VWRNa & saa The Gazette of Gndia payer: ‘301 aE 4 PART ITI —Section 4 viftrane 8 wenrforer Bis PUBLISHED BY AUTHORITY % 88] vag facet, sinerarr, wre 17, 2015 /@TETH 26, 1936 No. 88] NEW DELHI, TUESDAY, MARCH 17, 201S/PHALGUNA 26, 1936 ‘area ther faPranns ate fare erftrercor afar Qecrar, 13 arf, 2015 areca Star fararere atte Ferre erftrercor (Ret Aa) fafa, 2015 vat. &. WTA Afr Pa ra2/92/2015.—aredta ahr rare atre Peer wren afer, 1999 Ff rest 14 ste 26 % are ofa ter fbf, 1938 (1938 aT 4) FF are 1140(1) art vee onfRpedt aor seater ane gee ofrarcor ater meer PRS are eereh we are Preferftra PAP ara 4. ftir arr ate stor — (1) 3 fafa aria dtr Rare ate fare wks (ger AT) farrn, 2015 are & art oe (2) % Patton acer corey Hoga wares A ahr a ward ett ar tet ate & te faftarse st Paapre wrftecor (gen fran) fafa, 2005 a1 after att uftarart 2. 5 Pratt ora am ek & oT AFT 7 (@) afer & ara-aare ac qurdeitfte dtm afer, 1938 (1938 4 4) afar 2; (a) ‘wrftwcer & ureter ater faftarrs atte Pera wifes aftr, 1999 Ft arer 3 At se-eTeT (1) ¥ ft earfita recite ater fata ate fara srftreeer afte 2; va) cuftare’ & um card arf @ fret af, elt, one rete ate afte ate ay zt: a Ph sel agit A aor Ata & aftrw a, aat orgeTAATe afta 4 aire Re wT agit a aftafera Pear are, Th ve oft ae htt PR aor “aR At aoe aReare A aera foe Aether seger ares confty aerar arg aera arqure Barwa & cnois aw2 THE GAZETTE OF INDIA : EXTRAORDINARY [Pax Sec. 4) (3) “arereer qesr-ftar Seare’ & ea fafa A orga | mare we erat agers, tafies sear area rere Te He career aifaar, HE eae, He sire, Tee ea aera aT Se HT aE CAAT are aide rar ATE Aafre quiche aftr 8; (); avaren tar sree ff Aa areas ster ger, ay ake meer ge Pare (CETTE) safeftas, 2006 Ft ener (7) # aig ea H ger, ory ste meme seit at ort AT Te Tere AAT atfafeat ft sfa caer seit 10,000 ext eft at & Attar ae aterer gen far ergary ey argar-ara eth (e) Star getter serve! a er farait A eget 1 aoe rE erat gare fate sae ta seare afitire 2 (5) “ered ie & Pref eet rear aay afta PPE a PAR anger er dha HET werd Rae fer a () teareard aires (rst; eat HATA OE (TATA); (lid ary Fane ear (CEHATE); (iv) areeite Peart ata arr Fafratire ae-afaer facts saftat (erica) - gen faa dead (rears); (v) sree Rar ap adore rede Barger ore BA ane wetter Pears Ae arr arettaare Bra sear, (vi) recite Pear a & archaea arreet & aeqare art a4 & alia Atta ave Fe aftiaas, 1976 FF are (3) 3 aterfa earth aftr a; (vii) saree Pear das Bs referrer area fh sieges or Se sealer rete ews ae arer retire Tet wear Fa; (vil) sreaftrs pf eae aftfeat (feetea); (ix) Pett of agar trend afte alte ltge area agardt afafaat; (6) Prt ot arg arftifa far are rete Rod dar 8 aie PenfMSeit F aqare Payee eevee feat edt aa faint 3 weitere & Fa, — ()) Fafree 2 (ai) 3 afeerfiee rearcar ht are (OTST) & Pah a aor sete cw areTSET HOT B coftge arafteter sires, tett offers, 2013 At aver 8% snlts arate seer & ave cotter araficter dros afta & ait rae area, Pravit, sa-fafirat sera faftaay, steft Rafe &, FS og water & aga aes ar ores arg, ere we a after meat sit sae, ateefifer atte sree after, gor arr & a Be eR are ae a ae de ah a eel aT er dt ren afta att A etacrar a cater Bt (i) Fata 2 (a) Gi) strate eared era aE (CACM) & aE oft aatrarfte ag afta 2 re aT sae efile mate i ar ot ee are, FReva, Se Fa RY area Paar, seh ata et, ag eater % agar a8 ard Frored Read, ere © a atone area she see, TreeATET aire sercanfitea afa, yee aver 8 ee ge wat ara ae Be tt ae a aed wT ETT TT aftaa ait azar at eater at(am mare 4) RT: FETT 3 (i) faPerr 2 (il) # sfPafera ay fee der a we ara ¥ are-ara aaa geet a ea stage Wr Pre aravafat rear agar ofA, a Pah a, B soho re Rear frat oft rer & apeie soktgrr aA ot weer area after rere he afin (IV) svg FART 2 (=) % () & Oo TH H Bihar deart aH stee WH Hwa area AT wart 3 a HF afta anger At ater wer HF eee a A oat aE Eee Rae ae eT Fram &, gen Star cated we FH FPrgee Pee oa fore ora TET aI (VY) wet sacten Paar 2 (a(x) ve afeerere array Safe erfee & cer tar estat wa tT rere err HCH Ra a a a E ara areca PRAY afte, ge StH Uaet AAs aft sera ater corel B ahaa we H Arg &, wet a ge ate aT eee F Reger PRT aT} re ara aT (@) gerne citer & Vet tora anefte ast ae Shor ste afte 2 AT ert sere eT srftrareer arer faare we & arqeinfea ft aE at; (1) er Pert etna Be fe er ater are aa Bh ARTE efter argent qe te sere areay & seen aera aT (@) “gers sere! Harare geri sere array ota ta geare serar eareoy to Tere, HEAT wa oe aaa data ares rors arnt entire a (&) er fattast wae ste safteriite, sq arr ae qareeitfira star sefBhAaa, 1938 (1938 #4), arrar fh faranre ste rare write afetran, 1999 ear sae els ware 13 Peet a Pranit sera faftast # afoarftta av seat ste afreaftrdt & anf at ait ott sa afta, Praet sear fafraat aorer: sam fore Pratfta Pea ae a Sftaa threat she arerer ftarrof & ft weet 3.(1) sited Sar rare wetarer Atrarat rae gerade Serre wa are yet gee aT WETS ec apa 8, Sear fi ga rare Rear aT: ard fe oat stra ft errare ectaren treat Pelt eer Gerda Ses AT Wea HeaT g, Tet A sritsrs & fre arearen dtr eaara ectare Pett Atreat % are sett wearer ehh, ear afar AT ard 64VB % svdet & afta, see avercr qen-dtar gene & fae ear arava Sify stash araare cree Stareat gree at are (ear) & seer ee A rar Pr (4) HF aaah eT frat sorrel oft feet ft aca dear area & eae Pear ot awar & gear avec dh araaTT HCA ftarvat a Ota Pear a ava nit ag oft ad ft Pe verre qenrate sear B akaer B aE ara vege FR TA A Ral a otter ta arava ectarer Atarnat sear qeaater seret A Race dears, deft Rafe Gt, aver er wer fae ‘feats agree 4 fafafte we Haran areren dtr arrara Hears Atarvat Hr seater Prat aT TAT ara & eft Prvert & fore got aerren were Ft oreett (2) averreor fer axaerra arcrarar Aterwat arerrcor gear Soave wa ofa eset sere ar eT me mA 8, Star PRs cee rere PPT ara ard fa rat arereo tar errare arcrarer Sharwat ret tar erate Tere HT WeATS HEAT 8, ael T sedan & fore afta fa era archers Piet Atarwat & ara seh ae Sh, oe aha AT eT 64 VB % sya % snefte, own oftaa qertter sears % Fre aera stare Sifters arene star area echara dharval aren ard args (weaves) & vere wa F ape fate (4) H wnfahahee gender eT4 ‘THE GAZETTE OF INDIA : EXTRAORDINARY [Pant IlI—Sec. 4] oft fret oft Pree der] ares & ager Pear or aaa ear Aree AT ae HeAATA tora HT HT ‘fava or aaa @: aorta oft ark hat Fas tera genta seeret atte TE era we FR oe A Re A ere ta arrare wearer Aarsat aear gerd seret A ace terra, steht Rafe a, arer see wer ae SRaftrs aeram # ARE ee F aren Aa At araara Fetare Atraat A mae Pear ae TAT ara ete Prvers & fre got ceraar ware A Tet er faftant & eaters & fre areareo ftareat # are Atareat efter V1 set sects frat e 41) after srrar areata estat & fore arf arr sare va daft PART are afer afar siftrrcer aren afta ta Paras aren ftar sraare A ater Her % irq aqafaare ta aa Ata erafeat & afetter, qerdten seret ar fac qer-dtr cata % arora & fsa a ewer werd fe qerdhn wae qea-dtar sere a atte Peat area dtr sears ar Parco va wT (2) Fatrrarer 2¢a)(i) # sfeerferer arerreor gear-atter serve ar Percor aes A Tat Fer, (8) arerrent tor eee ore eR Sera UAT ay ert aT HET sen A a Pee eH as fe aA se wht het Beit area St arate fe ata Fare erator Wake A Prghte er aT RaaeT es (2) sree Star are rer reer A AR arrest be gear Cte A ale ends er a arse Ft wets aren & fore sera Ta Ah store foe sere Teer te errere A aM arrears Per were freer ei (a) arerrer tar ht rer PARROT sera Bar area Set AHH aw ator gente CTH aR wer ar faaeT el ersten wae A Rahs (1) qerdter wie Argenta aren ee were Padre ace ge At are Bret ee geet wae tte ftervat & artett ste aiPteit afta tet Peak A et ere we 8 Faas A ohhh (2) qerate wie we faa fhe ett ate we meron dtr eet ava ard aC THAT a) EAH afew gestae wate rede AR ter sect FOARES Barer aT oafBrarCor Fe ore oligo rarer ta ert ara a ard ax ara (3) sv-faftar (1) # sfeafera wor Ree H Pafefer ca ar see afte after art wet fee ger ator Siz a PRRre we & orf Per are, ora (&) vera writ a em; 3 (@) searas & eater ar aiaremr Ps Sera are rea eB; (7) itfrrs at ear atte fairer (i) ret SAT ar reer site Person ea & fore geet watt at erp Pear arene, set AAT aT aig eet Te MARAT ay BAH fOr Atersais arr ara ax Pear are ae wets Atoreal Te ‘era firat arr ater Farr qe afta wate tet rfp are ae i) enter CHT arr eT Fh ave ART A eh eih-grase & Ferg Arareat seer al (3) Sif cearaait ar Frarcor, (=) iferfteres & are, fata, arg, gar, Tat aaah Paco var sys & Pea/eearer ates, Ape at coafeeat othe erate ator % stenta aftatirr sam anftrat % erece ar gC,(rr Ml—wes 4] ST BT TNA: STATE 5 (=) erat ® Preera aera: (@ atarga ante rer Para arraren aria afar For; (1) ifr & aaron aah aE oft aT (4) eerie eke ance tara 3 ore sea 5(1) H afeaPr sere A, Fae a a eR gE pera rer ie et AY AN RA are eT ECR aT Pee eT ager ser Ree a tar att ere a Rat afer A rere ae Eh, eat at ARE gente ee rer RA a Ret aarare area rgerrraetrar rear sae arco Bt (1) 08 ft ora Pe orf onerar ate rer qe aa wet rer / werare at rere Peet seer aren & aaa At oe @, a Pras Atarsat aro ore eer aaa Ht aA 7 3 ah ear BH are A Pega ape ere & ear FAA (5)(1) seit gee ae Pe aT wma Bt ate ft ftrraat ta qer-ather wate, Porn osha dearest wera Harare H HTT AT TEA, Bara oe Ge eg at ao a aw A aah ae a are A Ea eT aT (2) fret emt ete Rah aera A Rafh & Sareera Gerster Cae A ore GET fia aif sett tora Pett ae Saree Genta le at we PARE ae ge A ater sar Sey aerate eRetterreat Be fa Hert aah Sear A ehh ca ate TE wera aA 8, ta darea genta yale A agaft wre wet are ore A on aah Bi Gera watz, FBR bel rere qen-dar atferRat anaes At ort &, Aare genta sere A rea wwe We arqare unfair / aftere flr gware Bi oPbafite / afters fee erate Sifter ener aah (5) wate Stara enter we Ht Reg aces aed geA after, Rad arg wer PART aT weet gu ste oifereterrea eater Ka Hard wea A ara aide H ae Aart aa gent wit ao Re ae a Pt 6(1) qerattar este FaPar 6 % su-faPae (3) Feared ark rat pray sar Peet oA rh ar Poe a iter A tera orgie are ARE aftr ar Petter eM aad fis arcdite aah, dhe carat atte Be area her erate, fee Ata area wre we ee Gert areeren ah gaa TE BY, a Reber eer aree ge eel ear erst PARTE arr ar art wm () TE oft FRR nf Fare qeneator wate At ar A care ear Gy, ora erate We fafatte anfer 3 wa qe: Argan fet ort & fre ae corres Fh arte 8 3 et HT ST hare dt a ere (i) ae oA gerd we Rett or qed Wie & ay ard acrara PAAARe anf at ge oT (iii) Ua Tne Uae OE Ne er ace ee ne aes 1 (2) seat erento wake Pat ater ret arer Pagan ous a, wet ae Pata hee afte at rage aét oT pus 47 15-2i ee 6 ‘THE GAZETTE OF INDIA : EXTRAORDINARY axe sec. 4) gece wat t arsenate 7.0) wee erate ie athe sam arer Fg FafAe sate enfercor erer are Rar svar efit ae. anne we ratte Ree A Ruther areeraifar ger arTaTT Te mur Ate rarer ate stare afta serdeit sor arent ae: seer fe art wet ger ata ce rer se srereo-afe, Peart ste srndtercor salt areréet ar ot arfir som (2) ere tr te aren fen srarconaia arera Pra tte setae saat ea a ot aeto aftormerey oe-faftan (1) % sedi & segTer F sraesifear stevar Rarer spear wndtrcor ae rade at aie ee & Fr dares after Hater sae Pgh aT ATI PAT aT 8.(1) wate Start nfo & are ert set rete ater pres we ge afar B ant am (2) acta & store Fare onfterc arer ep ee eR ATT see Gee wT a ahs yes sere st zeit (3) xo Parent artnet At et Sears er Pa A ater Prater arrest at tt ‘geste offi aifterstt ar ft 9.(1) setts Sorat arta ere ater Ato art rece fee He areca area sare ar it area ate atfeettreat aren area & ert aett at aed Ps oat area after areca erst ate ere are Fer awa a ah, wet Aterest aware itr area Te HaHa Paar ae ow Rega ater ae TI (2) sits area ara eft fee a ar fet ra skank afEaAhea aaa ar Fee aerate ere ar reer a ar a eR as er TOT aA Tet sr At AF & wart} ered atm, Prat fe cer Ff Awan gah a Paes, arsifsa aah a ar, ear inca ir seca rater afte Rar wera arate va HA et Stat ratera eH ET (3) Farr (1) eet Be A, Ate at erate eRe a Aer TCA Fee ara 4 TCH eT THY eRe Pr HA Fe AT ert Co a gaa Bawa BTR ere 3 agra ar are afer ah cer x wera aT ATA sierra 40, RE At Aterat ater carr were wR HS wT eg feat A eae ar Sf sie ew Fre Pett ase tte ite sear Pet sree are dt softs ay safings at eT sora Raft 44 (4) seer trae ter tar, referee A af the cra aber at at ete CET atte aa PAPA RRE safe a ree eer geet rear wrest A aT aE ae athe ae aft ara (afirenfedty 35 rere & nr 8 er fhe a2 a after era FET aad fist genta wae, Fre or Para & aT 4(2) agar CATENE a ST rare AHT ‘oT er Percent Fre Page Rear ara, aaa At ga erreaTat a orgt BA erate le Pee 2%, 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16. aft araere aan ore at ora Pet fl qerdiar use & araters ate areal ar Pett At re fern wear ea &1Neen nen nnn nnn EEEEESEEESSESSEESSSEnnnnn 8 THE GAZETTE OF INDIA : EXTRAORDINARY. {Parr Ill—Sec. 4) ara wegdiect 17 wate Sorat qerthr oraara & dete gaa ga wr Fate se oe a oar TA OTT arr weTT Ror Ser fi ores oe fee are teers Pear are or fatten & stnta qen-dter aaara eet erazarfte / erat & ates Se wea H water F fre a / ee ware A rar Pet ft acare A ate & chris annie Tear Aras aa orrarfts / erat vied entire gt Fa art afiareat gc at tk eter art act ar afar 18 aa Faftait % Pett oft oocter seater arerar areftote H sere arava Pett A eter area aSare