of this Group Policy, subject to the terms and conditions of the Group Policy.
On examination of the Group Policy, if You notice any mistake or error, please return the Group Policy document to Us in order that We may rectify the mistake/error.
Signed by and on behalf of PNB MetLife India Insurance Company Limited [Signature] [Name of signing authority] [Designation of signing authority]
1.3. Group Policy Schedule
Name of the Plan PNB MetLife Bima Yojana – (Group Micro-Insurance)
Nature of the Plan A Group Non-linked Non-Participating Pure Risk Premium Life Insurance Plan
UIN 117N120V01
Application number
Group Policy number
Date of issue
Issuing office
1. Details of the Group Policyholder
Name of the Group Policyholder
<< >>
2. Group Policy Details
Date of Inception of the Group Policy << >>
Next Premium Due Date << >>
Premium Paying Term << >>
Policy Term
Policy Currency << >>
Number of lives (at Date of Inception of Group Policy)
<< >>
Initial Premiums Received (excluding GST/cess*)
Rs. << >>
Goods Services Tax Rs. << >>
Total initial Premium received Rs. << >>
Risk Cessation Date << >>
PNB MetLife Bima Yojana - (Group Micro-Insurance) Group Non-Linked Non-Participating Pure Risk Premium Life Insurance Plan
Minimum Sum Assured: Rs. Maximum Sum Assured: Rs. Terms & Conditions as per the Quote, if any:
4. Contribution: Premiums to be borne by [PH / IM]
Contribution Name Borne By
PH: Group Policyholder, IM: Insured Member
5. Details of Sales Person/Corporate Agenct/Broker
Name
License number
Phone number
Address
Email address
6. Premium Details
Premium payment type << >>
Premium Mode << >>
Premium amount including Goods and Services tax(GST)*
Rs. <>
Total Premiums Paid Rs. <> *Premium amount paid by the Group Policyholder is inclusive of GST at prevailing rates. Premium amount is subject to change in case of any variance in the present rate of tax or in the event of any new or additional tax/levy being made applicable/ imposed on the
premium(s) by the competent authority. In case of any such variance in the present rate of tax or any new or additional tax/levy being imposed, the same shall be borne by the Group Policyholder.
PNB MetLife Bima Yojana - (Group Micro-Insurance) Group Non-Linked Non-Participating Pure Risk Premium Life Insurance Plan
Level Cover: The amount payable on the death of the Insured member shall be equal to the sum assured chosen at inception
Reducing Cover: The amount payable on the death of the Insured Member shall be equal to the Cover Schedule on the date of death of the Insured Member.
The coverage for Insured Member terminates with the payment of 100% of this claim amount
Death Benefit - Joint Life Option
Level Cover: The amount payable on the first death of any one of the Insured member/s shall be equal to the sum assured chosen at inception.
Reducing Cover: The amount payable on the first death of any one of the Insured Member shall be equal to the Cover Schedule on the date of first death of any one of the Insured Members.
In case of joint life the cover terminates on the payment of death claim in respect of any one of the insured members. In case of simultaneous death of the both lives, claim for only one of the joint lives shall be accepted. The coverage for Insured Member terminates with the payment of 100% of this claim amount. Once the claim amount is paid, the risk cover ceases for the surviving joint life under this contract.
Maturity Benefit There is no maturity benefit under this plan.
Joint Life Option If there is more than one life, the Company may offer to cover the lives under the joint options. The coverage cannot be extended to more than two people. The coverage will be provided on the insured member and spouse.
