received under a life insurance policy, including the sum allocated by way of bonus on such policy, other than— (a) any sum received under ... received under a Keyman insurance policy; or (c) any sum received under an insurance policy issued on or after the 1st day of April
revival of the policy or the date of the rider to the policy, whichever is later. (2) A policy of life insurance may be called ... policy are adjusted on subsequent proof that the age of the life insured was incorrectly stated in the proposal. "No policy of life insurance effected
reads:
"39. Domination by policy-holder.- (1) The holder
of a policy of life insurance on his own life may, when
effecting the policy ... that a
holder of a policy of life insurance on his own life may
when effecting the policy or at any time before the policy
Section 6 (w.e.f. 1.2.1965).] or to a scheme of insurance maintained by the Indian Post Office; [and] [ Added by Ordinance ... person employed for payment of any premium on his life insurance policy to the Life Insurance Corporation of India established under the Life Insurance Corporation
spouse of the respondent took a policy of life insurance
from Max New York Life Insurance Co Ltd, for a sum of Rs 11 lakhs ... Life Insurance Corpn of India v Asha Goel
(Smt )15 considered a situation in which a claim under a life insurance policy was
repudiated
matters relating to re-insurance under sections 101A and 101B; (zba) the norms for surrender value of life insurance policy under sub-section
Keyman Insurance
Policy". The Explanation to Clause 10-D defines what is meant by a
Keyman Insurance Policy thus :
"Keyman Insurance Policy ... Keyman Insurance Policy is to be
reckoned while computing total income. For that purpose, a Keyman
Insurance Policy means a life insurance policy taken
terms and conditions of the policy that the policy did not effect a contract of insurance upon human life. It did not, because neither ... human life. The insurance is not, therefore a life insurance within the meaning of Sub-section (11) of Section 2 of the Insurance
Insurance Act, 1938
113. Acquisition of surrender value by policy
(1) A policy of life insurance shall acquire surrender value as per the norms specified ... policy and the reversionary bonuses that have already been attached to the policy: Provided that a policy of life insurance under a linked plan shall
policy of general insurance issued after the commencement of the Insurance (Amendment) Act, 1950 (47 of 1950). (2A) Save as hereinafter provided, no insurance agent ... amount in respect of any policy not effected through him: Provided that where a policy of life insurance has lapsed, and it cannot under
