Page 53 - Insurance Times August New 2023

Sum Assured on Death is defined as higher of Sample Premiums
a) 10 times Annualised Premium
Sum Assured - INR 50 Lakhs
b) 105% of total premiums paid till date of death
Age Policy Term Policy Term Policy Term
c) Sum Assured 10 years 15 years 20 years
35 10,729 11,753 13,533
2. Maturity Benefit
40 14,346 16,656 19,539
Since this is a pure term insurance product, no benefit
45 21,506 25,191 28,981
shall be payable on survival till maturity. The policy will
terminate on the maturity date.
Sum Assured - INR 1 Crore
Age Policy Term Policy Term Policy Term
3. Keep Fit Benefit (Benefit of premium reduction on
10 years 15 years 20 years
policy anniversary)
35 18,694 20,861 24,399
We actively encourage you to take measures towards
improving your quality of health. On improving your 40 25,980 30,706 36,341
diabetes parameters from inception or latest revival 45 40,431 47,790 55,321
date, whichever is later, as evidenced by medical
reports prior to each policy anniversary, in line with The above premiums are for pre-diabetics including GST,
Board Approved Underwriting Policy, this benefit allows excluding any underwriting loading, annual premium
you to reduce your underwriting loading, if any, at each payment frequency, for male life assured, non-smoker,
policy anniversary to the effect of 10% of base regular pay (policy term and premium payment term are
instalment premium (excluding any underwriting equal).
loading, extra premium and applicable taxes).
Consumer forum tells insurance
Eligibility Criteria company to pay compensation of
Parameter Eligibility Rs. 36.84 lakh to claimant
Age at Entry Minimum: 30 years, Maximum: 60 The Namakkal District Consumer Disputes Redressal
years Commission (DCDRC) has directed an insurance company
to pay compensation of Rs. 36.84 lakh to a claimant.
Age at Maturity Minimum: 35 years, Maximum: 75
T.S. Kumarasamy, a resident of Tiruchengode in Namakkal
years
district, owns a car worth Rs. 75 lakh. He had paid Rs.
Policy Term Minimum: 5 years, Maximum: 25
2.27 lakh as insurance premium in 2018 with a private
years
insurance company. In October 2018, while he was
Premium Regular Premium (Premium Payment heading to Namakkal from Chennai, his engine
Payment term Term is equal to Policy Term) malfunctioned due to rainwater seepage. After fixing the
engine, Mr. Kumarasamy approached the insurance
Sum Assured Minimum: Rs. 25,00,000
company to claim the repair charge of Rs. 29.68 lakh.
Maximum: No Limit, subject to
However, the insurance company denied his application,
prevailing Board Approved
stating that Mr. Kumarasamy had claimed insurance
Underwriting Policy
amount from his previous insurance company before
Premium As per the minimum & maximum Sum switching to theirs, and he hid this information.
Assured
Following this, in 2021, Mr. Kumarasamy filed a case at
Premium Yearly, Half-yearly, Quarterly and Namakkal DCDRC.
Payment Monthly DCDRC Commissioner V. Ramaraj directed the insurance
Frequency (Half-yearly, Quarterly and Monthly company to pay Rs. 23.74 lakh with 9% interest (Rs. 8.10
premium frequency is only allowed lakh) from the date of the incident and also directed the
under auto-debit process as all owed insurance company to pay Rs. 5 lakh for causing mental
by RBI to financial institutions.) agony.

46 August 2023 The Insurance Times