VERSION 1 - SUD Life guidelines... · fundamental to insurance business and underwriting is a tool...

This document contains proprietary information that shall be distributed, routed or made available only within SUD

Revision: 1.4 SUD Confidential of 51

VERSION 1.4

Updated on: 11th

Jan, 2017



I N D E X

Sr. No Content Pg. no.

1 Instruction of filling Proposal Form

4

2 Medical and Non-Medical Questionnaires 5

3 Age Proof Guidelines 6

4 Types of acceptable Income proofs 7

5 AML and KYC guidelines 8

6 Financial Information Questionnaire (FIQ) 12

7 Financial Underwriting Guidelines (Gen/Female/Agri/Student) 13

8 Underwriting Guidelines for Privilege Bancassurance Client 22

9 MHR matrix for Bancassurance & Agency channel

24

10 NRI/PIO/Nepalese and Tibetan lives 26

11 FATCA CRS 28

12 Third Party Guidelines 33

13 Special Scheme (Employer-Employee/HUF/MWP/Keyman) 36

14 FATF & PEP Guidelines 42

15 Product Specific Guidelines 44

16 Rider Guidelines 45

17 Group Product Guidelines 49



Foreword

A successful and professionally run Life Insurance company functions on the principle

of equity. Every life coming to its common pool of risk is priced commensurate to the

level of risk it brings to the common pool. For this reason risk management is

fundamental to insurance business and underwriting is a tool of selection of lives and

pricing of risk.

This manual consists of underwriting guidelines. It attempts to cover the various

aspects related to Underwriting.

Most of the time proposals go through repeated cycles of processing because of

insufficient documentation. Uniformity in understanding and following all relevant

underwriting guidelines by sales forces would minimize such wastage. With this aim,

an attempt has been made to use simpler terms in the manual and the underwriting

guidelines are laid down in a simple, easy to understand language. This is expected to

facilitate the sales force in carrying out the task of primary underwriting in a smooth

and effective manner.

The ultimate goal is a Win-Win situation for both the sales force & Underwriting.

Happy Learning!



Instruction for filling Proposal Form

All questions in the proposal form should be answered, with details wherever required.

Any corrections made in the proposal or attached documents need to be countersigned by Life to be Assured/Proposer (countersignature will be required even if whitener is used).

Country of Residence: In case of NRI/PIO/OCI, exact country of Residence should be mentioned in Section A (9)

In case of student lives, current study details should be mentioned.

If proposal is more than 3 months old, Declaration of Good Health duly filled and signed is required. However, if proposal form is more than 6 months old, a Fresh Proposal form duly filled and signed with current date would be required.

If the Life to be Assured is a major, Section B of the proposal form should not be filled. In case of payer in the policy is someone else i.e. other than life to be assured (for major lives), respective section must be filled providing complete information. KYC of payer must also be provided in such cases.

All documents including AML, KYC, Age Proof, and Income proof etc. to be countersigned by Life to be Assured /Proposer.



LIST of Medical and NON Medical Questionnaires on Intranet

Medical Questionnaires Non-Medical Questionnaires

Arthritis Questionnaire Agriculture Questionnaire

Alcohol Questionnaire Armed Forces Questionnaire

Back Disorder Questionnaire (life assured) Climbing and mountaineering Questionnaire

Back Disorder Questionnaire (physician) Diving questionnaire

Chest Pain Questionnaire Driving questionnaire

Coronary Artery Disease Questionnaire Extreme Sports Questionnaire

Deformity Questionnaire Fishing Questionnaire

Diabetes Questionnaire (life assured) Mining and Quarrying Questionnaire

Diabetes Questionnaire (physician) NRI-FATCA-CRS form for individuals

Digestive Disorder Questionnaire Occupation Questionnaire

Epilepsy Questionnaire Oil and Natural Gas Questionnaire

Gall Bladder Questionnaire Foreign National Questionnaire

Gastro Intestinal Disorder Questionnaire (LA) PIO-FATCA-CRS form for Individuals

Gastro Intestinal Disorder Questionnaire (Physician) Personal Financial Questionnaire

Gynecological Disorder Questionnaire Rafting Questionnaire

Head Injury Questionnaire Travel Questionnaire

Hearing Questionnaire FATCA-CRS form for Entities

Hernia Questionnaire Merchant Marine Questionnaire

Hypertension Questionnaire (Life assured) Employer-employee scheme for Type A and type B

Hypertension Questionnaire (Physician) Board resolution for Type A and type B

Neurological disorder Questionnaire (LA) Declaration from Employer for Type A and type B

Neurological disorder Questionnaire (Physician) Notice of assignment document for Type A and Type B

Kidney urinary disorder questionnaire (LA) Nomination for Type A

Kidney urinary disorder questionnaire (Physician) Policy Endorsement for Type A

Musculoskeletal Disorder Questionnaire (LA) MWP Addendum

Musculoskeletal Disorder Questionnaire (Physician) Consent letter for Extra premium