a et fore eafirrcer ar semen ores AHA TTT SoH ert era PRePaaer ae ae AAT Al siya fafa 2 (=) 2a] waa eam | ver eare | carat | car ft oar cer Ta FT TATE sfirean | prem arg | waft ape | after afr ary afr argrat | arpret tat tat 1,00,000 wait | Frararye ste stafeqt, ar] eft amber cern | TQ AT Te aT STAT AT aa arat ft anferat ar ceaet dtr — aft oitferit fae ats ‘gear FRE | 4 of tat 1,00,000 e7% | career hn after (afer) | sae ‘seare Faire | 4 at tae 250,000 0% [Fret ft faa | fre caftafeweratts) vere | genre fare | 4 ae at 1,00,000 axa | aftr wer | Pre (afterarnftaritay arefe#) i per ata 3 siete seftrarany sifteany atest AY ar WAR ater / of wer sere re A oT safe sgt n (fares 2) 2a] 4. fret sara Gert sera caren aire Brava Pet Ata sears % stents Atarpa aA 200000 wet ft afer & sire at art 2, aaa ere re acer atone gen uP er geare # ants: sf 6000 er wf ae 8 afta wet em 3. afer fatter a seaelt orga ater grat (e-sitr rese) efit A aT ara 2 4, yer atter dorarat ar Revere apres 6H ayR aver 8 gw RTF Re Peo ara sett 1 (fara (8)(3) 2] (0), erent safer Pet area FART As oat ag PAA are A gee oA, ete ew atari eater tare, Fare tetera soars Pra ae ht 1. erate sere oa Are rare Reed A sega X amt eis oifeterce Airy a Farr rarer vet fr wrt He aA(amt mI—aee 4) SU BT TER : TUTE 9 2. ternal qeadter searet ar weave afte-rga card & stant aét at 3. ae Patan F eqe 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Praftre sitter areft fata: sftardtverrece aifereht a aitsac oat fifirae wa got gift at a fore ore Pea ora &, art aretaree aaed qe sifeteat ar Patt afta aT RRR atta ara atfitet fir gaa at gat aredtger gaat ae, a A ae rar FR TR ET SARs at eer Her SMT eT HTC aT eT HE att sera meta eft, af ATE eT, oe oer oe ee ae eee ne. 5. wea ofeach ater ater ade Prefer ate ehh: iit, sender qea & arava % fer oie orew St arte & che at At recat aah (ate-g fiftas) sft ae ate awa raft % chee sreatta A ard 8 aT 4, areator ea Bra arereaee srat ere ht are #t a rT 2. thereat vento rate A arta a there ara F He ware ae aT ifort & arew A area & St ad Ge aA H are Ararat sits sre A arqafa = ame & aera PR aif arco are ifaw Te tH fae wm Frater Sifters wiferftrat & aiate Boofers dtrrwat eave ware aera & fare arr Sit ga Aha arco - ar aienfar afters Ararat & arfirs vat eh Bre aT ge at Per sre aret-5 i yen atta aa ater sorrel & fe aT wate aaa ae | after aT WATE dha titre ware | fiat 20% a FrrAe (aT. ‘aca etre era ew) sire 809 eR aT 4 | [15% a Paar ‘Cars. rar offre ara yea) afters 600 AR ants | 2 | 10% wr raat (ars. waar sift arar yea) afereTT 400 wae aT 3 5% rae (ars. sera Steet aan yea) sf 4 200 eat % eft fr | ‘ie Fare 5 |__ ate ret srt iv. ‘ae iran APRA ae A ara tera aurea aT Fe TH BT Sa AT aroha ent after atest & aire at tM rus ssp s-210 ‘THE GAZETTE OF INDIA : EXTRAORDINARY (Parr Ill—Sec. 4] uoft-w@ men afta strat Far serrat & Fore ar, wat fra oie? at afta wars TATE hoa ott ware weet 2% a Prac “(osft. saat offer erat yea) sffrer 800/- ert 1 sree 1.5% 31 PYRAT (A. arma Sere aT ea) afar 6OO/- wee 2 anete 1% aT Prvax “(UT sear afer erat qex) afar 400/- wat 3 anit 0.5% ar Freee “(.ft. array otferet erat ara) afiraerr 200/- oat 4 att | yard | 5 | | siresserr ait cast, -afttitge ifort cust. - cae Sifter Var raft (tara etftore) By thera sitter ar ex ae BA A Pha 1, weame safe (ite fers) Fare ve Aas cer Tere erere arth 2. dare otftrdt ara area sat At aerht aear gaffes ara Ht aerhh, ot ft are HS, we Peet sttae cenr & far daira ere sift ara F see ort tar aT 3. samara safe staan qasttat raft B ehera af& oifeeeht ar gata af Pa ret, at sire at sree raf srerar qaoffas arate, ot At are at, AP seni oe aura Pear area at wareT were, aie ate a, A ae are arafarer oifere et & dee a a grea et rr FAT TET 4, raga ora dhe ay GA A als F dafarw vite ard Fae af a sgrara Par arm, 5. ara ofeftal ar Grier Pa oT ae Sifea war aT aft weg ae Har Sitar ore eet hare gaan At arta A Peale % orgare ate east gear gem areat ware ary Pe Far oe afar A at anlar Ge: arg fea are vi oraearar ray (ate-an eiftas) are offre Bar ae ac BA A Raa: 4. daftre oie ara qaoftas srafet At ef aa ofa car arr ae Tar mre 2. af GHA a qatar Pear ara &, a otter after tard atte gtr Bt aver At RRMA are ANE sare err ee ray ATT aT PR aT aT sare afte rae SAR ore HCH are Uefa flare ca are TA eA 3. af gefiar waft & chert ofr ar goad af fear aren, at staffer vatfeett rar ea 2a gh(arr mwas 4) ST #1 TA: SETHE Ww vi, att aaa_sfeme fe ofa % aa age Thee aiferht at Raw & ger oftadt hte A aifeteat & fare wee saftey nett Prifiee areeft (1) aegare eft weft afte afirerrer chet (wre sre Fae afta dt fax) (9% wha | aTeW A orte ET we a) fier 4.80% Is 4.50% 6 4.20% 7 4.00% — ~ 8 3.80% 9 3.60% ES | 3.30% ag Vat ate a2 3.00% 13.814 2.65% 15 oe aes ae (Draft en atfeaerat & fare aferme oe wf A freer set: (1) 10 af & am sear sa ara safer & Pre 3.60% & aftre at Set var (2) 10 are & sre srafir flr 2.65% & afte Et etl (u) Fa oie & sienia gen oad Ata ter stefarat aire are ar are ce: 1) Poorer wafera Prd area father soaett & ate ge A viet & eaves ae she aT abet rar ear A Ret are PT TAT Hare aaa Ato (1) ovat FRR oe ge oP te ata seat starter ger teh ern ae are Giferett ar ore car ar ae soe HT ae BI (2) Ftrega aafee at acer ater At ater rahe Be Stee Pee oft are sAifert ar grea saree arch ote tar after cern ot oryafa aw Bi (3) frag oafts a tere & ree # sree Geffen wer oe ee eT a eT ACT FT argaft 2 wat 21 (4) Saxe Atorerat t ank ace afer Sasa AA reac oA aT aA CTT Pactual i gee uttered art sitter ar grant eters ee aT j (5) ape athe are apear oe att cee ae BE aT TET Seat aT ATE tat aT cent Syren aT TEAL (6) fire aifteeterrcat A oH at oreator Rear @, Se eer ater rat APT aT Rae sree vet were (7) set car rar raat are & werearfte fet var qe Ae ara oe area daftfer atte Ft erat ste fara at aiftaa-siaee Aine onthe ar area AY etre aT saver ga Para & atelier GT (8) AR sears a ger Fra ere &, Ar gee Viera ara H wea HT aT ca A TT ET ahi12 ‘THE GAZETTE OF INDIA : EXTRAORDINARY. [Parr III—Sec. 4] (0) qe are are heat ear Bs ayer fre aE Te aT ET PRA TEAL (10) rE oft vegea are gta art arf atferheeat oft Atrraratit ft afeat # ferret vet cart ort car gar ware AT cee at afeat Haat tet area A ART ar ga: saree Gta ve ot Rear recs “ae ae Rett re are afeeat aaa oot At get dear & Pre aa ae et At orth, ra a A er oT & stant tf Ge orem af PRS Ta ee fe Peen, RT Ge: wrote aT saree! hse it aft arf ath (uy er ater araara a artarcdi (fae / stam tar sare) PAR H Prats sraersaTyET are Presta ste wepdtarcnr arrdet & ye A TE OV) Bet Raat hte tore hfe att & iat thea aver Pacer atferetereat BY aT a wr aE UO TE STO TAT TTT (Stat dtereat at ger oftadf often ater serra ater Fateh waa are rereararepet ar Prades wt: 4% ate 896 3 arnt Faeroe oe sta aT Te anfsrcdy arwar afta fort oP aver PARE er Hares she oes ae ware are Bre aE BT GT FCT (vy adh aderer quer Sher scare oth aa PAP argue wa &, 01 SrraG, 2016 8 Gere Te Gua, Ror aert (Persea. vararar. 