Happily Ever After.

Enjoy Guaranteed Income

Even After Your Retirement.

Exide Life
Immediate Annuity
with Return of
Purchase Price

Lifelong Annuity Payouts Guaranteed

for Life
Flexible Payout Options to Receive
Your Annuity Amount
Large Volume Discount on the Annuity
Rates Depending on the Purchase
Price Range
No Medical Examination
On Death, Refund of the Purchase
Price or part thereof

1800 419 8228

exidelife.in

Exide Life Immediate Annuity with Return of Purchase Price

A Single Premium Plan
As your date of retirement is approaching, you need to arrange for guaranteed regular income for the rest of your life. You need to
ensure that nothing disturbs your years of enjoyment, least of all market volatility. We, at Exide Life Insurance understand this need
and have come up with a plan that lasts for a lifetime. Invest your retirement savings in the Exide Life Immediate Annuity Plan, a
Single Premium Plan that gives you a guaranteed income throughout your retired life and more.

Annuity option for the Exide Life Immediate Annuity with Return of Purchase Price
Exide Life Insurance offers the Immediate Annuity Plan with Return of Purchase Price. For years, you have been saving for your
retirement and now you can use those savings to get a guaranteed life time income. All you have to do is invest your savings at one go
in this Policy and choose the frequency of receiving the Annuity (monthly/quarterly/half-yearly /yearly) and we will start paying your
regular income from the end of your chosen frequency.

What is this plan all about?

Key benefits
Lifelong annuity payouts guaranteed for life
Flexible payout options to receive your annuity amount
Large volume discount on the annuity rates depending on the purchase price range
No medical examination
On death, refund of the purchase price or part thereof (as per details below)

Death benefit: Refund of purchase price or part thereof

On death of the annuitant the purchase price or part thereof will be paid to the nominee or legal heirs as death benefit. The amount of
death benefit is dependent on the policy year in which the death occurs from the date of policy commencement and is payable as
follows:
Policy year of death

Death benefit

Less than or equal to 30 years

Return of purchase price

Greater than 30 years

Purchase price less the total amount of

annuity paid from the end of the 30th
policy year till the date of death.

Once the purchase price reaches zero, no death benefit will be payable.

For e.g. if Mr. X (annuitant) dies in the first 30 years of opting for the annuity payouts the nominee or legal heir would receive the
entire purchase price as the death benefit. If the death of the annuitant occurs in the 33rd Policy Year the death benefit would be the
purchase price reduced by the total annuity payouts made post the completion of the 30 years (i.e. purchase price less 2 full years
annuity payouts).

Annuity benefits
The annuity rates depend on the purchase price, the age at entry, gender and the annuity frequency mode. Your regular income for life
will start after the end of the annuity frequency mode chosen by you. What's more if you have an existing Exide Life pension
accumulation policy and you decide to buy annuity from those proceeds, you will get a higher annuity rate. You can refer to the
applicable annuity rates in Annexure 1. The annuity rates may be reviewed by the company from time to time, but the rates once
applied at the time of entry for an annuitant are guaranteed for the rest of his/her life on the given purchase price.

Existing and new customers

This plan can be bought by both existing and new customers.

Existing customer:
Existing Customers are defined as any beneficiaries under Exide Life Insurance's Deferred Pension Plans who want to purchase the
Immediate Annuity using the proceeds/benefits of Exide Life Insurance's Deferred Pension Plan.

New customer:
The customers other than the existing customers are new customers.
Note: The beneficiaries who want to purchase the Immediate Annuity using the proceeds/benefits of the products other than the
Exide Life Insurance's Deferred Pension Plan will not be considered as existing customers.

Large volume discounts:

There is a large volume discount offered over and above the Annuity rates for purchase price above a certain limit. The rate per
thousand of purchase price for different purchase price range is as mentioned below.
Purchase price range

Additional annuity per 1000

of purchase price

Up to 200,000

Nil

200,001 to 500,000

1.75

500,001 to 10,00,000

3.75

10,00,001 & above

For e.g. Mr. Y a 55 year old male bought an Exide Life Immediate Annuity Plan with Return of Premium by paying a purchase price of `11
lakhs and is looking at a yearly mode of Annuity payouts.
Annuity rate for yearly mode (per '000 purchase price)

= `44.18

Large volume discount (per '000 purchase price)

= `5.00

Annuity rate (including large volume discount)

= `49.18 (44.18+5)

Annuity amount paid to Mr X (yearly) till survival 11 lakhs

= `54098 (49.18*11 lakhs)

Tax impact
The payment of annuities and death benefit may be subject to taxes as per the prevailing tax laws on the date of payment and as per
the annuitant's/ legal heir's taxable income slabs. For specific details on tax implications we would urge you to contact your tax
consultant before you invest in this policy. Please note that tax benefits are subject to change in laws from time to time. Service tax
and any other taxes as applicable would be levied from time to time.