Key features:
1 All references to age are as on age last birthday
Plan parameters Minimum Maximum
Age1 at entry 18 years 69 years
Age1 at maturity 70 years
Policy Term2
Single pay :
Level cover: 6 months
Reducing cover:24 months Regular pay:
• Level Cover – 60 months
Limited pay: Reducing Cover – 84 months
Single pay:
Level cover: 60 months
Reducing cover: 60 months Regular pay:
• Level Cover – 84 months
Limited pay: Reducing Cover – 84 months
Premium Payment Term
Single pay: Single premium Regular pay: Equal to policy term Limited pay: 60 months
Group Size 5 lives No limit
Sum Assured per member Rs. 1,000 Rs. 2,00,000
Premium Single Pay: Basis the Sum Assured, age, term, premium paying option and plan option Regular pay and Limited Pay: Rs 750 per annum per life
Premium Paying Options Single Pay, Regular Pay, Limited Pay
Premium Paying Modes for Limited and Regular Pay3
Yearly, Half-yearly, Quarterly, Monthly
PNB MetLife Bima Yojana - (Group Micro-Insurance) Group Non-Linked Non-Participating Pure Risk Premium Life Insurance Plan
2 If policy term chosen is not in complete year and is expressed in months, then only single premium or monthly mode will be available. Policy term will be in multiples of 1 month. 3 Premium Payment modes available for Limited Pay and Regular Pay are Yearly, Half-yearly, Quarterly & Monthly. If the policy term chosen is not in complete year and is expressed in months, then only monthly mode will be available.
Nomination Nomination shall be allowed as per the provisions of Section 39 of the Insurance Act,
1938 as amended from time to time.
Assignment Assignment shall be allowed under this policy as per the provisions of Section 38 of the
Insurance Act, 1938 as amended from time to time.
Premium Payment
Premium payment can be made by cash, cheque, credit card, ECS, online
payment, demand draft, and direct debit or any other mode as prescribed by the
Authority
Customer Service No. 1800 425 6969 (Toll-free) or 022-4179 0300(8am-8pm)
1. Part A .......................................................................................................................................................... 1 1.1. Welcome Letter ............................................................................................................................................ 1 1.2. Group Policy Preamble ................................................................................................................................. 2 1.3. Group Policy Schedule ................................................................................................................................. 2 2. Part B .......................................................................................................................................................... 7 2.1. Definitions applicable to your policy ............................................................................................................... 7 3. Part C .......................................................................................................................................................... 9 3.1. Policy Features ............................................................................................................................................ 9 3.2. Policy Benefits.............................................................................................................................................. 9 3.2.1. Cover Options ......................................................................................................................................... 9 3.2.2. Death Benefit .......................................................................................................................................... 9 3.2.3. Joint Life Option .....................................................................................................................................10 3.2.4. Death Benefit – Joint Life Option .............................................................................................................10 3.2.5. Maturity Benefit ......................................................................................................................................10 3.2.6. Lapse......................................................................................................... Error! Bookmark not defined. 3.2.7. Surrender Benefit ...................................................................................................................................10 3.3. Payment to Nominee(s) & Conditions Applicable to Lender-Borrower Groups ................................................10 3.4. Suicide Exclusion ........................................................................................................................................12 3.5. Premium Payment Conditions ......................................................................................................................12 3.5.1. Discontinuance of Payment of Premiums ................................................................................................12 3.6. Grace Period (For Regular / Limited Premium Payment options) ...................................................................13 4. Part D .........................................................................................................................................................13 4.1. Free Look Period .........................................................................................................................................14 4.2. Revival (For Regular / Limited Premium Payment options) ............................................................................14 4.3. New Members Addition ................................................................................................................................14 4.4. Claims Procedure ........................................................................................................................................14 4.5. Provision of Information ...............................................................................................................................15 4.6. Termination of the Group Policy ...................................................................................................................15 5. Part E .........................................................................................................................................................16 6. Part F ..........................................................................................................................................................17 6.1. Nomination ..................................................................................................................................................17 6.2. Assignment .................................................................................................................................................17 6.3. Taxation ......................................................................................................................................................17 6.4. Currency & Place of Payment ......................................................................................................................17 6.5. Fraud, Misrepresentation and Forfeiture .......................................................................................................17 6.6. Proof of Age ................................................................................................................................................17 6.7. Loss of the Policy Document ........................................................................................................................18 6.8. Policyholder’s Rights ...................................................................................................................................18 6.9. Travel, Residence & Occupation ..................................................................................................................18 6.10. Governing Law & Jurisdiction .......................................................................................................................18 6.11. Our Address for Communications.................................................................................................................18 7. Part G .........................................................................................................................................................20 7.1. Grievance Redressal Mechanism .................................................................................................................20 7.2. List of Insurance Ombudsman .....................................................................................................................22 Annexure A .........................................................................................................................................................24 Section 39, Nomination by policyholder ................................................................................................................24 Section 38, Assignment and Transfer of Insurance Policies ...................................................................................26 Section 45, Policy shall not be called in question on the ground of mis-statement after three years .........................27
PNB MetLife Bima Yojana - (Group Micro-Insurance) Group Non-Linked Non-Participating Pure Risk Premium Life Insurance Plan
The words or terms below that appear in this Group Policy in initial capitals and bold type will have the specific meaning
given to them below. These defined words or terms will, where appropriate to the context, be read so that the singular
includes the plural, and the masculine includes the feminine.