161/14 (331)] INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA NOTIFICATION Hyderabad, the 13th March, 2015 Insurance Regulatory and Development Authority of India (Micro Insurance) Regulations, 2015 F. No, IRDA/Reg/2/92/2015 — In exercise of the powers conferred by Section 114A(1) of the Insurance Act, 1938 (4 of 1938) read with sections 14 and 26 of the Insurance Regulatory and Development Authority of India Act, 1999 the Authority in consultation with the Insurance Advisory Committee, hereby makes the following regulations - 1. Short title and commencement.— (1) These regulations may be called the Insurance Regulatory and Development ‘Authority of India (Micro Insurance) Regulations, 2015. (2) They shall come into force on the date of their publication in the Official Gazette and supersede IRDA (Micro Insurance) Regulations, 2005 from such date. DEFINITIONS 2. In these regulations, unless the context requires otherwise— (@) “Act” means the Insurance Act, 1938 (4 of 1938) as amended from time to time. (®) “Authority” means the Insurance Regulatory and Development Authority of India established under sub-section (1) of, Section 3) of the Insurance Regulatory and Development Authority of India Act, 1999; (©) “family” means a unit comprising of husband, wife, dependant parents and maximum of three children: Provided that where the number of children is more than three, for construing the composition of family as aforesaid, the first three children shall be included: Provided further that an insurer may, within the aforesaid parameters laid down for the composition ofthe family, define “family” as per the requirements ofthe individual or group; (@ “general micro-insurance product” means any bealth insurance contract, any contract covering the belongings, such 4, hut, livestock or tools or instruments or any personal accident contract, either on individual or group basis, as per terms stated in Schedule I of these regulations,(9 ae 4) eT TAN: ETT 13 (2: General Insurance policies issued to Micro, Small and Medium Enterprises as classified in Section (7) of ro, Small and Medium Enterprises Development (MSMED) Act, 2006 under various lines of General insurance business will also be qualified as general micro insurance business up to Rs10,000 premium p.a. per ‘MSM Enterprise. (©) “life micro-insurance product” means a regulations; (0 “micro-insurance agent” means the following entities or individuals who are appointed as Micro Insurance Agents in accordance to these regulations (0 a Non-Government Organisation (NGO); (i a Self-Help Group (SHG); (uid) a Miero-Finance Institution (MFI) (iv) RBI regulated NBFC ~ MFIs (v) District Cooperative Banks licensed by Reserve Bank of India subject to being eligible as per extant norms of Reserve Bank of India (vi) Regional Rural Banks established under Section (3) of Regional Rural Banks Act, 1976 subject to being eligible as per extant norms of Reserve Bank of India, (vii) Urban Co-operative banks licensed by Reserve Bank of In Reserve Bank of India fe insurance product designed as per terms stated in Schedule II of these subject to being cligible as per extant norms of (vii) Primary Agricultural Cooperative Societies odOther Cooperative Societies registered under any of the Cooperative Societies Acts (%) Business correspondents appointed in accordance to the extant RBI Guidelines with any of the Scheduled ‘Commercial Banks Explanation— For the purposes of these regulations, — (D) Non-Government Organisation (NGO), referred at Regulation (2) () (), means a non-profit organization registered as ‘a society under any law, non-profit organization registered with non-profit objective under Section 8 of Companies Act, 2013 and has been working at least for three years with marginalized groups, with proven track record, clearly stated ‘aims and objectives, transparency and accountability as outlined in its memorandum, rules, by-laws or regulations, as the ‘case may be, and demonstrates involvement of committed people. (I) Self-Help Group (SHG), referred at Regulation (2) (f (ii), means any informal group consisting of ten or more persons and has been working at least for three years with marginalized groups, with proven track record, clearly stated aims and objectives, transparency and accountability as outlined in its memorandum, rules, by-laws or regulations, as the case may be, and demonstrates involvement of committed people. (UID Micro-Finance Institution, referred at Regulation (2) (p (ii).means any institution or entity or association registered under any law for the registration of societies or co-operative societies, as the case may be, infer alia, for sanctioning loan/finance to its members; (IV) The entities referred in (i) to (x) of Regulation 2 (f) above who are already engaged in soliciting the insurance business as Corporate Agents or as Insurance Brokers or appointed as Referral Company are not eligible to be appointed 1s Micro Insurance Agents. (v) Where the Business Correspondents referred at Regulation 2 (f) (x) above are the individuals and are already engaged in soliciting the insurance business as Insurance Agents or appointed as Specified Persons of Corporate Agents, Specified Persons of Miero Insurance Agents or employees of Insurance Brokers, they are not eligible to be appointed as Micro Insurance Agents (g) “micro-insurance policy” means an insurance policy sold under a plan which has been specifically approved by the Authority as a micro-insurance product; (1) For the purpose of these Regulations Micro Insurance is the insurance provided through the Micro Insurance Products approved under these regulations, (h) “micro-insurance product” includes a general micro-insurance product or life insurance product or health insurance product, proposal form and all marketing materials in respect thereof, (H all words and expressions used herein and not defined but defined in the Insurance Act, 1938 (4 of 1938) as modified from time to time, or in the Insurance Regulatory and Development Authority Act, 1999 or in any Rules or Regulations ‘made there under shall have the meanings respectively