Ophthalmic Questionnaire Consent or request letter for plan changes

Respiratory Disorder Questionnaire (LA) Declaration for Good Health

Respiratory Disorder Questionnaire (physician) Documents in Vernacular format

Skin Disorder Questionnaire Form 60

Thyroid Questionnaire Fund declaration cum Premium Payor Declaration

Tobacco and Smoking Questionnaire HUF Addendum

Tumor Questionnaire (LA) Moral Hazard report

Tumor Questionnaire (Physician) MHR for HNI/Low profile client/FATF by AVP/BM

Nervous Disorder Questionnaire (LA) MHR for PEP

Nervous Disorder Questionnaire (Physician) Requirement Completion Form

Beneficial Ownership Document

Keyman documents

Any Questionnaires other than those mentioned above may be called for as per the discretion of underwriters.

All latest Questionnaires/Formats are available on the intranet http://10.1.6.183/sudintranet/home.do.

Please use the formats that are uploaded in website.

http://10.1.6.183/sudintranet/home.do



Age Proof guidelines

Broadly age proofs are categorized into Standard and Non Standard. A list of various Age Proofs acceptable to our

Company is given below. The list may be modified as per the experience and industry practices etc

Acceptable List of Standard age proofs:

PAN Card

Birth Certificate issued by the Municipal authorities

Driving License with date of birth

School Certificate

Passport

Bonafide Certificate on school’s letterhead with school’s seal & signed by authorized person mentioning Life to be Assureds’ details like Date of admission, Registration number, standard in which the Life to be Assured is studying & Date of Birth

Report card of previous academic year mentioning DOB & Name of the Life to be assured

Student ID card issued by reputed schools mentioning name & DOB. Only printed Student ID card would be

considered as age proof.

Pension Order of self (life assured) issued by PSU or Government.

Provident Fund Statement issued by employer in case of PSU, government, semi-government employees

Service Extract/salary slip in case of Central Govt. / State Govt. / Municipal/Public limited company/ PSU /MNCs Reputed organizations and companies.

Baptism Certificate/Marriage Certificate in case of Roman Catholics.

Employee Identity Card (bearing Date of Birth) issued by Central Govt. / State Govt. / Municipal authorities / PSU / Reputed private Company for their employees.

Aadhar Card * NEW (to be utilized after roll out of guidelines). Aadhar card will be considered as standard age proof only where complete DOB is mentioned.

Acceptable List of Non Standard Age proofs:

Voter ID card

Bank Certification on bank letterhead with signature of proper signing authority along with stamp

ESIS Cards

Certificate of Sarpanch/Gram Panchayat

Pension Order of Spouse(to be accepted as NSAP)

Self declaration(Affidavit/ Notary) (up to age 50 years)

Aadhar Card where complete DOB is not mentioned

Other points related to Age Proof:

When age proof shows maiden name of life assured, the maiden name of LA must be mentioned in the proposal form/ separate declaration should be provided.

Only standard Age Proof is acceptable for Minor lives and Term plan and Aarogyam Plan

Non Standard Age Proofs are acceptable up to age 55 years

For Wealth Builder Plan, Non-Standard Age Proof is acceptable up to 60years.

NSAP can be accepted for Guaranteed Pension Plan and Immediate annuity

Age Proof Extra of Rs. 1.50 per mille will be charged on lives with NSAP.



Types of Income Proof’s

Salaried Form No 16/ITR with computation of income ( Latest three Assessment years) Latest three months salary slips

Bank statement with Salary credit latest 3 months

Business: • ITRs of latest 3 Assessment years along with Computation of income • Audited P & L A/c and Balance Sheet of the business/firm for latest 3 financial years

Agricultural Income Proofs • Copy of 7/12 extract signed and dated by Revenue Officer • Copy of Patwari Report • Tehsildar’s Certificate • Proof of sale (Land sale, Crop sale), Mandi receipts and bank statement, Land sale document • Value of Agricultural produce • Landownership document along with Mandi receipts and bank statement • Khasra Khatuani copy • Form J • Agricultural Questionnaire with land ownership document(Kisan App- applicable)

Partner in a Partnership Firm • Income Tax Returns for last 3 financial years of the firm/ Partnership Deed specifying the share of profit as a

partner/Audited P& L A/c and Balance Sheet of firm for latest 3 financial years

Income from export business • Form 10-CCAC ITR with computation of income is required for latest 3 years

Income from Professional/Consultant business • Form 16 A along with computation of income is required if life assured is Professional/Consultant Form 26 AS (consultation fees providing TDS cutting)