Plan at a glance
Minimum age at entry

0 years age last birthday (for existing Exide Life deferred pension customers)
45 years age last birthday (for new customers)

Maximum age at entry

75 years age last birthday (for existing Exide Life deferred pension customers)
70 years (for new customers)

Maturity age

Not applicable

Premium payment term

Single (one time payment)

Minimum purchase amount

`50,000

Maximum purchase amount

No Limit

Minimum payout amount

`1,000

Annuity frequency mode

Yearly, half-yearly, quarterly & monthly

Terms and conditions

Free look:
In case you disagree with any of the terms and conditions of this annuity product, you have the option of cancelling the annuity by writing to
the company stating the reasons for disagreement with the terms and conditions of the annuity and return the original policy document to the
company within 15 days of the receipt of the policy document. In case of such a cancellation the purchase price will be transferred to another
annuity provider as chosen by the annuitant subject to a deduction of the applicable stamp duty (if any) incurred by us. In case the policy is
sourced through distance marketing# the free look period is 30 days from the receipt of the policy document.
Free look provision is not allowed to the purchaser of this Immediate Annuity product using the proceeds of any deferred pension
plan/retirement plan unless there were an open market option in the deferred pension plan/ retirement plan whose proceeds are used to
purchase this Immediate Annuity product.
#Distance marketing includes solicitation through all modes other than in person.

Surrender value, policy loan, assignment:

There is no surrender value in this policy. Policy loan and assignment are not allowed under this plan.

Survivorship:
Exide Life may at any time request the Annuitant to submit the proof of survival for payment of Annuity.

Nomination:
Nomination should be in accordance with provisions of sec 39 of the Insurance Act 1938 as amended from time to time.
[A Leaflet containing the simplified version of the provisions of Section 39 is enclosed in Annexure - (1) for reference]

Other disclosures:
Exide Life Immediate Annuity with return of premium is a non-linked and non-participating immediate annuity plan. This product brochure is
indicative of the terms, conditions, warranties and exceptions contained in the insurance policy. For further details, please refer to the policy
document and detailed benefit illustration. In the event of conflict (if any) between the terms and conditions contained in this brochure and
those contained in the policy document, the terms and conditions mentioned in the policy document shall prevail.

Section 41: Prohibition of Rebate

Under the provisions of Section 41 of the Insurance Act, 1938
(1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take or renew or continue an insurance in
respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the
premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be
allowed in accordance with the published prospectuses or tables of the insurer:
(2) Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to ten lakh rupees.

Fraud, Misrepresentation and forfeiture:

Fraud, Misrepresentation and forfeiture would be dealt with in accordance with provisions of Sec 45 of the Insurance Act 1938 as amended
from time to time.
[A Leaflet containing the simplified version of the provisions of Section 45 is enclosed in Annexure (2) for reference]

Annexure 1
The annuity rates per thousand of purchase price are shown below for your information.
Life annuity with return of premium per thousand purchase price for new customers
Sex