assigned to them in those Acts, Rules or Regulations. Pus TTS ay14 THE GAZETTE OF INDIA : EXTRAORDINARY [Parr IlI—Sec. 4) TIEUP BETWEEN LIFE INSURER AND GENERAL INSURER 3. (1) An insurer carrying on life insurance business may offer life micro insurance products as also general micro- insurance products, as provided herein: Provided that where an insurer carying on life insurance business offers any general micro-insurance product, he shall have a tie-up with an insurer carrying on general insurance business for this purpose, and subject to the provisions of Section 64VB of the Act, the premium attributable to the general micro insurance product may be collected from the prospect (proposer) by the insurer carrying on life insurance business, either directly or through any of the distributing ‘entities of micro-insurance products as specified in Regulation (4) and made over to the insurer carrying on general insurance business: Provided further that inthe event of any claim in regard to general micro insurance products, the insurer carrying on life insurance business or the distributing entities of micro-insurance products, as the ease may be, as may be specified in the tie-up referred to in the first proviso, shall forward the claim to the insurer carrying on general insurance business and offer all assistance for the expeditious disposal of the claim. (2) An insurer carrying on general insurance business may offer general micro insurance products as also life micro- insuranes products as provided herein: Provided that where an insurer carrying on general insurance business offers any life micro-insurance product, he shall have a tie-up with an insurer carrying on life insurance business for this purpose, and subject to the provisions of Section G4VB of the Act, the premium attributable to the Tife micr product may be collected fo a {proposer by the insurer carrying on general iasuace business, either directly oF through any ofthe distributing entities of micro-insurance products as specified in Regulation (4), and made over to the insurer carrying on life insurance business: Provided further that in the event of any claim in regard to life micro-insurance products the insurer carrying on general ‘insurance business or the distributing entities of micro-insurance products, as the ease may be, as may be specified in the tie-up referred to in the first proviso, shall forward the claim to the insurer carrying on life insurance business and offer all assistance for the expeditious disposal of the claim. For the purpose of these Regulations, the General Insurer includes Health Insurer. DISTRIBUTION OF MICRO INSURANCE PRODUCTS 4 (1) In addition to an insurance agent or corporate agent or broker appointed / registered under the Act, read with the regulations concemed made by the Authority for appointing / registering individual or corporate agents, or insurance brokers, asthe case may be and such other insurance intermediaries that are allowed to solicit the insurance business by the regulations notified by the Authority, micro-insurance products may be distributed through the micro-insurance agents Provided that a micro-insurance agent shall not distribute any insurance product other than a micro-insurance product (2): For the purpose of distributing the General Micro Insurance Products referred at Regulation 2 (d) (i); (@) A General Insurance Company has the option of appointing Micro Insurance Agent to any one of the sectors of; Micro Enterprises or Small Enterprises or Medium Enterprises or forall three sectors or any combination of two sectors (b) A General Insurance Company has the option of appointing Micro Insurance Agents for various lines of business either independently to each line of business or any combination thereof orto all lines of General Insurance business (©) A General Insurance Company has the option of appointing Micro Insurance Agents in these combinations either in the Manufacturing Sector or in the Service Sector or both. APPOINTMENT OF MICRO INSURANCE AGENTS 5. (1) A micro-insurance agent shall be appointed by an insurer by entering into a deed of agreement, which shall clearly specify the terms and conditions of such appointment, including the duties and responsibilities of both the micro- insurance agent and the insurer: (2) A micro insurance agent may work with One Life Insurance Company and one General Insurance Company. In addition to this a Micro Insurance Agent may also work with Agriculture Insurance Company of India Ltd and with any one of the health insurance companies registered with the Authority (3) The deed of agreement referred to in sub-regulation (1) shall specifically authorize the micro-insurance agent to perform one or more of the following additional functions, namely: (@ collection of proposal forms; (® collection of self-declaration from the proposer that he/she is in good health;(am mare 4) ed BT TSA: SEITE 15 (©) collection and remittance of premium. (i) Where the micro insurance agents are authorized to collect and remit the premiums, they shall be mandated by the Insurers for issuing acknowledgements on collection of premiums and every Insurer shall put in place procedures to enable Micro Insurance Agents issue such acknowledgments. (ii) Insurers are accountable to such premium acknowledgements issued by the Micro Insurance Agents. (@ distribution of policy documents; (e) maintenance of register of all those insured and their dependants covered under the micro-insurance scheme, together with details of name, sex, age, address, nominees and thumb impression/signature of the policyholder, (P assistance in the settlement of claims; (ensuring nomination to be made by the insured; (ji) any policy administration service. (G4) The micro-insurance agent or the insurer shall have the option to terminate the agreement referred to in sub-regulation 5(1), after giving a notice of three months by the party intending to terminate the agreement: Provided that no such notice shall be necessary, where the termination is on account of any misconduct or indiscipline or fraud committed by the microinsurance agent. (@) An insurer may appoint a person or entity whose miera insuranes agency grounds of fraud / mis conduct, and enter into a deed of agreement in accordance to the provisions of Regulation © after the expiry of 3 months from the date of termination of the said agreement by previous insurer. NNo Insurer shall re-appoint a Miero Insurance Agent whose agency