Yeeie -ye: heefjYee<eeSb PART – B: DEFINITIONS
hee@equemeer omleekespe ceW Òe³egkeÌle MeyoeW/Meyoekeueer JeÀer heefjYee<eeSb efvecveevegmeej nw:
1. Gce´ JeÀe DeLe& hee@equemeer JesÀ DeejbYe nesles mece³e heWMeve ÒeehleJeÀlee& JeÀer hetCe& ke<eeX JeÀer
Gce´ nw. Fme hee@equemeer JeÀes ¬eÀ³e JeÀjves JesÀ equeS v³etvelece Gce´ 60 ke<e& hetCe& nesveer
®eeefnS.
2. efve³egkeÌle k³eefkeÌle (Shee@Fvìer) ken k³eefkeÌle nw eqpemes hee@equemeer JesÀ Debleie&le megjef#ele
oekee JesÀ Yegieleeve JeÀer efleefLe JeÀes, veeefcele JesÀ Deke³emJeÀ nesves leLee Gmes oekes JeÀer
jeeqMe os³e nesves hej ken jeeqMe/efnleueeYe os³e nesleer nw.
3. mecevegoseqMeleer ken k³eefkeÌle nw eqpemes mecevegosMeve JesÀ HeÀuemkeªhe hee@equemeer JesÀ
DeefOeJeÀej leLee efnleueeYe nmleebleefjle efJeÀS peeles nQ.
4. mecevegosMeve mecevegoseqMeleer JesÀ he#e ceW hee@equemeer JesÀ DeefOeJeÀejeW leLee efnleueeYeeW JesÀ
nmleebleefjle efJeÀS peeves JeÀer Òeef¬eÀ³ee nw. mecevegosMeve mece³e-mece³e hej ³eLee
mebMesefOele yeercee DeefOeefve³ece, 1938 JeÀer Oeeje 38 JesÀ ÒeekeOeeveeW JesÀ Devegmeej efJeÀ³ee
peevee ®eeefnS.
5. ueeYeeLeea JeÀe DeLe& Ssmes k³eefkeÌle mes nw pees Fme hee@equemeer JesÀ Debleie&le efnleueeYeeW JeÀes
Òeehle JeÀjves JeÀe hee$e nw. ueeYeeLeea heWMeve ÒeehleJeÀlee& ³ee GmeJeÀe mecevegoseqMeleer ³ee
veeefcele k³eefkeÌle ³ee ÒeceeeqCele efve<heeoJeÀ ³ee ÒeMeemeve ³ee JeÀesF& kewOeeefveJeÀ ÒeefleefveefOe,
pewmeer Yeer mLeefle nes, nes meJeÀlee nw.
6. efveiece JeÀe DeLe& SueDeeF&meer DeefOeefve³ece, 1956 JeÀer Oeeje 3 JesÀ Debleie&le mLeeefhele
Yeejleer³e peerkeve yeercee efveiece mes nw.
7. hee@equemeer JesÀ DeejbYe nesves JeÀer efleefLe ³ee hee@equemeer JesÀ peejer nesves JeÀer efleefLe
ken efleefLe nw peye yeerceeuesKeve JesÀ yeeo Òemleeke JeÀes hee@equemeer JesÀ ªhe ceW mkeerJeÀej
efJeÀ³ee peelee nw Deewj ³en mebefkeoe ÒeYeekeer nes peeleer nw. Dele: ³en hee@equemeer JesÀ DeejbYe
nesves JeÀer efleefLe nw.
8. heefjheJeÌkelee JeÀer efleefLe mes leelhe³e& Devegmet®eer ceW efkeefveOee&efjle ken efleefLe nw, peye
heefjheJeÌkelee efnleueeYe heWMeve ÒeehleJeÀlee& JeÀes os³e nes peeles nQ.
9. ce=l³eg efnleueeYe/ce=l³eg hej os³e jeeqMe JeÀe DeLe& Gme efnleueeYe mes nw, pees efJeÀ
heWMeve ÒeehleJeÀlee& JeÀer ce=l³eg JeÀer hej os³e nw, eqpemeJeÀe GuuesKe Fme hee@equemeer
omleekespe JesÀ Yeeie me JeÀer Mele& 2 ceW efJeÀ³ee ie³ee nw.
10. Gvcees®eve HeHe$e heWMeve ÒeehleJeÀlee&/ueeYeeLeea Üeje hee@equemeer JesÀ Debleie&le
HeefjHekeÌJelee/DeY³ehe&Ce/ce=l³eg hej Òeehle nesves keeues efnleueeYe JeÀe oekee JeÀjves JesÀ equeS
Yeje peeves keeuee HeÀe@ce& nw.
11. os³e efleefLe JeÀe DeLe& ken efveOee&efjle efleefLe nw peye heWMeve ÒeehleJeÀlee& JeÀes heWMeve os³e
leLee Yegieleeve ³eesi³e nw.
12. he=<"ebJeÀve JeÀe DeLe& efveiece Üeje efJeÀvneR mencele ³ee peejer mebMeesOeveeW ³ee DeeMeesOeveeW
JeÀes Fme hee@equemeer ceW Meeefceue JeÀjves JesÀ equeS mebueive/peesæ[er ieF& MeleeX mes nw.
13. He´Àer uegJeÀ DekeefOe hee@equemeer omleekespeeW JeÀer heWMeve ÒeehleJeÀlee& Üeje He´eefHle mes 15
efoveeW JeÀer DekeefOe (30 efove Deiej Fme hee@equemeer JeÀes Dee@veueeFve Kejeroe peelee nw),
Fme hee@equemeer JesÀ efve³eceeW leLee MeleeX JeÀer meceer#ee JeÀjves JesÀ equeS nw, Deewj Deiej
heWMeve ÒeehleJeÀlee& Gve efve³eceeW leLee MeleeX ceW mes efJeÀmeer mes Demencele nes, lees GmeJesÀ
heeme Fme hee@equemeer JeÀes ueewìeves JeÀe efkeJeÀuhe nw pewmee efJeÀ Yeeie o JeÀer Mele& 5 ceW
keeqCe&le nw.
14. Dee³eDeej[erSDeeF& JeÀe DeLe& nw FbM³eesjsvme jsi³eguesìjer Sb[ [skueheceWì DeLee@efjìer
Dee@HeÀ Fbef[³ee, henues Fmes FbM³eesjsvme jsi³eguesìjer Sb[ [skueheceWì DeLee@efjìer
(IRDA) JesÀ veece mes peevee peelee Lee.
15. $eÝCe efveiece Üeje ¬eÀ³e JeÀercele JesÀ ÒeefleMele JesÀ ªhe ceW y³eepe meefnle cebpetj JeÀer ieF&
jeeqMe nw.
16. cenÊkehetCe& leL³e ken peeveJeÀejer nw pees efJeÀ hee@equemeer Òeehle JeÀjles mece³e heWMeveJeÀlee&
JeÀes henues mes %eele Leer, eqpemeJeÀe Òemlegle efJeÀS ieS Òemleeke JesÀ yeerceeuesKeve hej
ÒeYeeke neslee nw.
17. Deke³emJeÀ ³ee veeyeeequeie ken k³eeqkeÌle nw eqpemeves 18 ke<e& JeÀer Gce´ hetjer ve JeÀer nes.
18. heefjJeÌkelee efnleueeYe JeÀe DeLe& ³en efnleueeYe nw pees efJeÀ heefjheJeÌkelee ³eeveer hee@equemeer
DekeefOe JeÀer meceehle hej os³e nw, pewmee efJeÀ Fme hee@equemeer omleekespe JesÀ Yeeie me ceW
efkeefveOee&efjle nw, Deiej heWMeve ÒeehleJeÀlee& hee@equemeer JeÀer heefjhekeÌJelee JeÀer efkeefveOee&efjle
efleefLe hej peerefkele jnlee nw.
19. veeceebJeÀve efJeÀmeer k³eeqkeÌle/³eeW JeÀes Òemleeke Òehe$e ceW ³ee yeeo ceW he=<"ebJeÀve Üeje
veeefcele JeÀjves/yeoueves JeÀer Òeef¬eÀ³ee nw. veeceebJeÀve mece³e-mece³e hej ³eLeemebMeesefOele
yeercee DeefOeefve³ece, 1938 JeÀer Oeeje 39 JesÀ ÒeekeOeeve JesÀ Devegmeej efJeÀ³ee peevee
®eeefnS.
20. veeefcele Fme hee@equemeer JesÀ Debleie&le heWMeve ÒeehleJeÀlee& Üeje veeceebefJeÀle ken k³eeqkeÌle
neslee nw, pees Fme hee@equemeer JesÀ Debleie&le os³e oekee ueeYe Òeehle JeÀjves nsleg DeefOeJe=Àle
neslee/nesleer nw Deewj oekes JesÀ efveheìeve hej efveiece JeÀes ceev³e Gvcees®eve Òeoeve
JeÀjlee /JeÀjleer nw.
21. hee@equemeer/hee@equemeer omleekespe JeÀe DeLe& he=<"ebJeÀveeW, Deiej JeÀesF& neW, meefnle efveiece
Üeje peejer ³en omleekespe nw pees efJeÀ heWMeve ÒeehleJeÀlee& leLee efveiece JesÀ yeer®e SJeÀ
kewOeeefveJeÀ DevegyebOe neslee nw.
22. heWMeve ÒeehleJeÀlee& ken J³eefkeÌle nw pees efJeÀ Fme hee@equemeer JesÀ Debleie&le efveOee&efjle
DekeefOe hej heWMeve Òeehle JeÀjlee nw.
Pradhan Mantri Vaya Vandana Yojana
(UIN:512G336V01) Page 5 of 12
The definitions of terms/words used in the policy documents are as
under:
1. Age is the age of the Pensioner at the time of the
commencement of the policy in completed years. For purchase
of this policy the minimum age is 60 years completed.
2. Appointee is the person to whom the proceeds/benefits
secured under the Policy are payable if the benefit becomes
payable to the nominee and nominee is minor as on the date of
claim payment.
3. Assignee is the person to whom the rights and benefits are
transferred by virtue of an Assignment.
4.Assignment is the process of transferring the rights and
benefits to an “Assignee”. Assignment should be in accordance
with the provisions of Section 38 of Insurance Act, 1938 as
amended from time to time.
5. Beneficiary means the person(s)/entity who is/are entitled to
receive benefits under this Policy. The Beneficiary may be
Pensioner or his Assignee or Nominees or proved Executors or
Administrators or other Legal Representatives as the case may
be.
6. Corporation means the Life Insurance Corporation of India
established under Section 3 of the LIC Act, 1956.
7. Date of commencement of policy or Date of issuance of
policy is a date when a proposal after underwriting is accepted
as a policy and this contract gets effected and hence is the start
date of this Policy.
8. Date of Maturity means the date specified in the schedule on
which the Maturity Benefit shall become payable to the
pensioner.
9. Death Benefit means the benefit, which is payable on death of
Pensioner as specified in Condition 2 of Part C of this Policy
Document.
10. Discharge form is the form to be filled by Pensioner/
beneficiary to claim the maturity/surrender/death benefit under
the policy.
11. Due Date means a fixed date on which the pension is due and
payable to the Pensioner.
12. Endorsement means conditions attached/ affixed to this
Policy incorporating any amendments or modifications agreed
to or issued by the Corporation.
13. Free Look Period is the period of 15 days (30 days if this policy
is purchased online) from the date of receipt of the policy
document by the Pensioner to review the terms and conditions
of this policy and where the Pensioner disagrees to any of those
terms and conditions, he/ she has the option to return this policy
as detailed in condition 5 of Part D of this Policy Document.
14. IRDAI means Insurance Regulatory and Development
Authority of India earlier called as Insurance Regulatory and
Development Authority (IRDA).
15. Loan is the interest bearing repayable amount granted by the
Corporation as a percentage of the Purchase Price.
16. Material information is the information already known to the
Pensioner at the time of obtaining a policy which has a bearing
on underwriting of the proposal submitted.
17. Minor is a person who has not completed 18 years of age.
18. Maturity Benefit means the benefit, which is payable on
maturity i.e. at the end of the policy term as specified in Part C of
this Policy Document, on Pensioner surviving the stipulated date
of Maturity.
19. Nomination is the process of nominating a person(s) who is
(are) named as “Nominee(s)” in the proposal form or
subsequently included/ changed by an endorsement.
Nomination should be in accordance with provision of Section
39 of the Insurance Act, 1938 as amended from time to time.
20. Nominee(s) is the person(s) nominated by the Pensioner
under this policy and who is (are) authorized to receive the claim
benefit payable under this policy and give a valid discharge to
the Corporation on settlement of the claim.
21. Policy/ Policy Document means this document along with
endorsements, if any, issued by the Corporation which is a legal
contract between the Pensioner and the Corporation.