Supplementary Income proof • Dividend Income: Copy of the dividend warrant /Copy of the dividend cheque • Pension Income: Copy of the Pension Order and Bank Statement showing pension income • Certificates of perquisites, Certificate of Exempted income (Exporters, SEZ ) • Contract Letters • Banker’s report, Credit appraisal, Valuer’s report, Auditors Report CA certificate Personal Financial Questionnaire (PFQ)



AML-KYC of Life to be Assured, (Proposer/Payer-wherever Payer is other than Life to be Assured)

Customers are broadly classified as low risk and high risk customers. Low risk customers- Illustrative list of low risk customer would include salaried employees, people of lower economic strata of the society, government departments and government owned companies, regulators and statutory bodies etc. High Risk customers: Include NRI, HNI, trusts, charities, NGO'S and organizations receiving donations, companies having close family shareholding or beneficial ownership, firms with sleeping partners, PEP and those with dubious reputation as per available public information

Acceptable Identity and Residential proofs:

Passport

PAN Card (only as ID proof)

Driving License

Voter ID

Job Card issued by NREGA signed by officer of State Government.

Letter issued by UIDAI or National Population register (if no photo-only residential proof)

Simplified Due Diligence (for Low Risk customers): * NEW

Low risk customers- Examples are salaried employees, people of lower economic strata of the society, government

departments and government owned companies, regulators and statutory bodies.

In addition to above mentioned documents, following additional documents are acceptable in case a customer falls

under this category.

Identification Proof

Residence Proof

Letter by Gazetted Officer with photo Utility Bill

Photo ID card issued by State/ Central Govt., PSU,

Scheduled Commercial Bank, Public Financial

Institution

Property or Municipal tax receipt

Bank account or Post office savings account statement.

Pension or family pension payment order (PPO’s) issued to

retired employees by Govt. Dept. or Public Sector

Undertaking, if it contains the address

Letter of allotment of accommodation/ Leave and license

Agreement from employer issued by State or Central Govt.

dept, Statutory or Regulatory bodies, PSU, schedule

commercial bank, financial institutions and listed

companies.

Documents issued by Govt. dept. of foreign jurisdiction and

letter issued by Foreign Embassy or Mission in India.



Validity of KYC: * NEW

KYC documents submitted for one proposal will be considered for subsequent proposals if they are applied within 6months from the earlier proposal, provided the KYC document submitted earlier is till valid.

Fresh KYC document will be required after 6months irrespective of the validity of the document

Enhanced Due Diligence (for High Risk customers) * NEW

High Risk Customers: Include

- NRI

- HNI

- Trusts and charities

- NGOs and organizations receiving donations

- Companies having close family shareholding or beneficial ownership

- Firms with sleeping partners

- PEP

- Persons with dubious reputation as per available public information.

Measures to be taken –

- More frequent review of the customer’s profile/ transactions.

- Gathering information from publicly Available sources or otherwise.

- Review of the proposal/contract by a senior official depending on the complexities.

- Reasonable measures to know the customer's source of funds commensurate with the assessed risk of customer and

product profile such as conducting independent enquiries or consulting a credible database.

Revised Residence Proof Revised Identification Proofs

1. Passport 1. Passport

2.Job Card issued by NREGA signed by officer of State Government. 2. PAN Card

3. Voter’s Identity Card 3. Voter’s Identity Card

4. Driving License 4. Driving License

5. Letter issued by UIDAI or National Population register containing

Aadhar number

5. Job Card issued by NREGA

signed by officer of State

Government.

6. Utility Bill (for Low Risk Customers) .

6. Letter by Gazetted Officer with

photo ( for Low Risk Customers)

7. Property or Municipal tax receipt (for Low Risk Customers) .

7. Photo ID card issued by State/

Central Govt., PSU, Scheduled



Commercial Bank, Public

Financial Institution ( for Low

Risk customers)

8. Bank account or Post office savings account statement (for Low Risk

Customers)

9.Pension or family pension payment order (PPO’s) issued to retired

employees by Govt. Dept. or Public Sector Undertaking, if it contains

the address (for Low Risk Customers) .

10.Letter of allotment of accommodation/ Leave and license

Agreement from employer issued by State or Central Govt. dept,

Statutory or Regulatory bodies, PSU, schedule commercial bank,

financial institutions and listed companies (for Low Risk Customers) .

11. Documents issued by Govt. dept. of foreign jurisdiction and letter

issued by Foreign Embassy or Mission in India (for Low Risk Customers)

KYC and AML will be followed as per the prevalent AML Policy of SUD Life as applicable from time to time.

PAN card and AML criteria

Where annualized premium under all policies including renewal premium and simultaneously applied policies is >=50,000,

it is mandatory to submit Pan card/Pan details or Form 60 for PAN exemption in specified format(for NRIs/Agriculturists/Tax Exempted category

Form 60* NEW (Format available on Sales Portal & Underwriting Intranet)

To be collected from NRI’s, Tribal’s from regions, Agriculturist who are exempted from obtaining a PAN card

and Non-taxable income bracket.

