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KEYMAN INSURANCE
Ref Actuarial / 2017/4            29th April, 2005

In accordance with a directive received from the Chairman, Insurance Regulatory and Development Authority (IRDA). it has been decided that only Term Assurance plan will be allowed under Keyman Insurance after 30th April 2005.

The following instructions may be noted in this regard:
i) The only plan to be allowed under Keyman Insurance with effect from 1st May 2005 - 
    Table No. 164 - Anmol Jeevan
 
ii) Proposals under other plans for Keyman Insurance where deposits have been
    received upto 30th April 2005 can be allowed to be completed latest by 10th May 2005.

The above instructions come into force with immediate effect.

INCREASE IN ACCIDENT BENEFIT COVER
Ref : Actuarial / 20 18/4               2nd May, 2005

This is further to our circulars ref. Actl/1838/4 dated 23rd November 2002 and ref. Actl/1844/4 dated 19th December 2002 regarding increase in Accident benefit cover limit.

It has been decided to increase the ceiling of Accident Benefit cover from present level of Rs. 25 lacs to Rs. 50 lacs.

The overall ceiling of Rs. 50 lacs for Accident Benefit on an individual life will be applicable for all insurance policies of all insurers under individual as well as group schemes. In view of these restrictions, it is necessary to ensure that the total Accident Benefit cover should not exceed Rs. 50 iacs on a single life. The total Accident Benefit cover will include the Accident Benefit allowed under all the existing policies including policies with in-built Accident Benefit under Table No. 91, 111. 123, 124, 125, 126, 128, 140, 149 and 150.

It is. therefore, necessary to obtain the details of existing Accident Benefrt cover at the proposal stage as per enclosed Form so as to ensure that total Accident Benefit under all policies put together does not exceeds Rs. 50 Iakhs.

The Accident Benefit in excess of Rs. 25 lacs is to be reinsured with GIC of India. The Branches have. therefore, to provide necessary data for this purpose through their controlling Divisional Officers. The detailed instructions are being issued separately

All other conditions for granting Accident Benefit cover remain unaltered.

These instructions come into force with immediate effect

REMOVAL OF CRITICAL ILLNESS RIDER IN CASE OF DIAGNOSIS OF A CRITICAL
ILLNESS WITHIN THE TERM  OF THE POLICY
 
Ref : Actuarial / 2034/4 13th September, 2005

This is further to our circulars Ref. Actl/19O6/4 dated 8.10.2003 and Ref. Actl/1918/4 dated 28th November 2003 on Critical Illness Rider.

As per “Conditions and Restrictions” of Critical Illness Rider as mentioned in the Annexure to our circular Ref. Actl/1918/4 dated 28th November 2003, a claim under Critical Illness Rider becomes payable on the first diagnosis of a Critical Illness during the policy term after the waiting period of six months. However, the waiting period condition will not apply to conditions arising directly out of accidents.

The following clarification may please be noted:

Once Critical Illness Rider claim is lodged by the Life Assured, whether payable / paid or not payable / not paid by the Corporation, Critical Illness rider will not be available to the Life Assured during the remaining policy term and hence no premium towards the Critical Illness Rider shall be charged from the policy anniversary coinciding with or following the date of occurrence of the Critical illness. This will also be applicable in case the Life Assured is diagnosed to have suffered from any of the Critical Illnesses covered, during the waiting period.

AMENDMENTS TO FINANCIAL POWERS STANDING ORDER, 1960
Ref .Act. /CUS/2036/4                    20th September, 2005

Important information pertaining to the underwriting financial powers as per Chapter III and Financial Powers Standing Order have been revised.

The following revisions may be noted

1. Underwriting powers of only Zonal Offices have been revised.
    
2. There is no change in the underwriting powers pertaining to Divisional and Branch Offices.
    
3. The revised underwriting powers of Zonal Offices are as under.
    

The revised limits will come into force from 1st October 2005.

The underwriting work will be apportioned among Branch Offices, Divisional Offices, Zonal Offices and the Central Office. Proposals on standard and sub-standard lives shall be underwritten at the various offices as shown below:

Limits shown above are based upon Sum under consideration.

KOMAL JEEVAN PLAN
(Table 159) CLARIFICATIONS

There seems to be some confusion over the words “attainment of” and “completion of” used in the circular and policy document.

This is to clarify that wherever the words “attainment of” or “completion of” appear in the context of the premium paying term, the vesting of a policy in the life of the child and the payment of the survival benefit and the maturity benefit, they are to be read as “policy anniversary coinciding with or immediately following the completion”.