was terminated on grounds of fraud or ‘misconduct tll such person / entity is exonerated of charges. (b) In case of termination of a Micro Insurance Agent, the lapsed Micro Insurance polices of the terminated Micro Insurance agent may be allotted to another in force Micro Insurance Agent of the same insurer by ‘obtaining the prior consent of such in-force micro insurance agent, by specifying that the objective of the allotment is to conserve and render policy service to the Micro Insurance policyholders. The Micro Insurance agent who is allotted such lapsed Micro Insurance Policies is entitled to remuneration / commission as per the File and Use of the respective micro insurance product. Remuneration / Commission shall be payable only on receipt of micro insurance premium. (5) Every Insurer shall carry out due diligence before appointing a Micro Insurance Agent with regard to the reputation, track record and ability to function in compliance with the regulations and in the best interests of policy holders MPLOYMENT OF SPECIFIED PERSONS BY MICRO INSURANCE AGENTS 6 (1) A micro-insurance agent shall employ specified persons with the prior approval of the insurer for the purpose of discharging all or any of the functions stated in sub-regulation (3) of regulation 5. Provided that corporate agents, insurance brokers and such other insurance intermediaries that are allowed to solicit the insurance business and procuring micro-insurance business shall continue to Ge’ governed by the respective regulations issued by the Authority and as amended from time to time. (@ A specified Person who resigned from a Micro Insurance Agent shall be eligible for reappointing as specified person of other Micro Insurance Agent only after the expiry of 3 months from the date of resignation. (Gi) No Micro Insurance Agent shall employ the specified person working for another Micro Insurance Agent (Gil) No Micro Insurance Agent shall employ the individual insurance agents who are working with any insurer, specified persons of corporate agents who are working with any insurer and employees of Insurance Brokers 6 (2) Where a Micro Insurance Agent is an individual appointed by an insurance company he shall not employ Specified Persons, CODE OF CONDUCT OF MICRO INSURANCE AG! Ss 7. (1) Every micro-insurance agent and specified person employed by him shall abide by the Code of Conduct as laid down in regulations applicable for insurance agents issued by the Authority and as amended from time to time and the relevant provisions of Regulation or guidelines issued by the Authority in relation to the Insurance Advertisements and Disclosure as modified from time to time: Provided that the insurer shall ensure compliance of the Code of Conduct, advertisements and disclosure norms by every miero-insurance agent.16 ‘THE GAZETTE OF INDIA : EXTRAORDINARY [Parr Ill—Sec. 4] (2) Any violation by a micro-insurance agent of the Code of Conduct and/or advertisement or disclosure norms as aforesaid shall lead to termination of his appointment, in addition to penal consequences for breach of Code of Conduct andlor adverisement or disclosure norms pursuant to the provisions of sub regulation). EILING OF MICRO INSURANCE PRODUCT 8. (1) Every insurer shall be subject to the “file and use” procedure with respect to filing of micro-insurance products ‘with the Authority. (2) Every micro-insurance product which is cleared by the Authority for the purpose of micro-insurance shall ‘prominently carry the caption “Micro-Insurance Product”. G) Life Micro Insurance Products filed with the Authority under these regulations shall be subject to the norms stipulated under Schedule — II of these Regulations. ISSUANCE OF MICRO INSURANCE POLICY CONTRACTS 9. (1) Every insurer shall issue insurance contracts to the individual micro insurance policyholder in the languages recognised in the constitution of India which is simple and easily understood by the policyholders. Provided that where issuance of policy contracts in the languages recognised in the constitution of India is not possible, the insurer shall as far as possible issue a detailed write-up about the policy details inthe respective language. (2) Every insurer shall issue insurance contracts to the group micro-insurance poticyholder in an ble form along with a schedule showing the details o ils covered under the gioup, aud else issue a separate certificate, to each such individual evidencing proof of insurance, containing details of validity period of cover, name of the nominee, and addresses of the underwriting office and the servicing o'ice, where both offices are not the same. G) Notwithstanding the provisions of Regulation 9 (1), the insurers may also allow the Micro Insurance Agents to print the policy contract on a plain A ~ 4 size paper for onward transmission to the Micro Insurance Policy holder. The evidence of payment of policy stamp may be shown on the printed policy document. UNDERWRITING 10. No insurer shall authorize any micro-insurance agent or any other outsider to underwrite any insurance proposal for the purpose of granting insurance cover. CAPACITY BUILDING 11. (1) Every insurer shall impart at least twenty-five hours of training at its expense and through its designated officer(s) in the languages recognised by the Constitution of India to all micro-insurance agents and their specified persons in the areas of insurance selling, policyholder servicing and claims administration Provided those micro insurance agents who are appointed to distribute General Insurance policies to MSME Secior in accordance to Regulation 4{2) of these regulations in those lines of business to which such Micro Insurance Agent is appointed shall undergo additional 25 hours of the traning at the expenses ofthe insurer. (2) Not less than half of the number of hours of training referred at Regulation 11 (1) shall be imparted as refresher training on the expiry of every spell of three years from the date of entering into the agreement. @) As part of training programme, the Micro Insurance Agents shall be apprised of their obligation to intimate the insurer in the event of occurrence of contingent event covered in the underlying policy of micro insurance which is to their knowledge. COMMISSION 12. (1) A micro-insurance agent may be paid, remuneration for al the functions rendered as outlined in regulation 5 and including commission, by an insurer, and that the same shall not exceed the limits as stated below (@ For