Male

Female

Age

Annual

Half yearly

Quarterly

Monthly

Annual

Half yearly

Quarterly

Monthly

45

40.85

40.40

40.18

40.02

38.95

38.52

38.31

38.17

46

41.18

40.7
3

40.51

40.36

39.28

38.86

38.64

38.49

47

41.52

41.06

40.83

40.68

39.62

39.18

38.96

38.82

48

41.85

41.39

41.16

41.00

39.95

39.51

39.29

39.14

49

42.18

41.71

41.49

41.33

40.28

39.83

39.62

39.47

50

42.51

42.05

41.81

41.66

40.61

40.17

39.95

39.80

51

42.85

42.38

42.14

41.98

40.95

40.50

40.27

40.12

52

43.18

42.70

42.47

42.31

41.28

40.82

40.59

40.45

53

43.51

43.04

42.80

42.64

41.61

41.15

40.93

40.77

54

43.84

43.36

43.12

42.96

41.94

41.48

41.25

41.10

55

44.18

43.69

43.44

43.28

42.28

41.81

41.58

41.42

56

44.51

44.01

43.78

43.61

42.61

42.14

41.90

41.75

57

44.84

44.35

44.10

43.94

42.94

42.47

42.23

42.08

58

45.17

44.68

44.42

44.27

43.27

42.80

42.56

42.41

59

45.51

45.00

44.75

44.60

43.61

43.12

42.88

42.74

60

45.84

45.33

45.08

44.93

43.94

43.45

43.21

43.06

61

46.17

45.66

45.42

45.25

44.27

43.78

43.55

43.39

62

46.50

45.99

45.74

45.57

44.60

44.11

43.87

43.71

63

46.84

46.31

46.07

45.89

44.94

44.43

44.20

44.03

64

47.17

46.65

46.40

46.22

45.27

44.77

44.53

44.36

65

47.50

46.99

46.72

46.55

45.60

45.11

44.86

44.69

66

47.83

47.31

47.05

46.88

45.93

45.43

45.18

45.02

67

48.17

47.64

47.38

47.21

46.27

45.76

45.51

45.34

68

48.50

47.98

47.71

47.53

46.60

46.09

45.84

45.67

69

48.83

48.30

48.03

47.85

46.93

46.42

46.16

45.99

70

49.16

48.63

48.36

48.18

47.26

46.75

46.49

46.32

Life annuity with return of premium per thousand purchase price for Exide Life deferred pension customers
Sex

Male

Female

Age

Annual

Half yearly

Quarterly

Monthly

Annual

Half yearly

Quarterly

Monthly

27.25

26.95

26.80

26. 70

25.25

24.97

24.84

24.75

27.60

27.30

27.14

27.04

25.60

25.32

25.18

25.09

27.95

27.64

27.49

27.38

25.95

25.67

25.53

25.43

28.30

27.99

27.83

27.73

26.30

26.01

25.87

25.77

28.65

28.34

28.18

28.07

26.65

26.36

26.21

26.12

29.00

28.68

28.52

28.41

27.00

26.70

26.56

26.46

29.35

29.03

28.87

28.76

27.35

27.05

26.90

26.80

Life annuity with return of premium per thousand purchase price for Exide Life deferred pension customers
Sex