22. Pensioner is an individual who receives pension at fixed
interval of time under this policy.
Plan No. 856 w.e.f.May 2020
 23. hee@equemeer DekeefOe ke<eeX JesÀ ªhe ceW, Devegmet®eer ceW keeqCe&le Devegmeej ken DekeefOe nw pees
Devegmet®eer ceW efveefo&<ì hee@equemeer JeÀer ÒeejbYe DekeefOe mes Megª nesleer nw.
24. ¬eÀ³e JeÀercele hee@equemeer JesÀ Debleie&le efnleueeYeeW JeÀes megefveM®ele JeÀjves JesÀ equeS DeejbYe
ceW heWMeve ÒeehleJeÀlee& Üeje Deoe JeÀer ieF& JeÀercele nw.
25. Devegmet®eer DeeheJesÀ hee@equemeer omleekespe JeÀe SJeÀ Debie nw eqpemeceW DeeheJeÀer hee@equemeer
JeÀe efkekejCe ceewpeto nw
26. keefj<" veeieefjJeÀ ken J³eefkeÌle nw eqpemeves 60 ke<e& JeÀer Gce´ hetjer JeÀj ueer nes ³ee
Fmemes DeefOeJeÀ Gce´ JeÀe nes.
27. DeY³ehe&Ce JeÀe DeLe& hetjer hee@equemeer JeÀes keeheme uesvee/meceehle JeÀjvee nw pewmee efJeÀ
Fme hee@equemeer omleekespe JesÀ Yeeie o JesÀ Mele& 4 ceW GuuesKe efJeÀ³ee ie³ee nw.
28. DeY³ehe&Ce cetu³e JeÀe DeLe&, ken jeeqMe nw, Deiej JeÀesF& nes, pees efJeÀ Fme hee@equemeer JesÀ
efve³eceeW leLee MeleeX JesÀ Devegmeej Gmes DeY³eehe&Ce JeÀjves JeÀer mLeefle ceW os³e nesleer nw.
29. UIN JeÀe DeLe& Fme Hueeve JeÀes IRDAI Üeje DeeJebefìle ³etveerJeÀ DeeF[svìefHeÀJesÀMeve
vebyej nw.
Yeeie-me: efnleueeYe
Fme hee@equemeer JesÀ Debleie&le efvecveequeeqKele efnleueeYe os³e nQ:
1. heWMeve efnleueeYe: hee@equemeer JeÀer DekeefOe JesÀ oewjeve heWMeve ÒeehleJeÀlee& JesÀ peerefkele
jnves hej, heWMeve JeÀer efJeÀmle, Devegmet®eer ceW GuuesKe efJeÀS ieS Devegmeej yeJeÀe³ee jeeqMe
ceW os³e nesieer (®egves ieS ceeO³ece JesÀ Devegmeej Òel³esJeÀ DekeefOe JeÀer meceehle hej). ³en
efnleueeYe heWMeve ÒeehleJeÀlee& JeÀer ce=l³eg hej meceehle nes peeSiee.
Fme Hueeve JesÀ Debleie&le meYeer hee@equeefme³eeW leLee ÒeOeeveceb$eer ke³e kebovee ³eespevee
(UIN512G311VO1 Deewj UIN : 512G311VO2 JesÀ meeLe) JesÀ Debleie&le
ueer ieF& meYeer hee@equeefme³eeW JeÀer JegÀue ¬eÀ³e JeÀercele SJeÀ keefj<" veeieefjJeÀ JesÀ equeS 15
ueeKe mes DeefOeJeÀ veneR nesieer.
2. ce=l³eg efnleueeYe/ce=l³eg hej efceueves keeueer jeeqMe: hee@equemeer DekeefOe JesÀ oewjeve heWMeve
ÒeehleJeÀlee& JeÀer ce=l³eg nesves hej ueeYeeLeea JeÀes ¬eÀ³e JeÀercele ueewìe oer peeSieer.
3. heefjheJeÌkelee efnleueeYe: heefjheJeÌkelee JeÀer efkeefveOee&efjle efleefLe leJeÀ heWMeve ÒeehleJeÀlee&
JesÀ peerefkele jnves hej, ¬eÀ³e JeÀercele JeÀes heWMeve JeÀer Debeflece efJeÀmle JesÀ meeLe heWMeve
ÒeehleJeÀlee& JeÀes ueewìe efo³ee peeSiee.
Yeeie-o: meskee Òeoeve JeÀjves JesÀ henuet mes
mebyebefOele MeleX
1. Gce´ JeÀe ÒeceeCe: Òemleeke Òehe$e ceW heWMeve ÒeehleJeÀlee& JeÀer Ieesef<ele Gce´ JesÀ DeeOeej hej
hee@equemeer peejer JeÀer ieF& nw.
uesefJeÀve Deiej ÒekesMe JesÀ mece³e heWMeve ÒeehleJeÀlee& JeÀer mener Gce´ Gmes ³eneb JeÀefLele Devegmet®eer
ceW efkeefveOee&efjle yeercee JeÀe ÞesCeer³ee MeleeX JesÀ Debleie&le yeercee nsleg De³eesi³e yeveeleer nw lees
hee@equemeer JeÀes jodo JeÀj efo³ee peeSiee leLee Fme efvejmleerJeÀjCe JeÀer efleefLe JeÀes os³e DeY³ehe&Ce
cetu³e JeÀe Yegieleeve efJeÀ³ee peeSiee.
2. efkeMes<e heefjmLeefle³eeW ceW peyleer: ³eefo FmeceW GequueeqKele ³ee he=<"ebefJeÀle efJeÀmeer Yeer Mele&
keÀe GuuebIeve nesiee ³ee Fme JesÀ yeeo ³en hee³ee peeSiee efJeÀ Fme ceW GequueeqKele Òemleeke Deewj
Iees<eCeeDeeW ceW JeÀesF& Demel³e ³ee ieuele ye³eeve meefcceefuele nw ³ee GmeceW meboefYe&le ÒeJeÀLeveeW
mebueie>JeÀeiepeeleeW JeÀes mener Deewj meeHeÀ {bie mes veneR yelee³ee ie³ee nw DeLekee JeÀesF&
cenÊkehetCe& leL³e ígheeSb ieS nw, eqpemeceW Fme Hueeve JesÀ Debleie&le meYeer hee@equeefme³eeW leLee
ÒeOeeveceb$eer ke³e kebovee ³eespevee (UIN512G311VO1 Deewj UIN :
512G311VO2 JesÀ meeLe) JesÀ Debleie&le ueer ieF& meYeer hee@equeefme³eeW JeÀer JegÀue ¬eÀ³e JeÀercele
Deewj He´JesMe kesÀ mece³e v³etvelece Dee³eg Meeefceue nw, uesefJeÀve FvneR leJeÀ meerefcele veneR nQ, lees
Ssmeer Òel³esJeÀ heefjefmLeefle³eeW ceW mece³e-mece³e hej ³eLeemebMeesefOele yeercee DeefOeefve³ece 1938
JeÀer Oeeje 45 JesÀ ÒeekeOeeveeW JesÀ lenle hee@equemeer DekewOe ceeveer peeSieer Deewj Fmemes mebyebefOele
mecemle efnleueeYe JesÀ oekes legjble meceehle nes peeSbies.
3. hee@equemeer $eÝCe: hee@equemeer JesÀ DeejbYe nesves JeÀer efleefLe mes leerve hee@equemeer ke<e& hetjs nesves JesÀ
yeeo hee@equemeer $eÝCe GheueyOe nesiee. hee@equemeer JesÀ Debleie&le GheueyOe $eÝCe JeÀer DeefOeJeÀlece
jeeqMe ¬eÀ³e JeÀercele JeÀe 75% nesieer, pees efJeÀ meblees<epeveJeÀ mJeeefcelJe Òemlegle JeÀjves leLee
efvecveequeeqKele efve³eceeW ke MeleeX JeÀe heeueve JeÀjves JesÀ meeLe-meeLe efveiece Üeje mece³e-mece³e
hej efveOee&efjle JeÀer pee meJeÀves keeueer Dev³e efve³eceeW ke MeleeX JesÀ DeOeerve nesieer.
(i) $eÝCe leLee Gme hej y³eepe JesÀ ®egJeÀeS peeves leJeÀ hee@equemeer JeÀe hetCe&le: efveiece JeÀes
mecevegosMeve efJeÀ³ee peeSiee leLee ken peceevele JesÀ ªhe ceW efveiece heeme jnsieer.
(ii) hee@equemeer JesÀ Debleie&le heWMeve JesÀ Yegieleeve JeÀer yeejbyeejlee JesÀ Devegmeej $eÝCe hej y³eepe
Deeqpe&le nesiee leLee Gmes $eÝCe efoS peeles mece³e efveiece Üeje efveOee&efjle oj mes heWMeve JeÀer
efJeÀmle mes kemetue efJeÀ³ee peeSiee. ueeiet y³eepe oj IRDAI Üeje mkeerJe=Àle efkeefOe hej
DeeOeeefjle nesieer. $eÝCe hej y³eepe JeÀer henueer kemetueer, $eÝCe efoS peeves JesÀ yeeo HeWMeve JeÀer
Deieueer efJeÀmle JeÀe os³e nesves hej JeÀer peeSieer.
Pradhan Mantri Vaya Vandana Yojana
(UIN:512G336V01) Page 6 of 12
23 .Policy term is the period, in years, as mentioned in the
schedule, commencing from the Date of commencement of
policy specified in the schedule.
24. Purchase Price is the amount paid by the Pensioner as
mentioned in the Schedule of this Policy Document to secure
the benefits under the policy.
25. Schedule is the part of policy document that gives the
specific details of your policy.
26. Senior Citizen is a person aged 60 years (completed) and
above.
27. Surrender means complete withdrawal / termination of the
entire policy as mentioned in Condition 4 of Part D of this policy
document.
28.Surrender Value means an amount, if any, that becomes
payable in case of surrender in accordance with the terms and
condition of this policy.
29.UIN means the Unique Identification Number allotted to this
plan by the IRDAI.
PART – C: BENEFITS
The following benefits are payable under this policy:
1. Pension Benefit: On survival of the pensioner during the policy
term, Amount of Pension Instalment as mentioned in the
Schedule shall be payable in arrears (at the end of each period
as per the mode chosen). This benefit shall cease on death of
the Pensioner.
Total amount of purchase price under all the policies under this
plan, and all the policies taken under Pradhan Mantri Vaya
Vandana Yo jana (with UIN 512G311V01 and UIN:
512G311V02) allowed to a senior citizen shall not exceed Rs.
15 lakhs.
2.Death Benefit: On death of the Pensioner during the policy
term, the Purchase Price shall be refunded to the beneficiary.
3.Maturity Benefit: On Pensioner surviving to the stipulated Date
of Maturity, the Purchase Price along with the final pension
installment shall be refunded to the pensioner.
PART – D: CONDITIONS RELATED
TO SERVICING ASPECTS
1.Proof of Age: Policy is issued based on the age of the
Pensioner as declared in the proposal form.
Provided further that if the Pensioner's correct age at entry is
such as would have made him/her uninsurable under the class
or terms of assurance specified in the said Schedule hereto,
then the policy will be cancelled and the surrender value will be
paid as on the date of such cancellation.
2.Forfeiture in Certain Events: In case any condition herein
contained or endorsed hereon be contravened or in case it is
found that any untrue or incorrect statement is contained in the
proposal, personal statement, declaration and connected
documents or any material information is withheld, including
but not limited to minimum age at entry and amount of
purchase price under all the policies under this plan, and all the
policies taken under Pradhan Mantri Vaya Vandana Yojana
(with UIN 512G311V01 and UIN: 512G311V02), then and in
every such case this policy shall be void and all claims to any
benefit in virtue of this policy shall be subject to the provisions
of Section 45 of the Insurance Act, 1938, as amended from
time to time.
3.Policy Loan: Policy loan shall be available only after the
completion of three policy years from date of commencement
of the policy. The maximum amount of loan available under the
policy shall be 75% of Purchase Price, subject to the
production of satisfactory title and following terms and
conditions and on such further terms and conditions as the
Corporation may fix from time to time:
(I) The Policy shall be assigned absolutely to and held by the
Corporation as security for the repayment of loan and of the
interest thereon;
(ii) Interest on the loan shall accrue as per the frequency of
payment of pension under the policy and shall be recovered
from the pension instalment at the rate which shall be
specified by the Corporation when the loan is made. The
applicable interest rate shall be based on the method
approved by IRDAI. The first recovery of the loan interest
shall be made from the next pension instalment falling due
after the loan is made;
Plan No. 856 w.e.f.May 2020
 (iii) Deiej hee@equemeer JeÀe DeY³ehe&Ce efJeÀ³ee peelee nw ³ee ce=l³eg ³ee heefjheJeÌkelee JesÀ JeÀejCe
heWMeve hej oekee GlheVe neslee nw, lees efveiece hee@equemeer JeÀer jeeqMe ceW mes $eÝCe JeÀer
jeeqMe ³ee GmeJesÀ efJeÀmeer yeJeÀe³ee y³eepe meefnle JeÀeìves JesÀ equeS DeefOeJe=Àle nesiee.