1. Age means the age of the Insured Member as of last birthday.
2. Appointee means a person who is appointed by the Insured Member to receive the Sum Assured for and on behalf
of the Nominee, if the Nominee is a minor on the date the Sum Assured becomes payable under the Group Policy.
3. Authority means the Insurance Regulatory and Development Authority of India.
4. Certificate of Insurance (COI) means the certificate issued by Us or on Our behalf to an Insured Member setting out
details of the Insured Member’s cover under the Group Policy.
5. Cover Schedule Amount mean the outstanding loan amount on the date of the Insured Member’s death as per the loan payment schedule which is attached to the Certificate of Insurance as at the Effective Date of Coverage.
6. Claimant shall mean the Member or, in case of death of the Member, the person who has been appointed as nominee
and whose name has been entered in the Membership Register maintained by the Policyholder as being eligible under
the Scheme Rules to receive the benefits payable under the Policy.
7. Credit Account Statement means the statement which You provide to Us in accordance with Part C.
8. Date of Inception of the Group Policy means the date of commencement of risk under this Group Policy as specified
in the Group Policy Schedule.
9. Death Benefit means the benefit payable in accordance with Part C on the Insured Member’s death.
10. Effective Date of Coverage means the date specified in the Certificate of Insurance on which the Insured Member’s
cover under the Group Policy commences.
11. Eligible Member means a person who meets and continues to meet all the eligibility criteria specified in the Group
Policy Schedule.
12. Grace Period means the time granted by Us from the due date for the payments of Premium, without any penalty or
late fee, during which time that coverage under the Certificate of Insurance considered to be in-force with the risk cover
without any interruption, as per the terms & conditions of the Group Policy. The Grace Period for payment of Premium
is 15 days, where the Insured Member pays the Premium on a monthly basis and 30 days in all other cases.
13. Group Policy means this contract of insurance, as evidenced by the Group Policy Document.
14. Group Policy Document means this document, any endorsements issued by Us, the Group Policy Schedule, the
Annexures and the Application.
15. Group Policy Schedule means the policy schedule set out above that We have issued, along with any annexures,
tables and/or endorsements, attached to it from time to time.
16. Insured Member means an Eligible Member who is named as a person insured in the Group Policy Schedule and to
whom a Certificate of Insurance has been issued.
17. IRDAI means the Insurance Regulatory and Development Authority of India.
18. Lapse means a condition wherein the coverage under the Certificate of Insurance has not acquired Surrender Value
and the due Installment Premiums have not been paid for at least two consecutive policy years in full, thereby rendering
the member coverage unenforceable. No Benefits will be paid when the cover is in Lapse status.
PNB MetLife Bima Yojana - (Group Micro-Insurance) Group Non-Linked Non-Participating Pure Risk Premium Life Insurance Plan
19. Member means a person (and his spouse, if applicable) who meets the eligibility criteria specified in the Scheme Rules,
and whose name has been recorded in the Membership Register as a Member effective from the Date of
Commencement of Risk of the Member, after due approval from the Company, and on whose life the Life Insurance
Cover under this Policy has been effected.
20. Member Data means the list of Insured Members and all details and information pertaining to those Insured Members.
21. Nominee means the person(s) named in the Certificate of Insurance to receive the benefits under the Group Policy
in respect of the Insured Member.
22. Policy Document means this Group Policy, any endorsements in this document issued by Us, the Group Policy
Schedule, the Application, the Certificates of Insurance and the Annexure.
23. Premium means the regular periodic payments that You pay or agree to pay to Us for effecting or continuing the
coverage in respect of the Insured Members under this Group Policy as stated in the Group Policy Schedule.