Male

Female

Age

Annual

Half yearly

Quarterly

Monthly

Annual

Half yearly

Quarterly

Monthly

29.70

29.38

29.21

29.10

27.70

27.40

27.25

27.15

30.05

29.72

29.55

29.44

28.05

27.74

27.59

27.49

30.40

30.07

29.90

29.78

28.40

28.09

27.94

27.83

10

30.75

30.41

30.24

30.13

28.75

28.43

28.28

28.18

11

31.10

30.76

30.59

30.47

29.10

28.78

28.62

28.52

12

31.45

31.11

30.93

30.81

29.45

29.13

28.97

28.86

13

31.80

31.45

31.27

31.16

29.80

29.47

29.31

29.20

14

32.15

31.80

31.62

31.50

30.15

29.82

29.66

29.55

15

32. 50

32.14

31.96

31.84

30.50

30.17

30.00

29.89

16

32.85

32.49

32.31

32.19

30.85

30.51

30.35

30.23

17

33.20

32.84

32.65

32.53

31.20

30.86

30.69

30.58

18

33.55

33.18

33.00

32.87

31.55

31.20

31.03

30.92

19

33.90

33.53

33.34

33.21

31.90

31.55

31.38

31.2 6

20

34.25

33.88

33.68

33.56

32.25

31.90

31.72

31.61

21

34.60

34.22

34.03

33.90

32.60

32.24

32.07

31.95

22

34.95

34.57

34.37

34.24

32.95

32.59

32.41

32.29

23

35.30

34.91

34.72

34.59

33.30

32.93

32.76

32.63

24

35.65

35.26

35.06

34.93

33.65

33.28

33.10

32.98

25

36.00

35.61

35.41

35.27

34.00

33.63

33.44

33.32

26

36.35

35.95

35.75

35.61

34.35

33.97

33.79

33.66

27

36.70

36.30

36.09

35.96

34.70

34.32

34.13

34.01

28

37.05

36.65

36.44

36.30

35.05

34.67

34.48

34.35

29

37.40

36.99

36.78

36.64

35.40

35.01

34.82

34.69

30

37.75

37.34

37.13

36.99

35.75

35.36

35.17

35.04

31

38.10

37.68

37.47

37.33

36.10

35.70

35.51

35.38

32

38.45

38.03

37.82

37.67

36.45

36.05

35.85

35.72

33

38.80

38.38

38.16

38.01

36.80

36.40

36.20

36.06

34

39.15

38.72

38.50

38 .36

37.15

36.74

36.54

36.41

35

39.50

39.07

38.85

38.70

37.50

37.09

36.89

36.75

36

39.85

39.41

39.19

39.04

37.85

37.43

37.23

37.09

37

40.20

39.76

39.54

39.39

38.20

37.78

37.58

37.44

38

40.55

40.11

39.88

39.73

38.55

38.13

37.92

37.78

39

40.90

40.45

40.22

40.07

38.90

38.47

38.26

38.12

40

41.25

40.80

40.57

40.42

39.25

38.82

38.61

38.47

41

41.60

41.15

40.91

40.76

39.60

39.17

38.95

38.81

42

41.95

41.49

41.26

41.10

39.95

39.51

39.30

39.15

43

42.30

41.84

41.60

41.44

40.30

39.86

39.64

39.49

44

42 .65

42.18

41.95

41.79

40.65

40.20

39.99

39.84

45

43.00

42.53

42.29

42.13

41.00

40.55

40.33

40.18

46

43.35

42.87

42.64

42.48

41.35

40.90

40.67

40.52

47

43.70

43.22

42.98

42.82

41.70

41.24

41.01

40.86

Life annuity with return of premium per thousand purchase price for Exide Life deferred pension customers
Sex

Male

Female

Age

Annual

Half yearly

Quarterly

Monthly

Annual

Half yearly

Quarterly

Monthly

48

44.05

43.57

43.33

43.16

42.05

41.59

41.36

41. 20

49

44.40

43.91

43.67

43.51

42.40

41.93

41.70

41.55

50

44.75

44.26

44.01

43.85

42.75

42.28

42.05

41.89

51

45.10

44.61

44.36

44.19

43.10

42.63

42.39

42.23

52

45.45

44.95

44.70

44.54

43.45

42.97

42.73

42.58

53

45.80

45.30

45.05

44.88

43.80

43.32

43.08

42.92

54

46.15

45.64

45.39

45.22

44.15

43.66

43.42

43.26

55

46.50

45.99

45.73

45.56

44.50

44.01

43.77

43.60

56

46.85

46.33

46.08

45.91

44.85

44.36

44.11

43.95

57

47.20

46.68

46.42

46.25

45.20

44.70

44.45

44.29

58

47.55

47.03

46.76

46.60

45. 55

45.05

44.80

44.64

59

47.90

47.37

47.11

46.95

45.90

45.39

45.14

44.99

60

48.25

47.72

47.45

47.29

46.25

45.74

45.48

45.33

61

48.60

48.06

47.81

47.63

46.60

46.08

45.84

45.67

62

48.95

48.41

48.15

47.97

46.95

46.43

46.18

46.01

63

49.30

48.75

48.49

48.31

47.30

46.77

46.53

46.35

64

49.65

49.11

48.84

48.65

47.65

47.13

46.87

46.69

65

50.00

49.46

49.18

49.00

48.00

47.48

47.22

47.04

66

50.35

49.80

49.53

49.35

48.35

47.82

47.56

47.39

67

50.70

50.15

49.87

49.69

48.70

48.17

47.90

47.73

68

51.05

50.5 0

50.22

50.03

49.05

48.52

48.25

48.07

69

51.40

50.84

50.56

50.37

49.40

48.86

48.59

48.41

70

51.75

51.19

50.90

50.72

49.75

49.21

48.94

48.76

71

52.10

51.54

51.24

51.06

50.10

49.56

49.28

49.10

72

52.45

51.88

51.59

51.41

50.45

49.90

49.63

49.45

73

52.80

52.23

51.93

51.75

50.80

50.25

49.97

49.79

74

53.15

52.57

52.28

52.09

51.15

50.59

50.32

50.13

75

53.50

52.92

52.62

52.44

51.50

50.94

50.66

50.48

About Exide Life Insurance Company Limited (As on March 2015)