(iv) 30 DeÒewue 2021 leJeÀ mkeerJe=Àle $eÝCe JesÀ equeS ueeiet y³eepe JeÀer oj 9.5%
keeef<e&JeÀ nw, pees efJeÀ $eÝCe JeÀer hetjer DekeefOe JesÀ equeS nw.
4. DeY³ehe&Ce: DemeeOeejCe heefjefmLeefle³eeW ceW, pewmes efJeÀ, heWMeve ÒeehleJeÀlee& JeÀes Deheveer
DeLekee Deheves peerkevemeeLeer JeÀer efJeÀmeer iebYeerj/ueeFueepe yeerceejer JesÀ Ghe®eej JesÀ equeS
Oeve JeÀer DeekeM³eJeÀlee nes lees, heefjheJeÌkelee hetke& efveie&ceve mebYeke nw. Ssmes mLeefle ceW os³e
DeY³ehe&Ce cetu³e, ¬eÀ³e JeÀercele JeÀj 98% nesiee.
5. He´Àer uegJeÀ DekeefOe: He´Àer uegJeÀ DekeefOe JesÀ oewjeve, Deiej heWMeve ÒeehleJeÀlee& hee@equemeer JesÀ
efve³ece leLee MeleeX mes mebleg<ì veneR nw lees ken Deheveer DeeheefÊe³eeW JesÀ JeÀejCe JeÀe GuuesKe
JeÀjles ngS hee@equemeer omleekespe JeÀer He´eefHle JeÀer efleefLe mes 15 efoveeW JesÀ Deboj (30 efove,
Deiej hee@equemeer JeÀes Dee@veueeFve Kejeroe ie³ee nes) Gmes ueewìe meJeÀlee nw. FmeJesÀ Òeehle
nesves hej efveiece hee@equemeer JeÀes jodo JeÀj osiee leLee mìwche [îetìer nsleg MeguJeÀ Deewj
Yegieleeve efJeÀS ieS heWMeve, Deiej JeÀesF& nes, JeÀes JeÀeìJeÀj, pecee efJeÀS ieS ¬eÀ³e cetu³e
JeÀes ueewìe osiee.
Yeeie-³e:
ueeiet veneR.
Yeeie j: Dev³e efve³ece ke MeleX
1. De) mecevegosMeve: mecevegosMeve mece³e-mece³e hej ³eLeemebMeesefOele yeercee DeefOeefve³ece,
1938 JeÀer Oeeje 38 JesÀ Devegmeej neWies. peye Yeer heWMeve ÒeehleJeÀlee& hee@equemeer $eÝCe JeÀe
efkeJeÀuhe ®egvelee nw, leye Yeejleer³e peerkeve yeercee efveiece JesÀ he#e ceW Mele& (3) JesÀ Devegmeej
mecevegosMeve nesiee, eqpemeJeÀe GuuesKe Yeeie o ceW Thej efJeÀ³ee ie³ee nw. Oeeje 38 JesÀ
ceewpetoe ÒeekeOeeve Fme hee@equemeer omleekespe JesÀ heefjeqMe<ì-I ceW efoS ieS nQ.
ye) veeceebJeÀve: mece³e-mece³e hej ³eLeemebMeesefOele yeercee DeefOeefve³ece, 1938 JeÀer Oeeje 39
JesÀ Devegmeej veeceebJeÀve efJeÀ³ee peevee Dehesef#ele nw. Oeeje 39 JesÀ ceewpetoe ÒeekeOeeve Fme
hee@equemeer omleekespe heefjeqMe<ì II ceW efoS ieS nw. veeceebJeÀve ³ee veeceebJeÀve ceW heefjkele&ve
JeÀer met®evee hee@equemeer JeÀes meskee Òeoeve JeÀjves keeues, efveiece JesÀ JeÀe³e&ue³e JeÀes hebpeerJeÀjCe
nsleg oer peeveer ®eeefnS. veeceebJeÀve kesÀ hebpeerJeÀjCe kesÀ mece³e efveiece GmeJeÀer kewOelee ³ee
JeÀevetveer ÒeYeeke JesÀ yeejs ceW JeÀesF& eqpeccesoejer mkeerJeÀej veneR JeÀjlee nw ³ee Deheveer JeÀesF&
je³e veneR oslee nw.
2. kewOeeefveJeÀ heefjkele&ve: Fme hee@equemeer JesÀ Debleie&le efnleueeYe leLee efve³ece leLee MeleX
mebyebefOele efkeOeeveeW Deewj efkeefve³eceveeW ceW heefjkele&ve JesÀ efke<e³eeOeerve nesieer.
3. Deelcenl³ee: Deelcenl³ee JesÀ ceeceues ceW JeÀesF& Dehekepe&ve veneR nesiee leLee hetjer ¬eÀ³e
JeÀercele os³e nesieer.
4. oekes JesÀ equeS meeceev³e Dehes#eeSb: Fme ³eespevee JesÀ Debleie&le meYeer oekeeW JeÀe Yegieleeve
SveF&SHeÀìer/DeeOeej me#ece Yegieleeve ÒeCeeueer JesÀ ]peefjS efJeÀ³ee peeSiee.
heWMeve ÒeehleJeÀlee& JeÀer ce=l³eg hej os³e efnleueeYe JesÀ equeS:
hee@equemeerOeejJeÀ JeÀer ce=l³eg nesves hej oekesoej Üeje oekee Òemlegle JeÀjles mece³e os³e
meeceev³e omleekespeeW ceW efveiece Üeje efkeefveOee&efjle oekee Òehe$eeW JesÀ meeLe cetue hee@equemeer
omleekespe, mkeeefcelke JeÀe ÒeceeCe, ce=l³eg JeÀe ÒeceeCe, efveiece keÀes meblees<eÒeo ªhe mes hesMe
JeÀjvee nesiee. Deiej hee@equemeer JesÀ Debleie&le Gce´ ÒeceeeqCele veneR JeÀer nw, lees heWMeve
ÒeehleJeÀlee& JeÀer Gce´ JeÀe ÒeceeCe he$e Yeer Òemlegle JeÀjvee nesiee.
ce=l³eg JeÀer efleefLe mes 90 efoveeW JesÀ Deboj, ce=l³eg JeÀer met®evee ce=l³eg ÒeceeCehe$e JesÀ meeLe
efveiece JesÀ hee@equemeer JeÀes meskee ÒeoeveJeÀlee& JeÀe³ee&ue³e ceW equeeqKele ªhe mes osveer nesieer,
leeefJeÀ oekes JeÀes mkeerJeÀej efJeÀ³ee pee meJesÀ. neueebefJeÀ keemleefkeJeÀ oekes JeÀer met®evee osves ceW
oekesoej Üeje efkeuecye JeÀes efveiece Üeje ³eesie³elee kesÀ DeeOeej hej ceeHeÀ efJeÀ³ee pee meJeÀlee
nw, peneb ÒeceeeqCele nes meJesÀ efJeÀ efkeuecye efve³eb$eCe JesÀ yeenj JesÀ JeÀejCeeW mes ngDee nw.
heWMeve Yegieleeve JesÀ equeS:
heWMeve ÒeehleJeÀlee& JeÀes Fme yeejs ceW efveiece Üeje efveOee&efjle mece³e-DekeefOe³eeW ceW, le³e efJeÀS
ieS leLee mece³e-mece³e hej efveOee&efjle He´e©He ceW DeLekee Dee@veueeFve (“peerJeve He´ceeCe”)
efkeÐeceevelee JeÀe ÒeceeCehe$e pecee JeÀjvee heæ[siee. efkeÐeceevelee ÒeceeCehe$e Òeehle nesves hej
ner heWMeve JeÀe Yegieleeve efJeÀ³ee peeSiee.
DeY³ehe&Ce hej os³e efnleueeYe JesÀ equeS:
heWMeve ÒeehleJeÀlee& JeÀes cetue hee@equemeer omleekespe, Deheves/peerkevemeeLeer JesÀ ef®eefJeÀlmee
Ghe®eej Deewj Gce´ JesÀ ÒeceeCe, Deiej Gmes henues mkeerJeÀej veneR efJeÀ³ee ie³ee nw, JesÀ meeLe
Gvcees®eve Òehe$e Òemlegle JeÀjvee nesiee.
Pradhan Mantri Vaya Vandana Yojana
(UIN:512G336V01) Page 7 of 12
(iii) In case the policy is surrendered or on policy becoming a
claim by death or on maturity, the Corporation shall become
entitled to deduct the amount of the loan or any portion
thereof which is outstanding, together with any outstanding
interest, from the policy moneys.
(iv) For the loan sanctioned till 30th April, 2021, the applicable
interest rate is 9.5% p.a. for the entire term of the loan.
4. Surrender: The scheme allows premature exit under
exceptional circumstances like the Pensioner requiring money
for the treatment of any critical/terminal illness of self or spouse.
The Surrender Value payable in such cases shall be 98% of
Purchase Price.
5. Free-Look period: During the Free Look period of 15 days (30
days if this policy is purchased online)from the date of receipt of
the Policy Document by the Pensioner, if the Pensioner is not
satisfied with the Terms and Conditions of the policy, he/she may
return the policy to the Corporation stating the reason of
objections. On receipt of the same the Corporation shall cancel
the Policy and return the Purchase Price paid after deducting the
charges for stamp duty and pension paid, if any.
PART E
Not Applicable.
PART – F: OTHER TERMS AND CONDITIONS
1. a) Assignment: Assignment as per Section 38 of the Insurance
Act, 1938 as amended from time to time shall be allowed.
Whenever the pensioner opts for policy loan, assignment in
favour of LIC of India shall be in accordance with Condition 3 of
Part D as mentioned above. The current provisions of Section 38
are contained in Annexure-I of this Policy Document.
b) Nomination: Nomination by the Pensioner is required as per
Section 39 of the Insurance Act, 1938 as amended from time to
time. The current provisions of Section 39 are contained in
Annexure-II of this policy document. The notice of nomination or
change of nomination should be submitted for registration to the
office of the Corporation, where the policy is serviced. In
registering a nomination the Corporation does not accept any
responsibility or express any opinion as to its validity or legal
effect.
2. Legislative Changes: The Terms and Conditions and benefits
payable under this policy are subject to variation in accordance
with the relevant Legislation & Regulations.
3. Suicide: There shall be no exclusion on account of suicide and
full Purchase Price shall be payable.
4. Normal requirements for a claim:
All the claim payments under this plan shall be paid through
NEFT/ Aadhaar Enabled Payment System.
For benefit payable on death of the Pensioner:
The normal documents which the claimant shall submit while
lodging the claim in case of death of the Pensioner shall be claim
forms, as prescribed by the Corporation, accompanied with
original policy document, proof of title, proof of death, to the
satisfaction of the Corporation. If the age is not admitted under
the policy, the proof of age of the Pensioner shall also be
submitted.
Within 90 days from the date of death, intimation of death along
with death certificate must be notified in writing to the office of
the Corporation where the policy is serviced for any claim to be
admissible. However, delay in intimation of the genuine claim by
the claimant, if any, may be condoned by the Corporation, on
merit, where delay is proved to be for reasons beyond his/her
control.
For pension payments:
The Pensioner shall submit the Life Certificate in the proforma of
the Corporation or online “Jeevan Pramaan” or in any other
manner as enabled by Corporation in this regard at the time
intervals as prescribed from time to time. The pension payments
shall be released only on receipt of the Life Certificate.
For benefit payable on Surrender:
The Pensioner shall submit the discharge form along with the
original policy document, proof of medical treatment of
self/spouse and proof of age, if the age is not admitted earlier.
Plan No. 856 w.e.f.May 2020
 heefjheJeÌkelee hej os³e efnleueeYe JesÀ equeS: For benefit payable on Maturity:
The Pensioner shall submit the discharge form along with the
heWMeve ÒeehleJeÀlee& JeÀes cetue hee@equemeer omleekespe, Deewj Gce´ JesÀ ÒeceeCe, Deiej
original policy document and proof of age, if the age is not
Gmes henues mkeerJeÀej veneR efJeÀ³ee ie³ee nw, JesÀ meeLe Gvcees®eve Òehe$e Òemlegle JeÀjvee admitted earlier.
nesiee.
In addition to above, any requirement mandated under any
GhejeskeÌle JesÀ Deueekee, efJeÀmeer kewOeeefveJeÀ ÒeekeOeeve JesÀ Debleie&le Deefvekee³e& JeÀesF& Dev³e statutory provision or as may be required as per law shall also
Dehes#ee ³ee JeÀevetve Üeje Dehesef#ele JegÀí Yeer pecee JeÀjevee nesiee. be required to be submitted.