Life Insurance Business Single Premium polici = Ten per cent of the single premium 'Non-single premium policies - Twenty per cent of the premium for all the years of the premium paying term (©) For General insurance Business: Fifteen per cent of the premium. (2) Where the agreement between the micro-insurance agent and insurer is terminated for any reason whatsoever, no future commissior/remuneration shall be payable. (3) For group insurance products, the insurer may decide the commission subject to the overall limit as specified in sub- regulation (1),(rr Ieee 4) Sr TS: HTT 17 (@ The remuneration under Micro Insurance products payable to registered Insurance Intermediaries other than the Micro Insurance Agents shall be in accordance to the provisions of the respective applicable Regulations! provisions of the Insurance Act, 1938 as amended from time to time. COMPLIANCE TO THE ACT AND REGULATIONS 13. (1) Every insurer shall ensure that all transactions in connection with miero-insurance business ae in accordance with the provisions of the Act as amended from time to time the Insurance Regulatory and Development Act, 1999, and the rules and regulations made there under. Notwithstanding the provisions of Regulation (13) 1); (2)The provisions of IRDA (Standard Proposal Form for Life Insurance) Regulations, 2013 are not applicable to Micro Insurance Produets approved under these Regulations. OBLIGATIONS TO RURAL AND SOCIAL SECTORS 14, (1) All micro-insurance policies may be reckoned for the purposes of fulfilment of social obligations by an insurer pursuant to the provisions ofthe Act as amended from time to time and the regulations made there under. (2) Where a micro-insurance policy is issued in a rural area and falls under the definition of social sectr, such policy tay be reckoned for both under rural and social obligations separately, HANDLING OF COMPLAINTS / GRIEVANCES 15. (1) It shall be the responsibility of the insurer to handle and dispose of complaints against a micro-insurance agent with speed and promptitude. (@) Every insurer shall send a quarterly report to the Authority regarding the handling of complaints/rievances, if any, against the miero-insurance agents INSPECTION BY AUTHORITY 16. The Authority may cause inspection of the office and records of any micro-insurance agent, at any time, :" it is deemed necessary. ‘SUBMISSION OF INFORMATION 17. Every insurer shall furnish information in respect of micro-insurance business in such form and manner and containing such particulars, as may be required by the Authority from time-to- For the purpose of forwarding business / claims data on Micro Insurance Business under these Regulations, the business claims figures relating to social security schemes of State / Central Government and administered on behalf of any Government shall be excluded. POWER TO REMOVE DIFFICULTIES AND ISSUE CLARIFICATIONS 18. Inorder to remove any doubts or the difficulties that may arise in the application or interpretation of any of the provisions of these regulations, the Chairperson of the Authority may issue appropriate clarifications or guidelines as deemed necessary. SCHEDULE 1 [See Regulation 2 (0 “Type of Cover Maximum Amount [Term of Cove] Tenn of [Minimum Age|Maximum age of Cover Min Cover at entry at entry Max. Dwelling and contents, or livestock orfRs.1,00,000 i year iT year a x tools or implements or other names fer Asset’ assets or crop insurance—against all Cover perils Teal Insurance Contact Is 1.003000 [Iyer ear toes Prod Avid) frecite hectic Healt surance Conmact IRs 230800 [yea tear Product Prove (Camily/Group) specific rece Personal Accident Its1.00000 [gear Jigar Product Produc {ividvaVFamiy/Group) ce pecie i, Maximum Premium limits under Crop Insurance to be reckoned on per season / per crop basis. 1>Us Ss HFi a 18 ‘THE GAZETTE OF INDIA: EXTRAORDINARY. (PART IISc. 4] DULE IL n 1, The sum assured under an Insurance product offering Life or pension or Health benefits shall not exceed an amount of Rs. 200000, 2, ‘The Annual Premium shall not exceed Rs. 6000 p.a. in a Micro Variable Insurance product under Non Linked Non- Par platform. 3. Add on riders may be offered in accordance to the provisions of the extant Regulations. 4. Micro Insurance schemes marketed to Groups with a minimum Group Size of 5. ‘SCHEDULE -- I [See Regulation () (3) NORMS FOR ICRO INSURA’ (D_ Notwithstanding anything contrary tothe provisions of any other regulations forthe time being in force, the life, health and pension products offered under micro insurance platform shall be subject to the following : ‘ ‘8. Micro Insurance Products may allow the flexible premium payment options to enable the policyholders to remit the premiums in fragmented pars ofthe modal instalments. 9. Insurers shall not offer micro insurance products under unit linked platform, «Except to the provisions explicitly provided for inthis regulation, all other provisions of IRDA (Linked Insurance Products) Regulations, 2013, IRDA (Non Linked Insurance Products) Regulations, 2013 and IRDA (Health Insurance) Regulations, 2013 shall be applicable mutatis mutandis to the Micro Insurance Products approved as per the provisions of the IRDA (Micro Insurance) Regulations, 2015 as modified from time to time. 4. Except for a regular premium pure temmhealth policy, where premiums are received for one full policy year, all the non-linked non variable micro insurance policies shall have a paid up value of at least the ‘otal premiums paid along with any subsisting or vested bonuses or guaranteed additions already accrued to the policy. Such paid up value along with bonuses or guaranteed additions, if any, shall be payable either on maturity or on death /on the happening of the contingency covered. ©. The non-linked variable insurance policy, shal: i Have a lock-in period of five years from the date of commencement of the policy for payment of surrender value. Ifthe policy is surrendered during the lock-in period: 1. The surrender value shall be payable only after completing the lock-in period 2. The insurer shall not levy any charge to the policy account from the date of surrender request |i, After completing two years from the date of commencement of the policy, insurer may allow partial withdrawal provided the balance in the policy account after the partial withdrawal is not less than one full year’s premium ili, In respect of Regular Premium policies, the Life Insurer is entitled to levy the discontinuation ‘charges which shall not be more than those mentioned under “Table ~ a° hereunder. No other fee shall be charged. Table=a cere reley | Maximum Discontinuance Charges applicable 10 Micro s Variable Life Insurance Products policy year i Tower af 209° (AP o poly aszount value) sbjectto@ maximum of, 800 S 2 Lower of 15% * (AP or policy account value) subject to a | mximum oF R600 ; Lower of 10% * (AP a pofey account value) abject 0 & maximum of Rs, 400 P Lower of % * (AP or polly account value) aye T98 i _| maximum of Rs, 200" 5 and onwards [sit iv. In respect of Single Premium policies, the Life Insurer is entitled to levy the discontinuation charges which shall not be more than those mentioned under “Table ~ b’ hereunder. No other fee shall be charged.