INSURANCE CONTRACT

By

Syed Abdul Razak

20211BBL0044

BBA-LLB(Hons), SEM 6, SEC 2

Submitted to

Asst. Prof. Anjana Haridas

SCHOOL OF LAW, PRESIDENCY UNIVERSITY

BANGALORE, KARNATAKA

FEBRUARY 2024
 CONTRACT OF LIFE INSURANCE

This Insurance Contract (the "Contract") is entered into on this 20 th day of February 2024 (the "Effective
Date"), by and between:

Insurer: BlackBuck Insurance Company Pvt. Ltd. 4TH Main, Hill Street, Bandra, State - 560678

Insured: Mr. Salman Khan 486 Policy Avenue Townsville, State - 560064

Policy Details: Type of Insurance: Life Insurance Policy Number: LIF 896745231 Policy Period:
20/02/2024-20/02/2028

Coverage: The Insurer agrees to provide coverage to the Insured for the following risks:

1. Life Coverage Amount: INR 2,000,000 (Indian Rupees Two Million)

Terms and Conditions:

1. Definitions:
A. Insured: The person whose life is insured under this policy i.e. Salman Khan.
B. Beneficiary: An individual or entity designated by the policyholder to receive
death benefits in the event of the death of the insured.
C. Premium: The amount paid by the policyholder to the insurer in exchange for
coverage under this policy.

2. Coverage:
2.1 The insurer undertakes to provide the policyholder with life insurance coverage in accordance
with the conditions set forth in this contract. Coverage includes:
A. Death benefit: In the event of the death of the insured during the term of the
policy, the beneficiary is entitled to the sum insured.
B. Optional additional insurance: The policyholder may opt for additional coverage
options or additional insurance in accordance with the conditions set by the
insurer.
2.2 The coverage provided by this policy is subject to the terms and conditions outlined in the policy
document.

3 Premium Payment:
 3.1 The Insured agrees to pay an annual premium of INR 40,008 (Indian Rupees Fourty Thousand
and Eight Rupees) in twelve equal monthly installments of INR 3,334 each.

3.2 Failure to pay premiums may result in the cancellation of the policy.

The policyholder undertakes to pay the premiums on time as determined by the insurer. Failure to
pay premiums may result in forfeiture or termination of the policy.

4 Post-pandemic changes and innovations:

In light of post-pandemic changes and reforms in the insurance industry, this policy includes the
following innovations:
4.1 Pandemic Coverage: In the event of death of the insured as a result of a pandemic-related illness,
the policy will provide coverage in accordance with the terms and conditions herein.
4.2 Digital services: The insurer offers digital services for premium payments, policy management
and claim processing, thereby increasing convenience and accessibility for policyholders.

5 Compliance Checklist:
The Insurer shall ensure compliance with all applicable regulatory and legal requirements,
including but not limited to:
5.1 Insurance Regulatory and Development Authority of India (IRDAI) Guidelines: Ensuring
compliance with the guidelines issued by IRDAI relating to life insurance products and services.
5.2 Consumer Protection Laws: Providing clear and transparent information to policyholders
regarding policy terms, coverage and claims procedures.
5.3 Financial regulations: Maintaining solvency and financial stability to meet obligations to
policyholders.

6 Social need and business aspect:

This policy aims to find a balance between the social need for insurance to provide financial
protection to individuals and their families and the business aspect of ensuring the profitability
and sustainability of the insurer.

7 Termination and Surrender:

 7.1 The policy may be terminated or surrendered in accordance with the terms herein.

8 Applicable law:
This Contract shall be governed by and construed in accordance with the laws of the Republic of
India. Any disputes arising under or in connection with this Contract shall be subject to the exclusive
jurisdiction of the courts located in Bangalore, Karnataka, India.

9 Claims Process:

9.1 In the event of a covered loss, the Insured shall promptly notify the Insurer and follow the claims
process outlined in the policy.

10 Exclusions:
The policy may contain exclusions or limitations. The Insured is responsible for understanding
and complying with these exclusions.

Entire Agreement: This Contract constitutes the entire agreement between the parties and supersedes any
prior agreements or understandings, whether oral or written.

IN WITNESS WHEREOF, the parties hereto have executed this Insurance Contract as of the Effective
Date.

Insurer:

[Signature] Lawrence Blackbuck (CEO) ,

BlackBuck Insurance Company Pvt. Ltd.

February 20t , 2024

Insured:

[Signature]

Salman Khan

February 20th, 2024