5. Tax: Statutory Taxes, if any, imposed on this Plan by the
5. keÀj: Fme Hueeve hej Yeejle mejJeÀej ³ee Yeejle JesÀ efJeÀmeer Dev³e meebefkeefOeJeÀ keÀj
Government of India or any other constitutional tax Authority of
ÒeeefOeJeÀjCe Üeje Deiej JeÀesF& meebeEkeefOeJeÀ keÀj ³eefo JeÀesF& nes, mece³e-mece³e hej ueeiet India shall be as per the Tax laws and the rate of tax as
keÀj JeÀevetve Deewj oj mes os³e neWies. applicable from time to time.
Deoe efJeÀS ieS keÀj JeÀer jeeqMe JeÀes Hueeve JesÀ Debleie&le os³e efnleueeYeeW JeÀer ieCevee ceW The amount of tax paid shall not be considered for the
Meeefceue veneR efJeÀ³ee peeSiee. calculation of benefits payable under the plan.
6. Force Majeure: In the event where the Corporation's
6. Deheefjne³e& JeÀejCeeW mes: Ssmeer efmLeefle ceW peye efveiece JeÀe JeÀe³e&efve<heeove ³ee JeÀesF&
performance or any other obligations are prevented or
Dev³e yeeO³elee efJeÀmeer owkeer³e Deeheoe ³ee heefjeefmLeefle, næ[leeue, leeueeyeboer, efJeÀmeer hindered as a consequence of any act of God or state, strike,
mejJeÀejer DeLekee Dev³e JeÀevetveer DeefOeJeÀejer JesÀ efkeOeeve ³ee ÒeefleyebOe ³ee efJeÀmeer Dev³e lock out, legislation or restriction by any government or any
heefjefmLeefle³eeW JesÀ JeÀejCe pees efveiece JesÀ efve³eb$eCe JesÀ yeenj nes, JesÀ JeÀejCe kebef®ele ³ee other statutory authority or any other circumstances that lie
yeeefOele neslee nw, Fme hee@equemeer JeÀe JeÀe³e&efve<heeove Ssmeer Deheefjne³e& efmLeefle JesÀ peejer beyond the Corporation's anticipation or control, the
jnves JesÀ oewjeve hetCe&le: ³ee DebMele: mLeefiele jnsiee. efveiece Deheefjne³e& efmLeefle JesÀ performance of this policy shall be wholly or partially
meeceev³e nesles ner hee@equemeer JesÀ Òeefle Deheveer yeeO³eleeDeeW JeÀes hegve: DeejbYe JeÀjsiee. suspended during the continuance of such force majeure. The
efveiece Ssmes JeÀesF& heefjkele&ve JeÀjves mes henues Dee³eDeej[erSDeeF& JeÀes metef®ele JeÀjves Skeb Corporation shall resume its obligations towards the Policy as
hetke&-cebpetjer uesves JeÀe ke®eve oslee nw. soon as the Force Majeure event ceases. The Corporation
undertakes to keep the IRDAI informed and seek prior approval
before effecting any of these changes.
Yeeie-ue: meebefkeefOeJeÀ ÒeekeOeeve
yeercee DeefOeefve³ece, 1938 JeÀer Oeeje 45: PART – G: STATUTORY PROVISIONS
mece³e-mece³e hej ³eLeemebMeesefOele yeercee DeefOeefve³ece, 1938 JeÀer Oeeje 45 JesÀ ÒeekeOeeve Section 45 of Insurance Act, 1938:
ueeiet neWies. ceewpetoe ÒeekeOeeve Fme hee@equemeer JesÀ heefjeqMe<ì III ceW mebueive nw. The provisions of Section 45 of the Insurance Act, 1938 shall be
applicable as amended from time to time. The current provisions
eqMeJeÀe³ele efvekeejCe ÒeCeeueer ë are contained in Annexure-III of this policy document.
efveiece keÀerë Grievance Redressal Mechanism:
ûeenJeÀeW JeÀer eqMeJeÀe³eleeW JesÀ efvekeejCe JesÀ equeS efveiece JesÀ MeeKee/ceb[ue/#es$eer³e/ Of the Corporation:
JeWÀêer³e JeÀe³ee&ue³e ceW eqMeJeÀe³ele efvekeejCe DeefOeJeÀejer nQ. ûeenJeÀeW JeÀer eqMeJeÀe³ele JeÀe The Corporation has Grievance Redressal Officers at Branch/
MeerIe´ efvekeejCe JeÀjves JesÀ equeS efveiece ves Deheves JeÀmìcej heesì&ue (kesyemeeFì) Divisional/ Zonal/ Central Office to redress grievances of
https://www.licindia.in, Hej ûeenJeÀesvcegKeer SJeÀerJe=Àle eqMeJeÀe³ele ÒeyebOeve ÒeCeeueer customers. For ensuring quick redressal of customer grievances
Òemlegle JeÀer nw, eqpemeJesÀ ]peefjS hebpeerJe=Àle hee@equemeerOeejJeÀ Deheveer eqMeJeÀe³ele JeÀes meerOes ope& the Corporation has introduced Customer friendly Integrated
JeÀj meJeÀles nQ leLee GmeJeÀer eqmLeefle hej efveiejeveer jKe meJeÀles nQ. ûeenJeÀ Deheveer efJeÀmeer Complaint Management System through our Customer Portal
mecem³ee JesÀ efvekeejCe JesÀ equeS F&cesue DeeF&[er co_crmgrv@licindia.com hej Yeer (website) which is http://www.licindia.in, where a registered
mebheJe&À JeÀj meJeÀles nQ. policy holder can directly register complaint/ grievance and track
its status. Customers can also contact at e-mail id
pees oekesoej ce=l³eg JesÀ oekes JeÀes DemkeerJe=Àle efJeÀS peeves JesÀ efveCe&³e mes Demebleg<ì neW kes Deheves co_crmgrv@licindia.com for redressal of any grievances.
ceeceues JeÀes meceer#ee JesÀ equeS #es$eer³e JeÀe³ee&ue³e oeJee efkekeeo meceeOeeve meefceefle ³ee JeWÀêer³e
Claimants not satisfied with the decision of death claim
JeÀe³ee&ue³e oekee efkekeeo meceeOeeve meefceefle JesÀ heeme Yespe meJeÀles nw. Òel³esJeÀ oekee efkekeeo
repudiation have the option of referring their cases for review to
meceeOeeve meefceefle ceW G®®e v³ee³eeue³e/eqpeuee v³ee³eeue³e JesÀ SJeÀ meskeeefveke=Êe pepe
Zonal Office Claims Dispute Redressal Committee or Central
meom³e JesÀ ªhe ceW nQ. Office Claims Dispute Redressal Committee. A retired High
Dee³eDeej[erSDeeF& keÀerë Court/ District Court Judge is member of each of the Claims
Dispute Redressal Committees.
Deiej JeÀesF& ûeenJeÀ ncemes Òeehle Òeeflemeeo mes mebleg<ì veneR nw ³ee Gmes 15 efoveeW JesÀ Deboj
Of IRDAI:
JeÀesF& Òeeflemeeo Òeehle veneR neslee nw lees ken efvecveequeeqKele ceW mes efJeÀmeer ceeO³ece JesÀ ]peefjS
Dee³eDeej[erSDeeF& JesÀ eqMeJeÀe³ele JeÀ#e mes mebheJe&À JeÀj meJeÀlee nw. In case the customer is not satisfied with the response or do not
receive a response from us within 15 days, then the customer
Ÿ ìesue He´Àer vebyej 155255 / 18004254732 (DeLee&le Dee³eDeej[erSDeeF& JeÀer may approach the Grievance Cell of the IRDAI through any of the
eqMeJeÀe³ele JeÀe@ue meWìj) hej JeÀe@ue JeÀjJesÀ following modes:
Ÿ complaints@irdai.gov.in hej F&cesue Òesef<ele JeÀjJesÀ Ÿ Calling Toll Free Number 155255 / 18004254732 (i.e. IRDAI
Grievance Call Centre)
Ÿ https://www.igms.irdai.gov.in hej Dee@veueeFve eqMeJeÀe³ele ope& JeÀjJesÀ Ÿ Sending an email to complaints@irdai.gov.in
Ÿ JetÀefj³ej /he$e JesÀ ]peefjS eqMeJeÀe³ele Yespeves kesÀ efueS helee: Ÿ Register the complaint online at http://www.igms.irdai.gov.in
Ÿ Address for sending the complaint through courier / letter:
GheYeeskeÌlee ceeceuee efkeYeeie, Yeejleer³e yeercee efkeefve³eeceJeÀ Skeb efkeJeÀeme ÒeeefOeJeÀjCe,
mekex meb. 115/1, ]HeÀe³eveebeqMe³eue eqpeuee, veeveeke´Àeceieg[e, ie®íeryeeGÀueer, Consumer Affairs Department, Insurance Regulatory and
nwojeyeeo-500032, lesuebieevee Development Authority of India, Survey no. 115/1, Financial
District, Nanakramguda, Gachibowli, Hyderabad – 500 032,
ueeskeÀHeeue keÀerë Telangana.
oekeeW mes mebyebefOele eqMeJeÀe³eleeW JesÀ meceeOeeve JesÀ equeS, oekesoej yeercee ueesJeÀheeue mes Yeer Of Ombudsman:
mebheJe&À JeÀj meJeÀlee nw, pees efJeÀ ûeenJeÀeW JeÀes JeÀce Ke®eeaueer leLee lkeefjle ceO³emLelee Òeoeve For redressal of Claims related grievances, claimants can also
JeÀjles nQ. approach Insurance Ombudsman who provides for low cost and
speedy arbitration to customers.
yeercee ueesJeÀheeue efve³ece, 2017 JesÀ Devegmeej, ueesJeÀheeue efvecveequeeqKele ceeceueeW mes
The Ombudsman, as per Insurance Ombudsman Rules, 2017,
mebyebefOele eqMeJeÀe³eleeW ³ee efkekeeoeW JeÀes mkeerJeÀej leLee Gve hej efke®eej JeÀj meJeÀles nQ:
can receive and consider complaints or disputes relating to the
(JeÀ) oekeeW JesÀ efveheìeve ceW Yeejleer³e yeercee efkeefve³eeceJeÀ Deewj efkeJeÀeme ÒeeefOeJeÀjCe matters such as:
DeefOeefve³ece, 1999 JesÀ Debleie&le yeveeS ieS efkeefve³eceeW ceW efkeefveOee&efjle mece³e mes (a) Delay in settlement of claims, beyond the time specified in the
DeefOeJeÀ JeÀe efkeuebye; regulations, framed under the Insurance Regulatory and
Development Authority of India Act, 1999;
(bKe) peerkeve yeercee JebÀheveer, meeOeejCe yeercee JebÀheveer ³ee mkeemL³e yeercee JebÀheveer Üeje oekeeW
JeÀes DeebeqMeJeÀ ³ee hetCe& ªhe mes DemkeerJe=Àle JeÀjvee; (b) Any partial or total repudiation of claims by the life insurer,
General insurer or the health insurer;
Pradhan Mantri Vaya Vandana Yojana
(UIN:512G336V01) Page 8 of 12 Plan No. 856 w.e.f.May 2020
(ie) yeercee hee@equemeer JesÀ Devegmeej Deoe efJeÀS ieS ³ee Deoe efJeÀS peeves keeues Òeerefce³ece JesÀ yeejs
ceW efkekeeo;
(Ie) hee@equemeer omleekespe ³ee hee@equemeer mebefkeoe ceW efJeÀmeer mece³e hee@equemeer JesÀ MeleeX leLee
ÒeefleyebOeeW JeÀe ieuele ÒeefleefveefOelke;
(®e) oekes mes mebyebefOele efkekeeo JesÀ yeejs ceW yeercee hee@equeefme³eeW JeÀer efkeefOeJeÀ mebj®evee;
(í) yeercee JebÀheefve³eeW leLee GveJesÀ Spesvìdme Deewj ceO³ekeefle&³eeW JesÀ efkeªà hee@equemeer hej
meskee osves JesÀ yeejs ceW eqMeJeÀe³eleW ;
(pe) ÒemleekeJeÀ Üeje pecee JeÀjeS ieS Òemleeke Òehe$e JesÀ Devegªhe peerkeve yeercee hee@equemeer,
meeOeejCe yeercee hee@equemeer, eqpemeceW mkeemL³e yeercee hee@equemeer Yeer Meeefceue nw, peejer ve
JeÀjvee;
(Pe) peerkeve yeercee leLee meeOeejCe yeercee, eqpemeceW mkeemL³e yeercee Yeer Meeefceue nw, ceW Òeerefce³ece
Òeehle nesves JesÀ yeeo yeercee hee@equemeer peejer ve JeÀjvee; leLee
(³e) JeÀesF& Deewj ceeceuee pees efJeÀ yeercee DeefOeefve³ece, 1938 JesÀ ÒeekeOeeveeW ³ee mece³e-mece³e
hej Dee³eDeej[erSDeeF& Üeje peejer efkeefve³eceeW, heefjhe$eeW, efoMee efveoxMeeW ³ee efveoxMeeW ³ee
hee@equemeer mebefkeoe JeÀer MeleeX leLee ÒeefleyebOeeW JesÀ GuuebIeve JesÀ heefjCeece mkeªhe GlheVe
ngDee nes pees efJeÀ Oeeje (JeÀ) mes (í) ceW keeqCe&le ceeceueeW mes mebyebefOele neW.
veesì: Fve MeleeX leLee ÒeefleyebOeeW Skeb efkeMes<e ÒeekeOeeveeW/MeleeX JeÀer k³eeK³ee ceW celeYeso nesves hej
Debûespeer hee" ceev³e nesiee.