*Nontaxable Income bracket: Annual income less than 2.5 lac

Total Annualized

Premium (Including

All policies)

Photo ID Address

Proof

Recent

Photograph

PAN/Form

60/Form61 Income Proof

<= Rs 10000

X X X X

10001 to <=49,999

X X

>=50,000 to=99,999

X

>=1,00,000



PROCEDURE FOR DETERMINATION OF BENEFICIAL OWNER ANNEXURE II

Where the client is a company, the beneficial owner is the natural person(s), who, whether acting alone or

together, or through one or more juridical person, has a controlling ownership interest or who exercises control through other means.

Explanation- For the purpose of this sub-clause- 1. "Controlling ownership interest" means ownership of or entitlement to more than twenty-five percent of shares or capital or profits of the company;

2. "Control" shall include the right to appoint majority of the directors or to control the management or policy decisions including by virtue of their shareholding or management rights or shareholders agreements or voting agreements;

Where the client is a partnership firm, the beneficial owner is the natural person(s), who, whether acting alone or together, or through one or more juridical person, has ownership of entitlement to more than fifteen percent of capital or profits of the partnership;

Where the client is an unincorporated association or body of individuals, the beneficial owner is the natural

person(s), who, whether acting alone or together, or through one or more juridical person, has ownership of or entitlement lo more than fifteen percent of the property or capital or profits of such association or body of individuals;

Where no natural person is identified under (a) or (b) or (c) above, the beneficial owner is the relevant natural

person who holds the position of senior managing official;

Where the client is a trust, the identification of beneficial owner(s) shall include identification of the author of the trust, the trustee, the beneficiaries with fifteen percent or more interest in the trust and any other natural person exercising ultimate effective control over the trust through a chain of control or ownership; and

Where the client or the owner of the controlling interest is a company listed on a stock exchange, or is a

subsidiary of such a company, it is not necessary to identify and verify the identity of any shareholder or beneficial owner of such companies.



ACCEPTANCE OF FIQ (FINANCIAL INFORMATION QUESTIONNAIRE)

We are happy to introduce Financial Information Questionnaire (FIQ) to strengthen our financial underwriting.

As per revised process, for applications up to 3 lacs Annual Premium at client level, FIQ with bank statement

would be acceptable to assess the premium paying capacity and establish the source of premium.

Salient features of these guidelines are given below.

This will be applicable to Banca Channel only.

FIQ will give information about different sources of income and assets and liabilities of the customer.

It has to be signed by LH/AH and certified by the Bank Branch Manager from which policy is sourced.

Details of the person who is paying the premium has to be given.

Applicability:

Where total annual premium with SUD life will be between 1 lac to 3 lacs in plans other than single pay plans. In case of single pay product like, Immediate Annuity/Wealth Builder Plan and GPP, FIQ with bank statement

will be acceptable for total annual premium up to 5 lacs.

To help understand guidelines relating to FIQ , we have also attached FAQ which will give complete details

such as applicability, how to fill the form etc. along with few case studies in relation with practical scenarios.

I am sure this document will help you all to get relevant information required for complying with AML

regulations and in turn will help SUD Life to comply these regulations in letter and spirit.

It is advisable to submit FIQ with all cases wherein total annual premium is greater than 1 lacs at client level,

this will help reduce the non-medical requirements at NB stage.

Following is the matrix to be followed for AML assessment , please note the income proof required to justify

the insurance cover stays unchanged.

For non- single pay plans

Total Annual Premium Financial Requirement

Upto 1 lacs NIL

1- 3lacs Bank statement for 6 months (regular credits) + FIQ

3-5 lacs

Standard Income Proof + Bank statement for 6 months (regular credits)

+ FIQ

> 5 lacs Standard Income Proof

Single Pay plans

Total Annual Premium Financial Requirement

Upto 1 lacs NIL

1-5 lacs Bank statement for 6 months (regular credits) + FIQ

>5 lacs Standard Income Proof



Financial Underwriting Guidelines

Category Sub-category TASA Revised Guidelines

Salaried ( in Govt, PSU, MNC, Listed Pvt. Ltd Co.) and

Professionals

For A1 category# (A1 Cat -No. of cities

increased to 50)

Up to 15Lac Nil

>15 Lac-25Lac Employee ID card or Visiting Card, or Degree certificate or Copy of License in case of professionals

>25Lac - 50Lac

Employee ID card or Visiting Card , or Degree certificate or Copy of License in case of professionals along with Preferred Questionnaire

>50Lac Latest F16 or ITRs or 3 month salary slip with Bank statement reflecting regular credits

Salaried Other Than A1

category

Up to 15Lac Nil

>15 Lac-25Lac Employee ID card or Visiting Card

>25Lac & Above (Others)

Latest F16 or ITRs or 3 month salary slip with Bank statement reflecting regular credits