(om ws 4] Sra TE: SMT 19 TABLE-b Where the policy is ‘Maximum Discontinuance Charges applicable to Micro discontinued during the Variable Life Insurance Products policy year T Tower of 2% “(SP or policy account value) subject @ ‘maximum of Rs. 800/- z Tower of 1396 SP or policy account value) subjectto a ‘maximum of Rs, 600/- 3 Tower of 1% “SP or policy account value) subjest to @ maximum of Rs, 400/- 7 Lower of 0.5% “(SP or policy account value) subject to @ ‘maximum of Rs, 200/- [Sand onwards Nil Fi “AP- Armualised Premium *SP-Single Premium ¥. Discontinuance of the pre 1 vi 1 2 3 during the lock-in-period: The life cover shall be lapsed immediately on expiry ofthe grace period, The Individual Policy Account shall be continued within the respective discontinued policy account without any life cover till the end of the lock-in;period or the end of the revival period whichever is later. During the lock-in-period or revival period, if the policy is not revived, the policy shall be terminated at the end of the lock-in-period or revival period whichever is later by paying the ‘balance inthe Individual Policy Account, ftr allowing forthe discontinuance charges, if any. In case of death during the lock-in-period, the balance in the Individual Policy Account shall be paid. On revival of the discontinued policies, the risk cover shall be restored upon receipt of all due and ‘unpaid premiums without levying any interest or fee or charge as on date of revival, subject to terms and conditions of the policy contract. Discontinuance of the premium after the lock-in-period: ‘The Individual Policy Account shall be continued with life cover till the end of the of the revival period Ifthe policy is revived, the policy shall continue with life cover upon receipt of all due and unpaid premiums without levying any interest or fee or charge as on date of revival subject to terms and conditions of the policy contract. If the policy is not revived during the revival period the underlying policy account valve shall be ble. Difference between Gross Vield and Net Vield for all Micro Vari Insurance products ‘The maximum reduction in yield for micro variable life insurance policies ffom the fifth policy anniversary shall be in accordance with the following Table (©). Table=¢ Number of years elapsed | Maximum Reduction in Yield “(Difference since inception between Gross and Net Yield (% p.a.)) 4.80% 450% [7 4.20% 4.00% 3.80% 10 3.60% Mand 12 3.30% 13 and 14 3.00% 15 and thereafter 2.65%20 THE GAZETTE OF INDIA : EXTRAORDINARY [Paxr IlI—Sec. 4} (H The net reduction in yield at maturity for policies with term: (1) less than or equal to 10 years shall not be more than 3.60% and (2) above 10 years shall not be more than 2.65%. (1} Continuation of policy account of Micro Variable Life Insurance Policies under certain circumstances: 8) Notwithstanding the provisions of any other regulations forthe time being in force, on discontinuance of the policy and after payment of such proceeds of the discontinuance policy account value, the life ingurers may: (1) At its discretion provide the option to continue the policy with zero policy account value under the micro variable life insurance products. (@) Allow the life insured to commence the payment of premiums and life coverage anytime during the remaining term of the discontinued policy. (3) Allow the Life Insured to choose this option ether a the inception of the policy or on revival (@) Accept the payment of premiums tothe zero policy account, on subsequent request to continue the policy, in accordance with the Board Approved Underwriting Policy of the Life Insurer. (5) Not levy any charges and shall not provide any life cover, while the policy is on zero policy account value. (©) Not provide the option of zero policy account value to policyholders who have surrendered the policy. (7) The zero balance policy account that is continued or retituted subsequently shall be subject to these regulations, with revised date of commencement, subject to the terms and conditions of the underlying policy and the underwriting policy of the insurer. (8) Not be required to continue the offer of the ‘Zero Policy Account’ ifthe product is (9) No charges shall be collected for maintaining the zero balance policy accounts. (10)No ‘Zero Balance Policy Account’ policies shall be treated as being on-books of the life insurers and such policies shall be taken to books only on recommencement of the premiums from such date. ‘Zero Balance policy account” policies shall not count for “Total Number of Policies” in books, unless premiums re-commence under these policies. Further, such policies shall not be treated as “New Business” on re-commencement of premiums. (If) Customised benefit illustration and disclosure norms prescribed in IRDA (Linked / Non Linked Insurance Products) Regulations are exempted to the Micro Insurance business. (LV)Ip respect of Micro Variable Life Insurance Policies the policy account statement shall be made available to the policyholders at least once in a year. (V) Life Insurers shall forward Customised Benefit illustration along with the policy document in respect of all ‘micro variable life insurance products, illustrating the guaranteed and non-guaranteed benefits at gross investment returns of 4% and 8% respectively of as specified by IRDA or Life Insurance Council from time to time. (VDAIl the existing Micro Insurance Products that are not in compliance to these regulations shall be withdrawn with effect from Olst January, 2016, ‘TS: VUAYAN, Chairman [ADV T-lIU4/ Exty,/161/14 (331) Printed by the Manager, Government of India Press, Ring Road, Mayapur, New Delhi-1 10064 sand Published by the Controller of Publications, Dethi-1 10054