Je=Àhe³ee Fme hee@equemeer JeÀes De®íer lejn osKe ueW Deewj Deiej FmeceW JeÀesF& ieueleer
ve]pej DeeS lees Je=Àhe³ee megOeej JesÀ equeS legjble ueewìe oW.
heefjeqMe<ì – I
mecevegosMeve -yeercee DeefOeefve³ece, 1938 JeÀer Oeeje 38 JesÀ Devegmeej
(1) yeercee hee@equemeer JeÀe DeblejCe ³ee mecevegosMeve, hetCe&le: ³ee DebMele: ÒeefleHeÀue meefnle ³ee
FmeJesÀ efyevee, JesÀkeue hee@equemeer hej ner he=<"ebJeÀve ³ee Deueie mes Fbmìåcesvì Üeje efJeÀmeer Yeer
ceeceues ceW DeblejCeJeÀlee& ³ee mecevegosMeJeÀ ³ee GveJesÀ DeefOeJe=Àle Spesvì Üeje efJeÀ³ee pee
meJeÀlee nw, eqpemes JeÀce mes JeÀce SJeÀ mee#eer Üeje mel³eeefhele efJeÀ³ee peevee ®eeefnS, efkeMes<e
ªhe mes DeblejCe ³ee DeY³ehe&Ce JesÀ leL³e Deewj JeÀejCe, mecevegoseqMele JesÀ hetke&ke=Êe Deewj
mecevegosMeve JeÀer MeleeX JeÀe GuuesKe JeÀjles ngS.
(2) yeerceeJeÀlee& Ghe-Oeeje (1) JesÀ Debleie&le efJeÀS ieS efJeÀmeer DeblejCe ³ee mecevegosMeve JeÀes
mkeerJeÀej JeÀj meJeÀlee nw ³ee efJeÀmeer he=<"ebJeÀve JeÀes mkeerJeÀej JeÀjves mes cevee JeÀj meJeÀlee nw,
Deiej GmeJesÀ heeme ³en ceeveves ³ee he³ee&hle JeÀejCe nes efJeÀ ³en DeblejCe ³ee mecevegosMeve
keemleefkeJeÀ veneR nw ³ee hee@equemeerOeejJeÀ JesÀ efnle ceW ³ee peveefnle ³ee yeercee hee@equemeer JeÀer ì£ef[bie
JesÀ Òe³eespeve nsleg Ghe³egkeÌle veneR nQ.
(3) yeerceeJeÀlee&, he=<"ebJeÀve hej Deceue JeÀjves mes FvJeÀej JeÀjves mes henues Deheveer DemkeerJe=Àefle
JesÀ JeÀejCe JeÀes equeeqKele ceW ope& JeÀjsiee leLee hee@equemeerOeejJeÀ Üeje Ssmes DeblejCe ³ee
mecevegosMeve JeÀe veesefìme osves JeÀer efleefLe mes 30 efoveeW JesÀ Deboj Ssmeer DemkeerJe=Àefle mes
hee@equemeerOeejJeÀ JeÀes metef®ele JeÀjsiee.
(4) yeerceeOeejJeÀ Üeje Ssmes DeblejCe ³ee he=<"ebJeÀve hej Deceue JeÀjves mes FvJeÀej JeÀjves mes
ÒeYeeefkele JeÀesF& k³ekeÌle yeerceeJeÀlee& JesÀ JeÀejCe meefnle FvJeÀej JeÀer met®evee efceueves JeÀer efleefLe mes
30 efoveeW JesÀ Deboj ÒeeefOeJeÀejer JesÀ heeme Dehevee oekee jKe meJeÀlee nw.
(5) Ghe-Oeeje (2) JesÀ ÒeekeOeeveeW JesÀ DeOeerve, DeblejCe ³ee mecevegosMeve hetCe& nesiee leLee Ssmes
he=<"ebJeÀve ³ee efkeefOekele mel³eeefhele Fbmìåcesvì hej Deceue ÒeYeekeer nesiee, efmekee³e keneb peneb
DeblejCe ³ee meceevegosMeve yeerceeJeÀlee& JesÀ he#e ceW nw. yeerceeJeÀlee& JesÀ efkeªà ÒeYeekeer ve nesiee,
leLee ³en Debleefjleer ³ee mecevegoseqMeve ³ee GveJesÀ JeÀevetveer ÒeefleefveefOe JeÀes Ssmeer hee@equemeer JesÀ
Debleie&le jeeqMe JesÀ equeS JeÀevetveer oekee JeÀjves ³ee GveJesÀ Üeje OevejeeqMe JeÀes megjef#ele JeÀjves
JeÀe DeefOeJeÀej veneR oslee nw. DeblejCe ³ee mecevegosMeve JeÀe equeeqKele ceW veesefìme ³ee GkeÌle
he=<"ebJeÀve ³ee Fbmìåcesvì JeÀer Òeefle, eqpemes peye leJeÀ efJeÀ DeblejCeJeÀlee& leLee Debleefjleer oesveeW
³ee GveJesÀ lemeleOekele DeefOeJe=Àle Spesvìdme Üeje mel³e nesves JesÀ equeS mel³eeefhele efJeÀ³ee ie³ee
nes, yeerceeJeÀlee& JeÀes meeQhee veneR peelee nw.
yeMeleX peneb yeerceeJeÀlee& JesÀ Yeejle ceW SJeÀ ³ee DeefOeJeÀ JeÀejesyeej JesÀ mLeeve nes, keneb veesefìme
JeÀes JesÀkeue keneR hej efo³ee peevee nw, peneb mes hee@equemeer JeÀes meskee Òeoeve JeÀer pee jner nw.
(6) eqpeme efleefLe JeÀes Ghe-Oeeje (5) ceW meboefYe&le veesefìme yeerceeJeÀlee& JeÀes meghego& efJeÀ³ee peelee
nw, Gmemes ken hee@equemeer ceW efnle jKeves keeues meYeer k³eefkeÌle³eeW JesÀ yeer®e DeblejCe ³ee
mecevegosMeve JesÀ DeblejCe ³ee mecevegosMeve JesÀ Debleie&le meYeer oekeeW JesÀ equeS ÒeeLeefceJeÀlee JeÀe
efkeefve³eefcele JeÀjsieer, leLee peneb SJeÀ mes DeefOeJeÀ Fbmìåcesvì nes keneb Ssmes Fbmìåcesvìdme JesÀ
Debleie&le oekeeW JeÀer ÒeeLeefceJeÀlee Gme ¬eÀce Üeje Meeefmele nesieer, eqpemeceW Ghe-Oeeje (5) ceW
meboefYe&le veesefìme meghego& efJeÀS ieS nQ.
mecevegoseqMele JesÀ yeer®e Yegieleeve JeÀer ÒeeLeefceJeÀlee JesÀ yeejs ceW JeÀesF& efkekeeo GlheVe nesves hej
Gmes ÒeeefOeJeÀejer JeÀes meboefYe&le efJeÀ³ee peeSiee.
Pradhan Mantri Vaya Vandana Yojana
(UIN:512G336V01) Page 9 of 12
(c) Disputes over premium paid or payable in terms of insurance
policy;
(d) Misrepresentation of policy terms and conditions at any time in
the policy document or policy contract;
(e) Legal construction of insurance policies in so far as the dispute
relates to claim;
(f) Policy servicing related grievances against insurers and their
agents and intermediaries;
(g) Issuance of life insurance policy, general insurance policy
including health insurance policy which is not in conformity
with the proposal form submitted by the proposer;
(h) Non-issuance of insurance policy after receipt of premium in
life insurance and general insurance including health
insurance; and
(I) Any other matter resulting from the violation of provisions of the
Insurance Act, 1938 or the regulations, circulars, guidelines or
instructions issued by the IRDAI from time to time or the terms
and conditions of the policy contract, in so far as they relate to
issues mentioned at clauses (a) to (f)
Note: In case of dispute in respect of interpretation of these terms
and conditions and special provisions/conditions the English
version shall stand valid.
YOU ARE REQUESTED TO EXAMINE THIS POLICY, AND IF
A N Y M I S TA K E B E F O U N D T H E R E I N , R E T U R N I T
IMMEDIATELY FOR CORRECTION.
Annexure – I
Assignment - As per Section 38 of the Insurance Act 1938.
(1) A transfer or assignment of a policy of insurance, wholly or in
part, whether with or without consideration, may be made only by
an endorsement upon the policy itself or by a separate instrument,
signed in either case by the transferor or by the assignor or his duly
authorised agent and attested by at least one witness, specifically
setting forth the fact of transfer or assignment and the reasons
thereof, the antecedents of the assignee and the terms on which
the assignment is made.
(2) An insurer may, accept the transfer or assignment, or decline to
act upon any endorsement made under sub-section(1), where it
has sufficient reason to believe that such transfer or assignment is
not bonafide or is not in the interest of the policyholder or in public
interest or is for the purpose of trading of insurance policy.
(3) The insurer shall, before refusing to act upon the endorsement,
record in writing the reasons for such refusal and communicate the
same to the policyholder not later than thirty days from the date of
the policy-holder giving notice of such transfer or assignment.
(4) Any person aggrieved by the decision of an insurer to decline to
act upon such transfer or assignment may within a period of thirty
days from the date of receipt of the communication from the insurer
containing reasons for such refusal, prefer a claim to the Authority.
(5) Subject to the provisions in sub-section (2), the transfer or
assignment shall be complete and effectual upon the execution of
such endorsement or instrument duly attested but except, where
the transfer or assignment is in favour of the insurer, shall not be
operative as against an insurer, and shall not confer upon the
transferee or assignee, or his legal representative, any right to sue
for the amount of such policy or the moneys secured thereby until a
notice in writing of the transfer or assignment and either the said
endorsement or instrument itself or a copy thereof certified to be
correct by both transferor and transferee or their duly authorised
agents have been delivered to the insurer:
Provided that where the insurer maintains one or more places of
business in India, such notice shall be delivered only at the place
where the policy is being serviced.
(6) The date on which the notice referred to in sub-section (5) is
delivered to the insurer shall regulate the priority of all claims under
a transfer or assignment as between persons interested in the
policy; and where there is more than one instrument of transfer
orassignment the priority of the claims under such instruments
shall be governed by the order in which the notices referred to in
sub-section (5) are delivered:
Provided that if any dispute as to priority of payment arises as
between assignees, the dispute shall be referred to the Authority.
Plan No. 856 w.e.f.May 2020
(7) Ghe-Oeeje (5) JesÀ meboefYe&le veesefìme JesÀ Òeehle nesves hej, Ssmes DeblejCe ³ee mecevegosMeve
JesÀ leL³e JeÀes GmeJeÀer efleefLe leLee Debleefjleer ³ee mecevegoseqMele JesÀ veece JesÀ meeLe ope& JeÀjsiee
leLee veesefìme osves keeues k³eefkeÌle Üeje DevegjesOe efJeÀS peeves hej, ³ee Deiej Debleefjleer ³ee
mecevegoseqMele, efkeefve³eceeW Üeje efveOee&efjle JeÀer ieF& HeÀerme JesÀ Yegieleeve hej, Ssmes veesefìme JesÀ
Òeehle nesves JeÀer equeeqKele heekeleer oslee nw; Deewj Ssmeer heekeleer JeÀes yeerceeJeÀlee& JesÀ efkeªà Fme
yeele JeÀe efveCee&³eJeÀ mee#³e ceevee peeSiee efJeÀ Gmes heekeleer mes mebyebefOele veesefìme efkeefOekele
Òeehle ngDee nw.