Business/Self employed

General category

Up to 15Lac Nil

>15 Lac-25Lac

Business ownership document or Credit note for OD/CC facility or 1 Year bank statement reflecting at least 20 credits

>25Lac & Above

3 years ITRs with Computation of income, Company’s ITR with document proving LA’s share holding or Audited individual Profit & Loss account

Professionals

Other Than A1

category

Up to 15Lac Nil

>15 Lac-25Lac Degree certificate or Copy of License, or Visiting Card

>25Lac & Above 3 years ITRs or Form 16A or TDS certificate



NRI/PIO/OCI

Salaried ( working in Corporate or

Govt.) and Businessman

residing in USA,UK, Canada, Italy, Germany,

France, Australia, Japan, Sri lanka, China, Singapore

& Hong Kong

Up to 15Lac Nil


>25Lac - 50Lac Employee ID card or Visiting Card along with Preferred Questionnaire

>50Lac

Income tax returns filed in their respective country or Copy of audited P&L a/c along with balance sheet or Appointment letter with 3 month’s salary slip required

Skilled & unskilled workers like fitter,

plumber etc. & Businessmen/Self-

employed

Up to 15Lac Nil

>15 Lac-25Lac Employment contract or Business Contract or Bank statement for 1 year reflecting salary or business income

>25 Lac

Income tax returns filed in their respective country or Copy of audited P&L a/c along with balance sheet or Appointment letter with 3 month’s salary slip required

Note:

For Profiles not covered in above matrix, primary income proof would be required as per the existing practice

The above guidelines are only for Savings and Traditional plans.

Multiplication Factor for Calculating Financial Eligibility:

Age at entry Total Insurance

18-35 25 times the average annual income




Above 60 8 times the average annual income

Category Sub-category TASA Revised Guidelines



Age band General Category A1 Category

18-35 30 Lacs 50 Lacs

36-40 25 Lacs 40 Lacs

41-45 20 Lacs 30 Lacs

46-50 10 Lacs 15 Lacs

51-55 5 Lacs 5 Lacs

>55 years Nil Nil

Allahabad Kanpur

Amritsar Kochi

Aurangabad Kolapur

Bangalore Kolkata/Howrah

baroda Lucknow

Belgaum Ludhiana

Bhopal Mangalore

Bhubaneswar Mumbai

Chandigarh Nagpur

Chennai Nashik

Coimbatore Navi Mumbai

Cochin Noida

Delhi Patna

Faridabad Pune

Kozhikode Raipur

Ghaziabad Rajkot

Guntur Ranchi

Gurgaon Surat

Guwahati Thane

Hubli /Dharwad ThiruvananthapuramHyderabad/

Secunderabad Udaipur

Indore Vadodara

Jaipur Varanasi

Jalandhar Vijayawada

Jammu Visakhapatnam

List of top 50 A-1 Cities

Non Medical Limits for A1 category



Female Underwriting Guidelines

Category Educational criteria

Occupation Criteria Guidelines

Income proof requirement

Guidelines

1

Graduates

A1 Category Salaried ( in Govt, PSU, MNC, Listed Pvt. Ltd Co.) and practicing Professionals

As per A1category

Refer A1 category guidelines given under financial underwriting guidelines

Minimum 12th pass^

Other than A1 Category : Salaried 1) Educated life (greater than or equal to HSC) earning regular income through employment in Government, Semi/ Quasi Government, Private limited, PSUs or multinational companies and premier schools#, colleges

Up to 15Lac Nil


>25Lac & Above

Latest F16 or ITRs or 3 month salary slip with Bank statement reflecting regular credits

Other than A1 Category :Professionals 2) Professionals life earning regular income through practice e.g. Chartered Accountant, Architect, Lawyer, Doctor etc.

Up to 15Lac Nil

>15 Lac-25Lac Degree certificate or Copy of License, or Visiting Card

>25Lac & Above 3 years ITRs or Form 16A or TDS certificate

3) Earning regular income through Business(submitting Business ownership document) and submitting ITR*

*For business women ,ITR required for SA>7Lac

Below 12th 4) <12th pass, salaried in govt., PSU, MNC

Eligibility as per income. Maximum cover of 20Lac with minimum multiple of premium.