24. Premium Due Date means the date on which the Premium becomes payable as stated in the Group Policy Schedule.
25. Regulated Entities means entities falling in any of the below criteria:
• Reserve Bank of India (RBI) Regulated Scheduled Commercial Banks, RBI regulated
Scheduled Banks (including Co-operative Banks)
• Non-Banking Financial Companies (NBFCs) having Certificate of Registration from RBI
• National Housing Bank (NHB) Regulated Housing Finance Companies
• National Minority Development Financial Corporation (NMDFC) and its State Channelizing
Agencies
• Small Finance Banks regulated by RBI
26. Revival means restoration of the coverage of the Insured Member under the Group Policy, which was discontinued due
to the non-payment of Premium, with all the benefits mentioned in the Group Policy Document, upon the receipt of all
Premiums due and other charges or late fee if any, as per the terms and conditions of the Group Policy, upon being
satisfied as to the continued insurability of the Insured Member on the basis of the information, documents and reports
furnished by the Insured Member, in accordance with Board approved underwriting policy.
27. Sum Assured means the amount specified in the Certificate of Insurance. If the Group Policy Schedule specifies
that the Reducing Coverage Option is in force, then the Sum Assured is equal to the Sum Assured amount as per the
agreed cover schedule issued at inception of the Group Policy. If the Group Policy Schedule specifies that the Level
Coverage Option is in force, then the Sum Assured is equal to the amount specified at inception of the policy and
mentioned in the Certificate of Insurance.
28. Surrender value means the amount calculated in accordance with Part D.
29. Total Premiums Paid means the total Premiums received by Us excluding any extra premium, the premiums paid towards the Riders, if any, and applicable tax and cess.
30. We, Us or Our means PNB MetLife India Insurance Company Limited.
31. You or Your means the Group Policyholder named in the Group Policy Schedule.
PNB MetLife Bima Yojana - (Group Micro-Insurance) Group Non-Linked Non-Participating Pure Risk Premium Life Insurance Plan
PNB MetLife Bima Yojana - (Group Micro-Insurance) is a Group Non-linked Non-Participating Pure Risk Premium Life
Insurance Plan offered in group platform. This Group Policy offers the benefits listed below during the Group Policy Term
specified in the Group Policy Schedule. The benefits will be payable subject to the terms and conditions of this Group
Policy, including the Premium Payment Conditions set out below.
3.1. Commencement of Insurance Coverage for Insured Members
Insurance coverage under this Group Policy for an Insured Member shall commence from the Effective Date of Coverage specified in the Certificate of Insurance.
3.2. Policy Benefits
3.2.1. Death Benefit
On the occurrence of the Insured Member’s death when the Insured Member’s cover under the Group Policy is in force, We will make payment as follows:
(i) Level Cover: If the Certificate of Insurance specifies that the Level Cover is in force for the Insured Member, the Sum Assured will be payable on the Insured Member’s death.
(ii) Reducing Cover: If the Certificate of Insurance specifies that the Reducing Cover is in force for the
Insured Member, the Cover Schedule Amount subject to minimum of Rs.1000 will be payable on the Insured Member’s death. The Cover Schedule Amount payable will not change even (a) if the Insured Member has defaulted in payment of any loan installments and the outstanding loan amount is more than the Cover Schedule Amount; or (b) if the Insured Member has pre-paid a part of the loan; or (c) any other changes are made to the actual loan outstanding.
The Insured Member’s cover under the Group Policy will immediately and automatically terminate on payment of the Death Benefit.
If the Insured Member and the Insured Member’s spouse are both covered under the same Certificate of Insurance, then cover in respect of both these Insured Members shall immediately and automatically terminate on the payment of the Death Benefit in respect of any one of these Insured Members. If both these Insured Members die simultaneously, then the Death Benefit as set out above is payable only once and not separately in respect of both these Insured Members. Once the claim amount is paid, the risk cover ceases for the surviving joint life under this contract. The Cover Schedule is prepared by the Company based on the amount of initial loan amount and total tenure chosen by the member at coverage inception, after taking into account of applicable rate of interest and forms the part of Certificate of Insurance issued to each Insured Member of the group. The Cover Schedule is prepared on a monthly reducing basis. The amount as mentioned in this Cover Schedule shall not change even if the Insured Member had defaulted in payment of any of the installments due to the Creditor or makes a part prepayment or any other changes in actual loan outstanding.