(8) DeblejCe ³ee mecevegosMeJeÀ JesÀ efve³eceeW leLee MeleeX JesÀ DeOeerve, yeerceeJeÀlee& Üeje
Ghe-Oeeje (5) ceW meboefYe&le veesefìme JeÀer Òeehle JeÀer efleefLe mes, hee@equemeer JesÀ Debleie&le
ueeYe JesÀ hee$e Debleefjleer ³ee mecevegoseqMele JeÀer hen®eeve JeÀjsiee ³ee Ssmee k³eefkeÌle Gve meYeer
os³eleeDeeW leLee FJeÌkeefì³eseb JesÀ DeOeerve nesiee, eqpemeJeÀe efJeÀ DeblejCe ³ee meceevegosMeve
JeÀer efleefLe JeÀes DeblejCeJeÀlee& ³ee mecevegosMeJeÀ hee$e Lee leLee ken hee@equemeer JesÀ mebyebOe ceW
JeÀesF& JeÀej&keeF& JeÀj meJeÀlee nw, ken hee@equemeer JesÀ Debleie&le $eÝCe Òeehle JeÀj meJeÀlee nw ³ee
DeblejCeJeÀlee& ³ee mecevegosMeJeÀ JeÀer menceefle Òeehle efJeÀS efyevee hee@equemeer JeÀes DeY³ehe&Ce JeÀj
meJeÀlee nw ³ee Gmes Ssmeer JeÀej&keeF& JeÀer SJeÀ heeìea yevee meJeÀlee nw.
mhe<ìerJeÀjCe-efmekee³e FmeJesÀ efJeÀ peneb Ghe-Oeeje (1) ceW meboefYe&le he=<"ebJeÀve mhe<ì ªhe
mes GuuesKe JeÀjlee nes efJeÀ mecevegosMeve ³ee DeblejCe, ³eneb oer ieF& Ghe-Oeeje (10) JesÀ
Debleie&le meMele& nw, Òel³esJeÀ mecevegosMeve ³ee DeblejCe JeÀes hetCe& mecevegosMeve ³ee DeblejCe ceevee
peeSiee leLee mecevegoseqMele ³ee Debleefjleer JeÀes, pewmeer Yeer mLeefle nes, ¬eÀceMe: hetCe&
mecevegoseqMele ³ee Debleefjleer ceevee peeSiee.
(9) yeercee JeÀevetve (mebMeesOeve) DeefOeefve³ece 2015 JesÀ DeejbYe nesves mes henues efJeÀS ieS
efJeÀmeer mecevegosMeve ³ee DeblejCe mes peerkeve yeercee JeÀer hee@equemeer JesÀ efJeÀmeer mecevegoseqMele ³ee
Debleefjleer JesÀ DeefOeJeÀej ke Ghe®eej Fme Oeeje JesÀ ÒeekeOeeveeW Üeje ÒeYeeefkele veneR neWies.
(10) efJeÀmeer JeÀevetve JesÀ nesves JesÀ yeekepeto ³ee ûeenJeÀ JeÀer JeÀevetve JesÀ ÒeefleJetÀue yeeO³elee
nesves hej, k³eefkeÌle JesÀ he#e ceW mecevegosMeve Fme oMee ceW efJeÀ³ee pee meJeÀlee nw efJeÀ
De. hee@equemeer JesÀ Debleie&le OevejeeqMe hee@equemeerOeejJeÀ ³ee veeefcele k³eefkeÌle ³ee veeefcele
k³eefkeÌle³eeW JeÀes Gme oMee ceW os³e nes meJeÀleer nw Deiej mecevegoseqMele ³ee Debleefjleer JeÀer
ce=l³eg yeerceeOeejJeÀ mes henues nes peeleer nw; ³ee
ye. yeerceeOeejJeÀ hee@equemeer JeÀer DekeefOe leJeÀ peerefkele jnlee nw, ceev³e nesiee:
leLeeefhe meMele& mecevegoseqMele hee@equemeer JeÀes DeY³ehe&Ce JeÀjves ³ee hee@equemeer hej $eÝCe uesves JeÀe
hee$e veneR nesiee.
(11) Ghe-Oeeje (1) JesÀ Debleie&le yeercee hee@equemeer JesÀ DeebeqMeJeÀ mecevegosMeve ³ee DeblejCe JeÀer
oMee ceW, yeerceeJeÀlee& JeÀer os³elee DeebeqMeJeÀ mecevegosMeve ³ee DeblejCe Üeje megjef#ele JeÀer ieF&
jeeqMe leJeÀ meerefcele nesieer leLee Ssmee hee@equemeerOeejJeÀ Gmeer hee@equemeer JesÀ Debleie&le os³e Mes<e
jeeqMe JesÀ equeS hegve: mecevegosMeve ³ee DeblejCe JeÀjves JeÀe hee$e veneR nesiee.
heefjeqMe<ì – II
veeceebJeÀve-yeercee DeefOeefve³ece, 1938 JeÀer Oeeje 39 JesÀ Devegmeej
1. peerkeve yeercee JeÀer hee@equemeer JeÀe OeejJeÀ Deheves peerkeve hej, hee@equemeer uesles mece³e ³ee
Yegieleeve nsleg hee@equemeer JesÀ heefjheJeÌke nesves mes henues efJeÀmeer Yeer mece³e, efJeÀmeer k³eefkeÌle ³ee
k³eefkeÌle³eeW JeÀes veeefcele JeÀj meJeÀlee nw. eqpemes/eqpevnW GmeJeÀer ce=l³eg JeÀer eqmLeefle ceW hee@equemeer
Üeje mebjef#ele jeeqMe JeÀe Yegieleeve efJeÀ³ee peeSiee.
yeMeleX efJeÀ, Deiej veeefcele k³eefkeÌle veeyeeequeie nes, lees hee@equemeerOeejJeÀ JesÀ equeS ³en JeÀevetve
Gef®ele nesiee efJeÀ yeerceeJeÀlee& Üeje efveOee&efjle lejerJesÀ mes efJeÀmeer k³eefkeÌle JeÀes efve³egkeÌle JeÀjs
pees efJeÀ veeefcele k³eefkeÌle JesÀ veeyeeequeie jnves JesÀ oewjeve hee@equemeerOeejJeÀ JeÀer ce=l³eg nesves hej
hee@equemeer Üeje mebjef#ele jeeqMe JeÀes Òeehle JeÀj meJesÀ.
2. Ssmes efJeÀmeer veeceebJeÀve JesÀ ÒeYeekeer nesves JesÀ equeS, Deiej ken hee@equemeer JeÀer Meyo ³eespevee
ceW efveieefcele veneR nw, lees Gmes yeerefcele JeÀjves JesÀ equeS metef®ele hee@equemeer hej he=<"ebJeÀve leLee
hee@equemeer mes mebyebefOele efjJeÀe@[d&me ceW GmeJesÀ Üeje hebpeerJeÀjCe JesÀ ]peefjS efveieefcele efJeÀ³ee
peeSiee, leLee Ssmes efJeÀmeer veeceebJeÀve hee@equemeer JesÀ heefjheJeÌke nesves mes henues efJeÀmeer Yeer
Yegieleeve mes hetke& efJeÀmeer he=<"ebJeÀve ³ee kemeer³ele, pewmeer Yeer eqmLeefle nes, Üeje jodo efJeÀS ³ee
yeoues pee meJeÀles nQ, uesefJeÀve Deiej Fme ÒeJeÀej efvejmleerJeÀCe ³ee heefjkele&ve JesÀ equeS
yeerceeJeÀlee& JeÀes equeeqKele met®evee ve oer ieF& nes lees yeerceeJeÀlee& hee@equemeer JesÀ Debleie&le GmeJesÀ
Üeje keemleefkeJeÀ yeveeS ieS hee@equemeer JeÀer Meyo ³eespevee ceW GefuueeqKele ³ee yeerceeJeÀlee& JesÀ
efjJeÀe@[d&me ceW hebpeerJe=Àle veeceebefJeÀle JeÀes efJeÀmeer Yegieleeve JesÀ equeS GÊejoe³eer veneR nesiee.
3. yeerceeJeÀlee& Üeje veeceebJeÀve JesÀ hebpeerJe=Àle JeÀjeS peeves ³ee GmeJesÀ efvejmleerJeÀjCe ³ee
yeoues peeves hej hee@equemeerOeejJeÀ JeÀes equeeqKele heekeleer oer peeSieer leLee efkeefve³eceeW Üeje
efkeefveOee&efjle Ssmes efvejmleerJeÀjCe ³ee heefjkele&ve JeÀes hebpeerJe=Àle JeÀjves JesÀ equeS MeguJeÀ Yeer ues
meJeÀlee nw.
4. Oeeje 38 JesÀ Deveg¬eÀce ceW hee@equemeer ceW efJeÀmeer DeblejCe ³ee mecevegosMeve mes veeceebJeÀve
mkele: jodo nes peeSiee.
Pradhan Mantri Vaya Vandana Yojana
(UIN:512G336V01) Page 10 of 12
(7) Upon the receipt of the notice referred to in sub-section (5), the
insurer shall record the fact of such transfer or assignment
together with the date thereof and the name of the transferee or the
assignee and shall, on the request of the person by whom the
notice was given, or of the transferee or assignee, on payment of
such fee as may be specified by the regulations, grant a written
acknowledgement of the receipt of such notice; and any such
acknowledgement shall be conclusive evidence against the
insurer that he has duly received the notice to which such
acknowledgment relates.
(8) Subject to the terms and conditions of the transfer or
assignment, the insurer shall, from the date of the receipt of the
notice referred to in sub-section (5), recognize the transferee or
assignee named in the notice as the absolute transferee or
assignee entitled to benefit under the policy, and such person
shall be subject to all liabilities and equities to which the transferor
or assignor was subject at the date of the transfer or assignment
and may institute any proceedings in relation to the policy, obtain a
loan under the policy or surrender the policy without obtaining the
consent of the transferor or assignor or making him a party to such
proceedings.
Explanation – Except where the endorsement referred to in sub-
section (1) expressly indicates that the assignment or transfer is
conditional in terms of subsection (10) hereunder, every
assignment or transfer shall be deemed to be an absolute
assignment or transfer and the assignee or transferee, as the case
may be, shall be deemed to be the absolute assignee or transferee
respectively.
(9) Any rights and remedies of an assignee or transferee of a policy
of life insurance under an assignment or transfer effected prior to
the commencement of the Insurance Laws (Amendment) Act,
2015 shall not be affected by the provisions of this section.
(10) Notwithstanding any law or custom having the force of law to
the contrary, an assignment in favour of a person made upon the
condition that-
a.The proceeds under the policy shall become payable to the
policyholder or the nominee or nominees in the event of either
the assignee or transferee predeceasing the insured; or
b.The insured surviving the term of the policy , shall be valid:
Provided that a conditional assignee shall not be entitled to obtain
a loan on the policy or surrender a policy.
(11) In the case of the partial assignment or transfer of a policy of
insurance under sub-section (1), the liability of the insurer shall be
limited to the amount secured by partial assignment or transfer
and such policyholder shall not be entitled to further assign or
transfer the residual amount payable under the same policy.
Annexure – II
Nomination - As per section 39 of the Insurance Act, 1938
1. The holder of a policy of life insurance on his own life may, when
effecting the policy or at any time before the policy matures for
payment, nominate the person or persons to whom the money
secured by the policy shall be paid in the event of his death:
Provided that, where any nominee is a minor, it shall be lawful for
the policy holder to appoint any person in the manner laid down by
the insurer, to receive the money secured by policy in the event of
his death during the minority of the nominee.
2. Any such nomination in order to be effectual shall, unless it is
incorporated in the text of the policy itself, be made by an
endorsement on the policy communicated to the insurer and
registered by him in the records relating to the policy and any such
nomination may at any time before the policy matures for payment
be cancelled or changed by an endorsement or a further
endorsement or a will, as the case may be, but unless notice in
writing of any such cancellation or change has been delivered to
the insurer, the insurer shall not be liable for any payment under
the policy made bonafide by him to a nominee mentioned in the
text of the policy or registered in records of the insurer.
3. The insurer shall furnish to the policy holder a written
acknowledgement of having registered a nomination or a
cancellation or change thereof, and may charge such fee as may
be specified by regulations for registering such cancellation or
change.