2 Literate life

Earning through: i) unearned source of income like rent, family pension, Retired pension dividends, interest income etc ii) Self employed Females like earning through beauty parlour, coaching class, tailoring, tuition, boutique,etc iii)Earning regular income through employment in proprietorship, partnership firm, Trust etc. iv) Business (Partners/ Proprietors etc) but not filing ITRs v) Agriculturist(Land ownership document mandatory)

2 years ITRs (with Computation of Income) submitted

10 times of annual income with a maximum limit of 50 Lac

1 years ITR (with Computation of Income)submitted

10times of annual income with a maximum limit of 25 Lac (not applicable for Agriculturist profile & cases from Negative location)

Income proof other than ITR ^^ submitted


No income proof provided

7Lac



Category Educational

criteria Occupation Criteria Guidelines

3

Literate life

Housewife (no income)

Income proof requirement

Guidelines

without husband's insurance

7 Lac (Exceptions: If husband not insurable because of age /Postponed/Declined medically by SUD Life , Minimum multiplication factor under Ulip Plan is opted, Max 50 lac will be allowed subjected to satisfactory Income proof of husband)

with husband's insurance details (no proof required)

15 lac. (Exceptions: If husband not insurable because of age /Postponed/Declined medically by SUD Life , Minimum multiplication factor under Ulip Plan is opted, Max 50 lac will be allowed subject to satisfactory Income proof of husband)

For Graduate & above, with Proof of equivalent husband's insurance

Based on merits, can offer maximum cover of 50Lac

4 Illiterate

Females

Any occupation

ITRs with COI 10 times annual income with a maximum limit of 10 Lac

Income proof other than ITR ^^ submitted


Housewife No income proof provided

3 Lac with husband's insurance in case of housewife or bank statement for 1 year with regular credits. If both not available, no cover to be offered.

Self employed/Housewife

No income/No husband's insurance

No cover offered

MHR from LH mandatory in case of widow under category2, 3 & 4 Females and Illiterate females. Income proof other than ITR includes Rent Agreement, Rent Receipt, land ownership documents with Mandi

Receipt, Salary Certificate, Contract copy, Individual Bank statement for 1 year with regular credits(Avg monthly credits would be considered as monthly income), Form 16A, TDS Certificate etc.

NOTES: Term plan & riders other than CI riders are not offered to Housewife, Widows (Cat. - 4) & females with

unearned income. No riders are offered to Illiterate females.

FIB rider allowed for only cat I female .ADTPD rider allowed to cat I and II (cat II restricted to SA 5L)

MHR to be submitted for all cases of Illiterate females, widows (Cat. - 4) and female lives with

unearned income. For ADB/TPD rider’s income proof is mandatory for category other than Category 1

females. No cover to be granted for minor housewives.



Student Underwriting Guidelines

Category Students Guidelines

TASA Requirements Guidelines

For

ULI

P &

En

do

wm

en

t P

lan

Upto 15Lacs Study Details on Proposal form

15lac (Without Parent's insurance)

>15 to 25Lac

•Parent's insurance details. •Study Proof • Sibling insurance details. •Financial Surrogate or Primary income proof of the Parent/Proposer as per the new financial UW guidelines

a)Restricted to parent's cover

b)If parents not insurable, &

With Minimum premium

multiple-Max 50lac can be

granted

Parent's Income proof required

beyond 15Lac aggregate SUC

Cover >25Lac

•Parents' insurance proof •Study Proof •Sibling should be adequately insured • Primary Income proof of the Parent/Proposer

a)Cover >25Lac (50% of Parents’ insurance would be allowed to students, exception on case to case basis) b)If parents not insurable, & With Minimum premium multiple-Max 50 lac. Parent's Income proof beyond 15 Lac required

A student is defined as one who is aged ≤ 25 yrs and is pursuing his / her studies. He / she is not working full time and earning.



Underwriting Guidelines for Agriculturists

Parameters

Revised Guidelines

( With Agriculture Questionnaire and Land Ownership Document) – Kisan App

will be used for calculating financial eligibility

Income Proof

Age limit 18-55 Years 18-55 Years

Age Proof Type

Standard Age Proof – Maximum cover 30 Lac# allowed

Non-Standard Age Proof - Maximum cover- 20 Lac

Standard Age Proof – No cap on maximum cover

Non-Standard Age Proof - Maximum cover- 20 Lac

Education Criteria and Financial Eligibility for

Male lives:

X th Pass- Max cover -30 Lac (as per financial eligibility)

Below X th std : Maximum 10 Lac

Illiterate Lives : Max cover - 5Lac under investment plan

X th Pass- No cap on Max cover (allowed as per financial eligibility)

Below X th std : Maximum 10 Lac

Illiterate Lives : Max cover - 5Lac under investment plan

Do

cum

en

ts R

eq

uir

ed

fo

r M

ale

live

s

Cover up to 15 Lac

Only Agriculture Q required

N.A

Cover >15

Lac to 30 Lac

ULIP/Endowment plan – a) Land ownership document* and Agriculture Q would be required. Minimum agricultural land holding of the life assured should be of 5 Acres. b) Sum Assured allowed would be 10 times the Annual Premium^ Bright Child- >15 Lac to 25Lac:on merits basis land ownership document & Agri Q >25Lac: Not Allowed Premier Protection-Not Allowed

ULIP/Endowment plan – 3 years ITRs with Computation of Income / Tehsildar certificate required

Bright Child- >15 Lac to 25Lac: on merits basis land ownership document & proof of income like Mandi Receipt /Form J/Tehsildar certificate >25Lac: on merits of the case subject to submission of ITRs Premier Protection-Allowed up to 30 Lac with primary income proof

#cover > 30 Lac

ULIP/Endowment plan – not allowed above 30Lac cover. Premier Protection plan- not allowed above 30Lac cover.