Exide Life Insurance Company Limited (formerly ING Vysya Life Insurance Company Limited) commenced operations in 2001 and is head
quartered in Bengaluru. The company is 100% owned by Exide Industries Limited and is proud to be a part of a 100 year old brand heritage
in India. The company is profitable for 3rd successive year and has declared a profit of `65.3 crores in FY 15 with a 23 % growth over last
year. The company serves over 10 lakh customers across India and manages over `8,800 crores in assets. Exide Life Insurance is managed
under the principles of good corporate governance with overall superintendence of the board of directors.
Exide Life Insurance distributes its products through multi-channels viz. Agency, Banc assurance and Alliances. The Agency channel
comprises of over 35,000 advisors who are attached to over 200 company offices and customer care centers across the country. The
Bancassurance and Alliances business includes distribution relationships with Regional Co-operative banks, Corporate Agents, Brokers &
Referral Partners.
Exide Life Insurance, one of the leading life insurance companies in South India, is now growing its franchise in other parts of the country.
The company is focused on providing long term protection and savings solutions and has a strong traditional product portfolio with
aconsistent bonus track record. Exide Life Insurance has the ISO 9001:2008 quality certification for all Customer Service processes.

Our Shareholders
Exide Industries Limited : Exide is India's largest manufacturer of electric storage batteries and its biggest power-storage solutions
provider with a market capitalization of over `15,000 crores*. Since its introduction in India more than a hundred years ago, Exide remains
the foremost and the most trusted battery brand in India. The century old brand equity is backed by a robust nation-wide network of 18000plus dealers. (*As on 31st March 2015)
With 7 world-class battery manufacturing factories across India, the range of products offered by the company covers everything from the
smallest batteries required in motorcycles to the giant batteries powering submarines.

To know more about this product, please contact our nearest Branch Office.
Or call us at 1800 419 8228 or SMS EXIDLI to 5676770 or visit exidelife.in
Insurance is the subject matter of the solicitation. UIN: 114N050V02. For more details on risk factors, terms & conditions please read the sales brochure of products carefully before concluding a sale.
Exide Life Insurance Company Limited is a wholly owned subsidiary of Exide Industries Limited. The trademark Exide is owned by Exide Industries Limited and licensed to Exide Life Insurance
vide Trademark license agreement dated 30th October 2014. Exide Life Insurance Company Limited (Formerly known as ING Vysya Life Insurance Company Limited). IRDAI Registration
number: 114, CIN: U66010KA2000PLC028273, Registered Office: 3rd Floor, JP Techno Park, No.3/1, Millers Road, Bengaluru - 560 001; Toll Free: 1800 419 8228; Visit: exidelife.in;
ARN:EXL/COLL/2014/227.
IRDAI Notice: Beware of spurious phone calls and fictitious/ fraudulent offers. IRDAI clarifies to public that IRDAI or its officials do not involve in activities like sale of any kind of
insurance or financial products nor invest premiums. IRDAI does not announce any bonus. Public receiving such phone calls are requested to lodge a police complaint along with the
details of phone call number.

Annexure - (1)

Section 39 - Nomination by policyholder:

Nomination of a life insurance policy should be in accordance with Section 39 of the Insurance Act, 1938 as amended from time to
time. The extant provisions in this regard are as follows:
01. The policyholder of a life insurance on his own life may nominate a person or persons to whom money secured by the policy shall
be paid in the event of his death.
02. Where the nominee is a minor, the policyholder may appoint any person to receive the money secured by the policy in the event
of policyholder's death during the minority of the nominee. The manner of appointment to be laid down by the insurer.
03. Nomination can be made at any time before the maturity of the policy.
04. Nomination may be incorporated in the text of the policy itself or may be endorsed on the policy communicated to the insurer and
can be registered by the insurer in the records relating to the policy.
05. Nomination can be cancelled or changed at any time before policy matures, by an endorsement or a further endorsement or a will
as the case may be.
06. A notice in writing of Change or Cancellation of nomination must be delivered to the insurer for the insurer to be liable to such
nominee. Otherwise, insurer will not be liable if a bonafide payment is made to the person named in the text of the policy or in
the registered records of the insurer.
07. Fee to be paid to the insurer for registering change or cancellation of a nomination can be specified by the Authority through
Regulations.
08. On receipt of notice with fee, the insurer should grant a written acknowledgement to the policyholder of having registered a
nomination or cancellation or change thereof.
09. A transfer or assignment made in accordance with Section 38 shall automatically cancel the nomination except in case of
assignment to the insurer or other transferee or assignee for purpose of loan or against security or its reassignment after
repayment. In such case, the nomination will not get cancelled to the extent of insurer's or transferee's or assignee's interest in
the policy. The nomination will get revived on repayment of the loan.
10. The right of any creditor to be paid out of the proceeds of any policy of life insurance shall not be affected by the nomination.
11. In case of nomination by policyholder whose life is insured, if the nominees die before the policyholder, the proceeds are payable
to policyholder or his heirs or legal representatives or holder of succession certificate.
12. In case nominee(s) survive the person whose life is insured, the amount secured by the policy shall be paid to such survivor(s).
13. Where the policyholder whose life is insured nominates his
a.