4. A transfer or assignment of a policy made in accordance with
section 38 shall automatically cancel a nomination:
Plan No. 856 w.e.f.May 2020
yeMeleX efJeÀ, yeerceeJeÀlee& JeÀes hee@equemeer JeÀe mecevegosMeve, pees efJeÀ mecevegosMeve JesÀ mece³e hee@equemeer hej
peeseqKece JeÀe kenve JeÀjlee nes, Gme yeerceeJeÀlee& Üeje hee@equemeer JeÀer peceevele hej, GmeJesÀ DeY³ehe&Ce
cetu³e ³ee hegve: mecevegosMeve JesÀ Debleie&le nes, $eÝCe jeeqMe JeÀer YejheeF& JeÀjves hej veeceebJeÀve jodo
veneR nesiee, uesefJeÀve veeefcele JesÀ DeefOeJeÀej JesÀkeue Gme no leJeÀ ÒeYeeefkele neWies, eqpelevee efJeÀ
hee@equemeer ceW yeerceeJeÀlee& JeÀe efnle nes:
Deeies Mele& ³en nw efJeÀ hee@equemeerOeejJeÀ JeÀes Debleefjle ³ee mecevegoseqMele Üeje Deefûece ªhe mes efoS ieS
$eÝCe JesÀ ÒeefleHeÀue mkeªhe hee@equemeer JeÀe DeblejCe ³ee mecevegosMeve, ®eens ³en hetCe&le: nes ³ee
DebMele:, veeceebJeÀve jodo veneR nesiee, uesefJeÀve veeceebefJeÀle k³eefkeÌle JesÀ DeefOeJeÀejeW JeÀes Gmeer no
leJeÀ ÒeYeeefkele JeÀjsiee, pees efJeÀ hee@equemeer ceW Debleefjleer ³ee mecevegoseqMele JesÀ efnle ceW nesiee.
Mele& ³en Yeer nw efJeÀ veeceebJeÀve pees efJeÀ DeblejCe ³ee mecevegosMeve hej GmeJesÀ heefjCeecemkeªhe Deheves
Deehe jodo ngDee nes, ken veeceebJeÀve mecevegoseqMele Üeje hegve: mecevegosMeve ³ee Debleefjleer Üeje $eÝCe
JesÀ Yegieleeve hej efmekee³e yeerceeJeÀlee& JeÀes hee@equemeer JeÀer peceevele hej, hegve: DeblejCe mes mkele: hegve:
Òe®eeequele nes peeSiee.
5. peneb hee@equemeer JeÀer Yegieleeve nsleg heefjheJeÌkelee Gme k³eefkeÌle JesÀ peerkeveJeÀeue ceW nesleer nw eqpemeJesÀ
peerkeve JeÀes yeerefcele efJeÀ³ee ie³ee nw ³ee Deiej veeefcele k³eefkeÌle ³ee SJeÀ mes DeefOeJeÀ neW.
veeefceleeW ceW mes meYeer hee@equemeer JesÀ Yegieleeve nsleg heefjheJeÌkelee nesves mes henues cej peeles nQ, keneb
hee@equemeer JesÀ Debleie&le megjef#ele jeeqMe JeÀe Yegieleeve hee@equemeerOeejJeÀ ³ee GmeJesÀ GÊejeefOeJeÀejeW ³ee
JeÀevetveer ÒeefleefveefOe³eeW ³ee GÊejeefOeJeÀej ÒeceeCehe$e JesÀ OeejJeÀ JeÀes, pewmeer mLeefle nes, efJeÀ³ee
peeSiee.
6. peneb SJeÀ ³ee DeefOeJeÀ veeefcele neW leLee SJeÀ ³ee SJeÀ mes DeefOeJeÀ veeefcele, Gme k³eefkeÌle JesÀ yeeo
peerefkele jnles nQ, eqpemeJesÀ peerkeve JeÀes yeerefcele efJeÀ³ee ie³ee nw, lees hee@equemeer Üeje megjef#ele JeÀer ieF&
jeeqMe JeÀe Yegieleeve Ssmes GÊejpeerkeer ³ee GÊejpeerefke³eeW JeÀes efJeÀ³ee peeSiee.
7. Fme Oeeje JesÀ Dev³e ÒeekeOeeveeW JesÀ DeOeerve, peneb yeercee hee@equemeer JesÀ OeejJeÀ ves Deheves peerkeve hej
Deheves ceelee/efhelee ³ee Deheves peerkevemeeLeer ³ee Deheves ye®®eeW ³ee Deheves peerkevemeeLeer Deewj ye®®eeW
³ee GveceW mes efJeÀmeer JeÀes veeefcele efJeÀ³ee nes, Ssmes veeefcele Ghe-Oeeje (6) JesÀ Debleie&le yeerceeJeÀlee&
Üeje os³e jeeqMe JesÀ equeS ueeYeeLeea neWies, peye leJeÀ efJeÀ ³en meeefyele veneR neslee efJeÀ hee@equemeer JeÀe
OeejJeÀ, hee@equemeer ceW GmeJesÀ ìeFìue JeÀer ÒeJe=Àefle JesÀ Devegmeej veeceebefJeÀle JeÀes Ssmee ueeYeeLeea
ìeFefìue Òeoeve veneR JeÀj meJeÀlee nw.
8. GhejeskeÌle JeÀns ieS JesÀ DeOeerve, peneb veeefcele ³ee Deiej SJeÀ mes DeefOeJeÀ veeefcele neW, eqpeve hej
Provided that the assignment of a policy to the insurer who bears
the risk on the policy at the time of the assignment, in consideration
of a loan granted by that insurer on the security of the policy within
its surrender value, or its reassignment on repayment of the loan
shall not cancel a nomination, but shall affect the rights of the
nominee only to the extent of the insurer's interest in the policy:
Provided further that the transfer or assignment of a policy, whether
wholly or in part, in consideration of a loan advanced by the
transferee or assignee to the policyholder, shall not cancel the
nomination but shall affect the rights of the nominee only to the
extent of the interest of the transferee or assignee, as the case may
be, in the policy:
Provided also that the nomination, which has been automatically
cancelled consequent upon the transfer or assignment, the same
nomination shall stand automatically revived when the policy is
reassigned by the assignee or retransferred by the transferee in
favour of the policyholder on repayment of loan other than on a
security of policy to the insurer.
5. Where the policy matures for payment during the lifetime of the
person whose life is insured or where the nominee or, if there are
more nominees than one, all the nominees die before the policy
matures for payment, the amount secured by the policy shall be
payable to the policyholder or his heirs or legal representatives or
the holder of a succession certificate, as the case may be.
6. Where the nominee or if there are more nominees than one, a
nominee or nominees survive the person whose life is insured, the
amount secured by the policy shall be payable to such survivor or
survivors.
7. Subject to the other provisions of this section, where the holder
of a policy of insurance on his own life nominates his parents, or his
spouse, or his children, or his spouse and children, or any of them,
the nominee or nominees shall be beneficially entitled to the
amount payable by the insurer to him or them under sub-section
(6) unless it is proved that the holder of the policy, having regard to
the nature of his title to the policy, could not have conferred any
such beneficial title on the nominee.

Ghe-Oeeje (7) ueeiet nesleer nw, hee@equemeer Üeje megjef#ele jeeqMe JesÀ Yegieleeve mes henues, uesefJeÀve Gme 8. Subject as aforesaid, where the nominee, or if there are more
nominees than one, a nominee or nominees, to whom sub-section
k³eefkeÌle eqpemeJesÀ peerkeve JeÀes yeerefcele efJeÀ³ee ie³ee nw, JesÀ yeeo cej peelee nw lees hee@equemeer Üeje
(7) applies, die after the person whose life is insured but before the
megjef#ele jeeqMe ³ee cejveskeeues veeefcele ³ee veeefceleeW pewmeer Yeer mLeefle nes JesÀ amount secured by the policy is paid, the amount secured by the
efnmmes JeÀe ÒeefleefveefOelke JeÀjves keeueer hee@equemeer Üeje megjef#ele jeeqMe JeÀe Yegieleeve veeefcele ³ee policy, or so much of the amount secured by the policy as
represents the share of the nominee or nominees so dying (as the
veeefceleeW JesÀ GÊejeefOeJeÀejeW ³ee JeÀevetveer ÒeefleefveefOe³eeW ³ee GÊejeefOeJeÀej ÒeceeCehe$e JesÀ OeejJeÀ,
case may be), shall be payable to the heirs or legal representatives
pewmeer Yeer mLeefle nes, JeÀes efJeÀ³ee peeSiee leLee kes Ssmeer jeeqMe JeÀes heeves JesÀ equeS DeefOeJe=Àle ueeYeeLeea of the nominee or nominees or the holder of a succession
neWies. certificate, as the case may be, and they shall be beneficially
entitled to such amount.
9. Ghe-OeejeDeeW (7) Deewj (8) ceW JegÀí Yeer peerkeve yeercee JeÀer efJeÀmeer hee@equemeer JeÀer Deeceoefve³eeW
9. Nothing in sub-sections (7) and (8) shall operate to destroy or
mes efJeÀmeer $eÝCeoelee JesÀ DeefOeJeÀej JeÀes ve<ì ³ee meceehle veneR JeÀjsiee.
impede the right of any creditor to be paid out of the proceeds of
10. Ghe-OeejeDeeW (7) Deewj (8) JesÀ ÒeekeOeeve yeercee JeÀevetve (mebMeesOeve) DeefOeefve³ece 2015 any policy of life insurance.
JesÀ DeejbYe nesves JesÀ yeeo Yegieleeve JesÀ equeS heefjheJeÌke nesves keeueer peerkeve yeercee JeÀer meYeer hee@equeefme³eeW 10. The provisions of sub-sections (7) and (8) shall apply to all
hej ueeiet neWies. policies of life insurance maturing for payment after the
commencement of the Insurance Laws (Amendment) Act, 2015.
11. peneb hee@equemeerOeejJeÀ JeÀer ce=l³eg hee@equemeer JesÀ heefjheJeÌke nesves JesÀ yeeo ngF& nes, uesefJeÀve hee@equemeer 11. Where a policyholder dies after the maturity of the policy but the
JeÀer Dee³e Deewj efnleueeYe JeÀe Yegieleeve Gmes GmeJeÀer ce=l³eg JesÀ JeÀejCe ve ngS neW, proceeds and benefit of his policy has not been made to him
because of his death, in such a case, his nominee shall be entitled
lees GmeJesÀ Üeje veeefcele GmeJeÀer hee@equemeer JesÀ Debleie&le Deeceoveer Deewj efnleueeYe JeÀes heeves JeÀe hee$e
to the proceed and benefit of his policy.
nesiee.
12. The provisions of this section shall not apply to any policy of life
12. Fme Oeeje JesÀ ÒeekeOeeve peerkeve yeercee JeÀer Ssmeer efJeÀmeer hee@equemeer hej ueeiet veneR neWies, eqpeme hej insurance to which section 6 of the Married Women's Property Act,
Oeeje 6, efkekeeefnle ðeer mebheefÊe DeefOeefve³ece 1874 ueeiet neslee nes ³ee JeÀYeer ueeiet efJeÀ³ee ie³ee nes. 1874, applies or has at any time applied:
Provided that where a nomination made whether before or after the
yeMeleX efJeÀ, peneb yeercee JeÀevetve (mebMeesOeve) DeO³eeosMe, 2015 JesÀ DeejbYe nesves mes henues yeerefcele commencement of the Insurance Laws (Amendment) Act, 2015, in
k³eefkeÌle JesÀ Helveer leLee ye®®eeW ³ee GveceW mes efJeÀmeer JesÀ he#e ceW DeefYek³ekeÌle ªhe mes veeceebefJeÀle favour of the wife of the person who has insured his life or of his wife
efJeÀ³ee ie³ee nes, ®eens ken hee@equemeer hej DebefJeÀle nes ³ee veneR, pewmes efJeÀ Fme Oeeje JesÀ Debleie&le efJeÀ³ee and children or any of them is expressed, whether or not on the
ie³ee nw, JeÀefLele Oeeje 6 hee@equemeer hej ueeiet veneR ceeveer peeSieer ³ee ueeiet veneR nesieer. face of the policy, as being made under this section, the said
section 6 shall be deemed not to apply or not to have applied to the
policy.
heefjeqMe<ì-III Annexure-III

DeefOeefve³ece, 1938 JeÀer Oeeje 45 JesÀ Devegmeej.
1. peerkeve yeercee JeÀer efJeÀmeer hee@equemeer JeÀes, hee@equemeer JeÀer efleefLe mes DeLee&le hee@equemeer JesÀ peejer
nesves JeÀer efleefLe ³ee peeseqKece DeejbYe nesves JeÀer efleefLe ³ee hee@equemeer JesÀ hegve:Òe®eeueve JeÀer efleefLe
mes ³ee hee@equemeer hej jeF[j JeÀer efleefLe mes leerve ke<eeX JeÀer meceehle hej,pees Yeer yeeo ceW nes,
efJeÀmeer Yeer DeeOeej hej ÒeMve JesÀ equeS veneR yeguee³ee pee meJeÀlee nw.
Section-45 as per Insurance Act, 1938.
1. No policy of life insurance shall be called in question on any
ground whatsoever after the expiry of three years from the date of
the policy, i.e. from the date of issuance of the policy or the date of
commencement of risk or the date of revival of the policy or the date
of the rider to the policy, whichever is later.