ULIP/Endowment plan – a) Documents like Bank statement reflecting Agricultural income / form J / Tehsildar certificate/ Mandi Receipts etc required along with land-ownership



document. b) Sum Assured allowed would be 10 times the Annual Premium^ c) Pre Login approval to be taken Premier Protection plan- not allowed above 30Lac cover.

Education

Criteria/Documentation and financial eligibility

for Female lives Plans Allowed for female Lives:

Literate-

Up to cover 5 Lac - No income proof required

Cover > 5 Lacs-10Lac (Capped to10 times the annual income)-

i)Sole ownership document of Land * and ii) Agriculture Q required. Illiterate- a) Land ownership document and

Agriculture Q– 5 times of annual income with a maximum limit of 3 Lac cover would be granted.

b) No income proof – No cover allowed All investment and Endowment plans allowed as per eligibility criteria. Term Plan – Not allowed

Literate-

Up to cover 5 Lac - No income proof required

Cover > 5 Lacs-10Lac (Capped to10 times the annual income )-

i)Sole ownership document of land* and ii)Mandi receipt/Form J/ Bank statement

reflecting Agricultural income / form J / Tehsildar

certificate etc required Illiterate- a) Land ownership document / Mandi receipt/Form J/ Bank statement reflecting Agricultural income / form J / Tehsildar certificate etc – 5 times of annual income with a maximum limit of 3 Lac cover would be granted. b) No income proof – No cover allowed. All investment and Endowment plans allowed as per eligibility criteria. Term Plan – Not allowed

Annual Income multiplication factor for various age groups (for financial eligibility)

Following multiplication factor would be used along with the annual income arrived at using Kisan App. 18-35 Years-20 times 36-40 Years-15 times 41-49 Years-12 times 50-55 Years-10 times > 55 Years- Nil

18-35 Years-25times 36-40 Years-20 times 41-49 Years-15 times 50-59 Years-12 times >59 Years- 8 times



Financial eligibility calculation using Kisan App:

Documents required: a) Land Ownership Document: Contains the name of person holding the land, area of land under cultivation,

type of crop grown

b) Agriculture Questionnaire: Contains information about the complete profile of the agriculturist such as his assets, loans, additional income through some allied activities, any other additional income generated through sources other than agriculture

How Kisan App calculates the Annual Income:

Yield per Acre (YPA) and Minimum Support Price (MSP) of each crop is fed into the Kisan App

Crop frequency is considered i.e. how many times the crop is grown in a year

Area under cultivation in acres is considered from Agriculturists Q & Land ownership document

Annual Income = Yield per Acre (YPA) X Crop frequency in a year X Area under cultivation X Minimum Support Price (MSP)

Points to Remember:-

For any exception, pre-login underwriting approval required & such cases may be considered basis primary income proof/ Form J/ Bank statement reflecting Agricultural income / Tehsildar certificate.

Agriculture Q is mandatory for all cases

Kisan App is to be used for cases with cover up to 30Lac.

Female joint owner of Land would be considered as per female life guidelines

Medical & MHR would be compulsory for illiterate Agriculturists

Note: *For joint ownership, if the share is not specified in the document, share in land would be considered as equal for

each share holder of the Land

* Elite Assure where Sum Assured is 11 times the Annual Premium as per product feature is allowed.



Underwriting Guidelines for Privileged Bank Customers

Platinum Customers of UBI and BOI

Customer Type Platinum -Savings Account Holders ( Individual Account )

Criteria (Savings Account) Savings account with average quarterly credit balance of >/= 5 lacs .

Underwriting Guidelines

Male Lives Female Lives

Cover Allowed 10 times of the average Quarterly balance in the account, max cover 1 crore.

5 times of the average Quarterly balance in the account, max cover 25 lacs.

Basic Criteria:

Age <= 50 years <= 50 years

Qualification Minimum Graduate Minimum Graduate

Age Proof Standard age proof Standard age proof

Others Should be actively involved in business/occupation, should have regular entries, not one time credit

Should be actively involved in business/occupation, should have regular entries, not one time credit

Income Documents required

< =25 Lac- Screen shot of Finacle system reflecting type of account attested by Bank Branch Manager > 25 Lac- a)Screen shot of finacle system reflecting type of account and b) Customer’s one year Bank statement

Screen shot of finacle system reflecting type of account attested by Bank Branch Manager

Other Documents MHR as per MHR matrix MHR as per MHR matrix

Medical Grid Medical grid will be of A1 category if the customer is residing in the cities mentioned in the A1 category. For others- Medical Grid of ULIP/ Endowment plan

Medical Grid of ULIP/ Endowment plan

Plans Allowed All plans except Premier protection. For Premier Protection plan, Primary Income proof like ITR, Form -16, Audited P&L account etc required

Criteria for Current A/C Holders of BOI Privileged Customers

Customer Type Platinum Plus – Current Account Holders ( Proprietor ship Account )

Criteria (Current Account- Only for proprietorship account)

Minimum Average Quarterly credit balance of >20 lac



Cover Allowed 5 times of the average Quarterly balance in the account, max cover of 1 crores

5 times of the average Quarterly balance in the account, max cover 50 lacs.