PNB MetLife Bima Yojana - (Group Micro-Insurance) Group Non-Linked Non-Participating Pure Risk Premium Life Insurance Plan
submit to Us a certification/declaration, either in the claim discharge form or by way of a separate document, that
the Nominee who submitted the claim discharge form is the same person who has been registered by You as
the Nominee under the Group Policy.
3.4. Suicide Exclusion
In case of death of the Insured Member due to suicide within 12 months from the date commencement of risk coverage under the Certificate of Insurance or from the date of revival of coverage under the Certificate of Insurance, the Nominee will be entitled to receive at least 80% of the Total Premiums Paid till the date of the death or the Surrender Value as available on the date of death, whichever is higher, provided the Certificate of Insurance is in force.
3.5. Maturity and Survival Benefit
No maturity or survival benefits are payable under this Group Policy.
3.6. Premium Payment Conditions
The initial Premium Rate(s) are as stated in the Final Quote.
If the Group Policy Schedule specifies that the Premium payment mode as regular / limited pay, the Premium in full is
payable on the Premium Due Date and in any event before the expiry of the Grace Period.
3.6.1. Discontinuance of Payment of Premiums
Lapse
In case of regular pay policies if the Installment Premiums are not paid within the Grace Period the coverage under
the Certificate of Insurance lapses at the end of the Grace Period and the risk cover will cease.
If all due Installment Premiums for the first two consecutive policy years are not paid in full within the Grace Period,
the coverage under the Certificate of Insurance lapses at the end of the Grace Period and the risk cover will cease. If
the Installment Premiums for first two or more policy years are paid in full and the subsequent premiums remain
unpaid, the coverage under the Certificate of Insurance will be converted into a Reduced Paid –up coverage as
mentioned in ‘Paid-up/ Reduced Paid-up Value’ section below.
If a lapsed coverage is not revived at the end of the period of revival, the coverage will be terminated.
Paid-up / Reduced Paid-up Value
If all due Installment Premiums for the first two consecutive policy years have been paid in full and if a Certificate of
Insurance has acquired a Surrender Value and no future Installment Premiums are paid, the coverage under the
Certificate of Insurance will continue as a Paid-up coverage with reduced benefits, however the Insured Member shall
have the option to surrender the Certificate of Insurance. A Paid-up coverage can be revived as defined in Section
4.2.
If the Insured Member continues the coverage as a reduced Paid-up coverage the reduced benefits as mentioned
below shall become payable:
Level Cover: Chosen Sum Assured * (Number of Installment Premiums paid/ Number of Installment Premiums
payable during the Premium Payment Term) payable on the death of the Insured Member.
PNB MetLife Bima Yojana - (Group Micro-Insurance) Group Non-Linked Non-Participating Pure Risk Premium Life Insurance Plan
1. Nomination of a life insurance Policy is as below in accordance with Section 39 of the Insurance Act, 1938 as amended
from time to time. The extant provisions in this regard are as follows: 2. 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. 3. 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 is to be laid down by the company.
4. Nomination can be made at any time before the maturity of the policy. 5. Nomination may be incorporated in the text of the policy itself or may be endorsed on the policy communicated to the
company and can be registered by the company in the records relating to the policy. 6. 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. 7. A notice in writing of Change or Cancellation of nomination must be delivered to the company for the company to be liable
to such nominee. Otherwise, company 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 company.
8. Fee to be paid to the company for registering change or cancellation of a nomination can be specified by the Authority through Regulations.
9. On receipt of notice with fee, the company should grant a written acknowledgement to the policyholder of having registered a nomination or cancellation or change thereof.
10. A transfer or assignment made in accordance with Section 38 shall automatically cancel the nomination except in case of assignment to the company 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 company’s or transferee’s or assignee’s interest in the policy. The nomination will get revived on repayment of the loan.
11. 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. 12. 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. 13. In case nominee(s) survive the person whose life is insured, the amount secured by the policy shall be paid to such
survivor(s). 14. Where the policyholder whose life is insured nominates his
parents or
spouse or
children or
spouse and children
or any of them
the nominees are beneficially entitled to the amount payable by the company 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.