parents or

b. spouse or
c.

children or

d. spouse and children

e.

or any of them

the nominees are beneficially entitled to the amount payable by the insurer to the policyholder unless it is proved that
policyholder could not have conferred such beneficial title on the nominee having regard to the nature of his title.
14. If nominee(s) die after the policyholder but before his share of the amount secured under the policy is paid, the share of the
expired nominee(s) shall be payable to the heirs or legal representative of the nominee or holder of succession certificate of such
nominee(s).
15. The provisions of sub-section 7 and 8 (13 and 14 above) shall apply to all life insurance policies maturing for payment after the
commencement of Insurance Laws (Amendment) Ordinance, 2014 (i.e 26.12.2014).
16. If policyholder dies after maturity but the proceeds and benefit of the policy has not been paid to him because of his death, his
nominee(s) shall be entitled to the proceeds and benefit of the policy.
17.

The provisions of Section 39 are not applicable to any life insurance policy to which Section 6 of Married Women's Property Act,
1874 applies or has at any time applied except where before or after Insurance Laws (Ordinance) 2014, a nomination is made in
favour of spouse or children or spouse and children whether or not on the face of the policy it is mentioned that it is made under
Section 39. Where nomination is intended to be made to spouse or children or spouse and children under Section 6 of MWP Act,
it should be specifically mentioned on the policy. In such a case only, the provisions of Section 39 will not apply.

[Disclaimer: This is not a comprehensive list of amendments. Policyholders are advised to refer to Section 39 of the
Insurance Act, 1938, as amended from time to time for complete and accurate details.]

Annexure - (2)

Section 45 - Policy shall not be called in question on the ground of mis-statement after three years:
Provisions regarding policy not being called into question in terms of Section 45 of the Insurance Act, 1938, as amended from time to
time. The extant provisions in this regard are as follows:
01. No Policy of Life Insurance shall be called in question on any ground whatsoever after expiry of 3 yrs from
a. the date of issuance of policy or
b.

the date of commencement of risk or

c. the date of revival of policy or

d. the date of rider to the policy
whichever is later.
02. On the ground of fraud, a policy of Life Insurance may be called in question within 3 years from
a. the date of issuance of policy or
b. the date of commencement of risk or
c.

the date of revival of policy or

d. the date of rider to the policy

whichever is later.
For this, the insurer should communicate in writing to the insured or legal representative or nominee or assignees of insured, as
applicable, mentioning the ground and materials on which such decision is based.
03. Fraud means any of the following acts committed by 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 specifically declares to be fraudulent.

04. Mere silence is not fraud unless, depending on circumstances of the case, it is the duty of the insured or his agent keeping silence to
speak or silence is in itself equivalent to speak.
05. No Insurer shall repudiate a life insurance Policy on the ground of Fraud, if the Insured / beneficiary can prove that the misstatement
was true to the best of his knowledge and there was no deliberate intention to suppress the fact or that such mis-statement of or
suppression of material fact are within the knowledge of the insurer. Onus of disproving is upon the policyholder, if alive, or
beneficiaries.
06. Life insurance Policy can be called in question within 3 years on the ground that any statement of or suppression of a fact material to
expectancy of life of the insured was incorrectly made in the proposal or other document basis which policy was issued or revived or
rider issued. For this, the insurer should communicate in writing to the insured or legal representative or nominee or assignees of
insured, as applicable, mentioning the ground and materials on which decision to repudiate the policy of life insurance is based.
07.

In case repudiation is on ground of mis-statement and not on fraud, the premium collected on policy till the date of repudiation shall be
paid to the insured or legal representative or nominee or assignees of insured, within a period of 90 days from the date of repudiation.

08. Fact shall not be considered material unless it has a direct bearing on the risk undertaken by the insurer. The onus is on insurer to show
that if the insurer had been aware of the said fact, no life insurance policy would have been issued to the insured.
09. The insurer can call 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 of age of life insured. So, this Section will not be applicable for
questioning age or adjustment based on proof of age submitted subsequently.
[Disclaimer: This is not a comprehensive list of amendments. Policyholders are advised to refer to Section 45 of the
Insurance Act, 1938, as amended from time to time for complete and accurate details.]