Pradhan Mantri Vaya Vandana Yojana

(UIN:512G336V01) Page 11 of 12 Plan No. 856 w.e.f.May 2020
2. peerkeve yeercee JeÀer efJeÀmeer hee@equemeer JeÀes, hee@equemeer JesÀ peejer nesves JeÀer efleefLe ³ee peeseqKece
DeejbYe nesves JeÀer efleefLe ³ee hee@equemeer JesÀ hegve:Òe®eeueve JeÀer efleefLe mes ³ee hee@equemeer hej
jeF[j JeÀer efleefLe mes leerve ke<eeX JeÀer meceehle hej, pees Yeer yeeo ceW nes, pees Yeer yeeo ceW nes,
OeesKesOeæ[er JesÀ DeeOeej hej ÒeMve JesÀ equeS yeguee³ee pee meJeÀlee nw.
yeMeleX efJeÀ, yeerceeJeÀlee& Üeje yeerceeOeejJeÀ JeÀes ³ee yeerceeOeejJeÀ JesÀ JeÀevetveer ÒeefleefveefOe ³ee
veeefceleeW ³ee mecevegoseqMeleeW JeÀes equeeqKele ceW Gve DeeOeejeW leLee ue#³eeW JesÀ yeejs ceW metef®ele
JeÀjvee nesiee, eqpeveJesÀ DeeOeej hej ³en HewÀmeuee eque³ee ie³ee nw.
mhe<ìerJeÀjCe I: Fme GheOeeje JesÀ Òe³eespeve nsleg ``OeesKesOeæ[er'' JeÀe DeLe& nw yeerceeOeejJeÀ ³ee
GmeJesÀ Spesvì Üeje yeerceeJeÀlee& JeÀes OeesKee osves ³ee yeerceJeÀlee& JeÀes peerkeve yeercee hee@equemeer
peejer JeÀjves JesÀ equeS ÒeYeeefkele JeÀjves JesÀ Fjeos mes efJeÀ³ee ie³ee efvecveequeeqKele ceW mes JeÀesF&
JeÀe³e&
De) megPeeke, pees efJeÀ leL³e ªhe ceW mener veneR nw leLee eqpemeJesÀ me®e nesves hej
yeerceeOeejJeÀ JeÀes efkeMkeeme veneR nw;
ye) yeerceeOeejJeÀ Üeje efJeÀmeer leL³e JeÀes eqíheevee, pees GmeJeÀer peeveJeÀejer ceW Lee ³ee
GmeJeÀer keemleefkeJeÀlee hej Gmes efkeMkeeme Lee;
me) OeesKeeOeæ[er JesÀ Fjeos mes G"e³ee ie³ee JeÀesF& Dev³e JeÀoce; leLee
o) JeÀesF& Dev³e Ssmee JeÀoce ³ee Yetue-®etJeÀ eqpemes JeÀevetve efkeMes<e ªhe mes OeesKeeOeæ[er
ceevelee nw
mhe<ìerJeÀjCe II : yeerceJeÀlee& Üeje peeseqKece JesÀ DeeJeÀueve JeÀes ÒeYeeefkele JeÀjves keeues leL³eeW
JesÀ yeejs ceW efme]He&À ®eghe jnvee OeesKeeOeæ[er veneR nw, peye leJeÀ efJeÀ ceeceues JeÀer heefjmLeefle JesÀ
Devegmeej, yeerceeOeejJeÀ ³ee GmeJesÀ Spesvì JeÀe ³en JeÀle&k³e nw. yeesueves mes ®eghe jnvee ³ee
Dev³eLee GmeJeÀer KeeceesMeer Deheves Deehe ceW yeesueves JesÀ yejeyej nes.
3. GheOeeje (2) JesÀ JegÀí Yeer efveefnle nesves JesÀ yeekepeto, JeÀesF& Yeer yeerceeJeÀlee& efJeÀmeer
peerkeve yeercee hee@equemeer JeÀes OeesKeeOeæ[er JesÀ DeeOeej hej DemkeerJe=Àle veneR JeÀj meJeÀlee nw,
Deiej yeerceeOeejJeÀ/ueeYeeLeea ³en ÒeceeeqCele JeÀj meJesÀ efJeÀ GmeJesÀ Üeje JeÀer ieF&
ieueleye³eeveer GmeJeÀer DeefOeJeÀlece peeveJeÀejer JesÀ Devegmeej mener Leer Deewj Gmeves
peeveyetPeJeÀj leL³eeW JeÀes eqíheeves JeÀer JeÀeseqMeMe veneR JeÀer ³ee JeÀefLele ieueleye³eeveer ³ee
cenÊkehetCe& leL³e JeÀes eqíhee³ee peevee yeerceeJeÀlee& JeÀer peeveJeÀejer ceW Lee.
yeMeleX efJeÀ, OeesKesOeæ[er JesÀ ceeceues ceW Fmes ieuele meeefyele JeÀjves JeÀe oeef³elke ueeYeeefLe&³eeW
hej nw Deiej hee@equemeerOeejJeÀ peerefkele veneR nw.
mhe<ìerJeÀjCe- JeÀesF& k³eefkeÌle pees yeercee JeÀer mebefkeoe JeÀe Deeûen Deewj GmeJeÀer meewosyeepeer
JeÀjlee nw Gmes mebefkeoe JesÀ Òe³eespeve JesÀ equeS yeerceeJeÀlee& JeÀe Spesvì ceevee peeSiee
4. peerkeve yeercee JeÀer efJeÀmeer hee@equemeer JeÀes hee@equemeer JesÀ peejer JeÀjves JeÀer efleefLe mes ³ee
peeseqKece JesÀ DeejbYe nesves JeÀer efleefLe mes ³ee hee@equemeer JesÀ hegve:Òe®eeueve JeÀer efleefLe mes ³ee
hee@equemeer JesÀ jeF[j JeÀer efleefLe mes leerve ke<eeX JesÀ Deboj, pees Yeer yeeo ceW nes, efJeÀmeer Yeer
mece³e, Fme DeeOeej hej ÒeMve JesÀ equeS yeguee³ee pee meJeÀlee nw efJeÀ yeerefcele k³eefkeÌle JesÀ
peerkeveJeÀeue mes mebyebefOele efJeÀmeer leL³e JeÀes Òemleeke Òehe$e ceW ³ee efJeÀmeer Dev³e JeÀeiepeele ceW
eqpemeJesÀ DeeOeej hej hee@equemeer peejer JeÀer ieF& Leer ³ee hegve:Òe®eeequele JeÀer ieF& Leer ³ee jeF[j
peejer efJeÀ³ee ie³ee Lee, eqíhee³ee ie³ee Lee ³ee ieuele efoKee³ee ie³ee Lee.
yeMeleX efJeÀ, yeerceeJeÀlee& Üeje yeerceeOeejJeÀ JeÀes yeerceeOeejJeÀ JesÀ JeÀevetveer ÒeefleefveefOe ³ee
veeceebefJeÀle k³eefkeÌle³eeW ³ee mecevegoseqMeleeW JeÀes equeeqKele ceW Gve DeeOeejeW leLee leL³eeW JesÀ yeejs
ceW metef®ele JeÀjvee nesiee, eqpeveJesÀ DeeOeej hej peerkeve yeercee JeÀes hee@equemeer JeÀes DemkeerJe=Àle
JeÀjves JeÀe ³en HewÀmeuee eque³ee ie³ee nw.
Deeies Mele& ³en nw efJeÀ cenÊkehetCe& leL³e JeÀer ieueleye³eeveer ³ee eqíheeS peeves JesÀ DeeOeej hej
hee@equemeer JeÀes DemkeerJe=Àle efJeÀS peeves leLee OeesKeeOeæ[er JeÀer mLeefle ve nesves hej, DemkeerJe=Àefle
JeÀer efleefLe leJeÀ hee@equemeer hej pecee efJeÀS ieS meYeer Òeerefce³eceeW JeÀe Yegieleeve yeerceeOeejJeÀ ³ee
yeerceeOeejJeÀ JesÀ JeÀevetveer ÒeefleefveefOe ³ee veeefceleeW ³ee mecevegoseqMeleeW JeÀes Ssmeer DemkeerJe=Àefle JeÀer
efleefLe mes veyyes efoveeW JesÀ Deboj JeÀj efo³ee peeSiee.
mhe<ìerJeÀjCe- Fme GheOeeje JesÀ Òe³eespeve nsleg, efJeÀmeer leL³e JeÀer ieueleye³eeveer ³ee eqíheeS
peeves JeÀes leye leJeÀ cenÊkehetCe& veneR ceevee peeSiee, peye leJeÀ efJeÀ GmeJeÀe yeerceeJeÀlee& Üeje
mkeerJeÀej efJeÀS ieS peeseqKece hej JeÀesF& Òel³e#e ÒeYeeke ve nes, ³en ÒeceeeqCele JeÀjves JeÀe
oeef³elke yeerceeJeÀlee& JeÀe nesiee efJeÀ Deiej yeerceeJeÀlee& JeÀes mLeeefhele leL³e JeÀer peeveJeÀejer
nesleer lees ken yeerceeOeejJeÀ JeÀes ³en peerkeve yeercee hee@equemeer peejer veneR JeÀjlee.
5. Fme Oeeje ceW efveefnle JegÀí Yeer yeerceeJeÀlee& JeÀes efJeÀmeer Yeer mece³e Gce´ JeÀe ÒeceeCe ceebieves
mes veneR jesJeÀleer nw, Deiej ken FmeJesÀ equeS DeefOeJe=Àle nw leLee efJeÀmeer hee@equemeer JeÀer efme]He&À
FmeequeS ÒeMve JesÀ equeS yeguee³ee veneR pee meJeÀlee nw Je̳eeWefJeÀ Òemleeke ceW ieuele GuuesKe JeÀer
ieF& yeerefcele k³eefkeÌle JeÀer Gce´ JeÀes meyetle JesÀ DeeOeej hej yeeo ceW mecee³eeseqpele efJeÀ³ee ie³ee
Lee.
Pradhan Mantri Vaya Vandana Yojana
(UIN:512G336V01) Page 12 of 12
2. A policy of life insurance may be called in question at any time
within three years from the date of issuance of the policy or the date
of commencement of risk or the date of revival of the policy or the
date of the rider to the policy, whichever is later on the ground of
fraud:
Provided that the insurer shall have to communicate in writing to
the insured or the legal representatives or nominees or assignees
of the insured the grounds and materials on which such decision is
based.
Explanation I.-For the purposes of this sub-section, the expression
“fraud” means any of the following acts committed by the insured
or by his agent, with the intent to deceive the insurer or to induce
the insurer to issue a life insurance policy:-
a)the suggestion, as a fact of that which is not true and which the
insured does not believe to be true;
b)the active concealment of a fact by the insured having
knowledge or belief of the fact;
c)any other act fitted to deceive; and
d)any such act or omission as the law specially declares to be
fraudulent.
Explanation II- Mere silence as to facts likely to affect the
assessment of the risk by the insurer is not fraud, unless the
circumstances of the case are such that regard being had to them,
it is the duty of the insured or his agent, keeping silence to speak,
or unless his silence is, in itself, equivalent to speak.
3. Notwithstanding anything contained in subsection (2), no
insurer shall repudiate a life insurance policy on the ground of
fraud if the insured can prove that the misstatement of or
suppression of a material fact was true to the best of his knowledge
and belief or that there was no deliberate intention to suppress the
fact or that such misstatement of or suppression of a material fact
are within the knowledge of the insurer:
Provided that in case of fraud, the onus of disproving lies upon the
beneficiaries, in case the policyholder is not alive.
Explanation – A person who solicits and negotiates a contract of
insurance shall be deemed for the purpose of the formation of the
contract, to be the agent of the insurer.
4. A policy of life insurance may be called in question at any time
within three years from the date of issuance of the policy or the date
of commencement of risk or the date of revival of the policy or the
date of the rider to the policy, whichever is later, on the ground that
any statement of or suppression of a fact material to the
expectancy of the life of the insured was incorrectly made in the
proposal or other document on the basis of which the policy was
issued or revived or rider issued:
Provided that the insurer shall have to communicate in writing to
the insured or the legal representatives or nominees or assignees
of the insured the grounds and materials on which such decision to
repudiate the policy of life insurance is based:
Provided further that in case of repudiation of the policy on the
ground of misstatement or suppression of a material fact, and not
on the ground of fraud the premiums collected on the policy till the
date of repudiation shall be paid to the insured or the legal
representatives or nominees or assignees of the insured within a
period of ninety days from the date of such repudiation.
Explanation. - For the purposes of this sub-section, the
misstatement of or suppression of fact shall not be considered
material unless it has a direct bearing on the risk undertaken by the
insurer, the onus is on the insurer to show that had the insurer been
aware of the said fact no life insurance policy would have been
issued to the insured.
5. Nothing in this section shall prevent the insurer from calling 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 that the age of the life
insured was incorrectly stated in the proposal.
Plan No. 856 w.e.f.May 2020