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 favor 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.
PNB MetLife Bima Yojana – (Group Micro-Insurance) Group Non-Linked Non-Participating Pure Risk Premium Life Insurance Plan
[Disclaimer: This is not a comprehensive list of amendments of Insurance Act, 1938, as amended from time to time and only a simplified version prepared for general information. Policy Holders are advised to refer the Insurance Laws (Amendment) Act 2015 notified in the Official Gazette on 23rd March 2015 for complete and accurate details.]
PNB MetLife Bima Yojana – (Group Micro-Insurance) Group Non-Linked Non-Participating Pure Risk Premium Life Insurance Plan
Section 38, Assignment and Transfer of Insurance Policies
1. Assignment or transfer of a policy should be in accordance with Section 38 of the Insurance Act, 1938 as amended from
time to time. The extant provisions in this regard are as follows: 2. This policy may be transferred/assigned, wholly or in part, with or without consideration. 3. An Assignment may be effected in a policy by an endorsement upon the policy itself or by a separate instrument under notice
to the Company. 4. 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. 5. The assignment must be signed by the transferor or assignor or duly authorized agent and attested by at least one witness. 6. The transfer of assignment shall not be operative as against an company 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 authorized agents have been delivered to the company.
7. Fee to be paid for assignment or transfer can be specified by the Authority through Regulations. 8. On receipt of notice with fee, the company should Grant a written acknowledgement of receipt of notice. Such notice shall
be conclusive evidence against the company of duly receiving the notice. 9. If the company maintains one or more places of business, such notices shall be delivered only at the place where the policy
is being serviced. 10. The company may accept or decline to act upon any transfer or assignment or endorsement, if it has sufficient reasons to
believe that it is
not bonafide or
not in the interest of the policyholder or
not in public interest or
is for the purpose of trading of the insurance policy. 11. Before refusing to act upon endorsement, the Company 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 12. In case of refusal to act upon the endorsement by the Company, any person aggrieved by the refusal may prefer a claim to
IRDAI within 30 days of receipt of the refusal letter from the Company. 13. 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 company; 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.
14. 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 (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.
15. In other cases, the company 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
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
may institute any proceedings in relation to the policy
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
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 Act, 1938, as amended from time to time and only a simplified version prepared for general information. Policy Holders are advised to refer the Insurance Laws (Amendment) Act 2015 notified in the Official Gazette on 23rd March 2015 for complete and accurate details.]
PNB MetLife Bima Yojana Group Non-Linked Non-Participating Pure Risk Premium Life Insurance Plan
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 from time to time are as follows:
1. No Policy of Life Insurance shall be called in question on any ground whatsoever after expiry of 3 years from
the date of issuance of policy or
the date of commencement of risk or
the date of revival of policy or
the date of rider to the policy whichever is later.
2. On the ground of fraud, a policy of Life Insurance may be called in question within 3 years from
the date of issuance of policy or
the date of commencement of risk or
the date of revival of policy or
the date of rider to the policy whichever is later. For this, the company 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.
3. Fraud means any of the following acts committed by insured or by his agent, with the intent to deceive the company or to
induce the company to issue a life insurance policy:
The suggestion, as a fact of that which is not true and which the insured does not believe to be true;
The active concealment of a fact by the insured having knowledge or belief of the fact;
Any other act fitted to deceive; and
Any such act or omission as the law specifically declares to be fraudulent. 4. Mere silence is not fraud unless, depending on circumstances of the case, it is the duty of the insured or his agent keeping
silence to speak or silence is in itself equivalent to speak. 5. No Company 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 company. Onus of disproving is upon the policyholder, if alive, or beneficiaries.
6. 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 company 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.
7. 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. However, the payment will be as per IRDAI direction/Regulation/Circular from time to time.
8. Fact shall not be considered material unless it has a direct bearing on the risk undertaken by the company. The onus is on
company to show that if the company had been aware of the said fact, no life insurance policy would have been issued to the insured.
9. 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 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 Act, 1938, as amended from time to time and only a simplified version prepared for general information. Policy Holders are advised to refer the Insurance Laws (Amendment) Act 2015 notified in the Official Gazette on 23rd March 2015 for complete and accurate details.