Basic Criteria:

Age <=50 years <=50 years

Qualification 10th pass Graduate

Age Proof Only standard age proof Only standard age proof

Others Should be actively involved in business/occupation Should be actively involved in business/occupation


< =25 Lac- Screen shot of finacle system reflecting type of account attested by Bank Branch Manager > 25 Lac- a)Screen shot of finacle system reflecting type of account and b)Customer’s 6 months Bank statement

< =25 Lac- Screen shot of finacle system reflecting type of account attested by Bank Branch Manager >25 Lac- a)Screen shot of finacle system reflecting type of account and b)Customer’s 6 Month Bank statement


Medical Grid Medical grid will be of A1 category if the customer is residing in the cities mentioned in the A1 category. For others- Grid of ULIP/ Endowment plan

Grid of ULIP/ Endowment plan

Plans Allowed

All plans except Premier protection. For Premier Protection Primary Income proof like ITR, Form -16, Audited P&L account etc required



Criteria for Current A/C Holders of BOI Platinum Customers

Customer Type Platinum -current a/c ( Proprietor ship account )


Minimum Average Quarterly credit balance of Rs 10,00,001 to Rs.20,00,000



Cover Allowed 5 times of the average Quarterly balance in the account, max cover of 75 lac

Equal to average quarterly balance in the account, max cover of 20 lacs.

Basic Criteria:

Age Customer should be aged <= 50 years Customer should be aged <=50 years

Qualification Graduate Graduate


Others Should be actively involved in business/occupation

Should be actively involved in business/occupation

Income Documents required < =25 Lac- Screen shot of finacle system reflecting type of account attested by Bank Branch Manager > 25 Lac- a)Screen shot of finacle system reflecting type of account and b)Customer’s 6 months Bank statement



Medical Grid Medical grid will be of A1 category if the customer is residing in the cities mentioned in the A1 category. For others- Grid of ULIP/ Endowment plan

Grid of ULIP/ Endowment plan

Plans Allowed All plans except Premier protection. For Premier Protection Primary Income proof like ITR, Form -16, Audited P&L account etc required

Customer Type Current A/C Holders of BOI -Diamond Plus ( Proprietor ship account )


Minimum Average Quarterly credit balance of Rs.5,00,001 to Rs.10,00,000



Cover Allowed 5 times of the average Quarterly balance in the current account, max cover of 50 lac

Equal to average quarterly balance in the current account, max cover 10 lacs.

Basic Criteria:

Age Customer should be aged <= 45 years Customer should be aged <=45 years

Qualification 10th pass Graduate


Others Should be actively involved in business/occupation

Should be actively involved in business/occupation


< =25 Lac- Screen shot of finacle system reflecting type of account attested by Bank Branch Manager > 25 Lac- a)Screen shot of finacle system reflecting type of account and b)Customer’s six months Bank statement



Medical Grid Grid of ULIP/ Endowment plan Grid of ULIP/ Endowment plan

Plans Allowed All plans except Premier protection. For Premier Protection Primary Income proof like ITR, Form -16, Audited P&L account etc required.

Please note: Customer should be maintaining balance for 1 year – applicable for all type of accounts



MHR Matrix for Bancassurance, Agency and Alternate Channel

MHR matrix for Bancassurance Channel:

MHR matrix for Group Business

MHR matrix for Agency /Alternate Channel:

*MHR mandatory for below mentioned profiles:

Illiterate Lives

Female lives with unearned source of income

Widow Lives (other than category 1)

MHR limit would be based on aggregate SUC i.e. all the policies since inception (with SUD) would be considered for

triggering MHR.

FATF deficient countries PEP clients RH can provide Special MHR if details are confirmed telephonically. Negative location cases from agency cases

Please Note: Underwriter on discretion can call for MHR based on assessment of the case. For Agency channel cases, if cover >50Lac

to 1 Crore special MHR to be used for tele-verifiction by RM

Financial Limit MHR signing Authority

Less than 15 Lac* No MHR

> 15 Lac - 35 Lac Location Head

>35 Lac to 1 crore Area Head / Territory Head

> 1 crore-2 crore Area Head

> 2 crore Regional Head

Financial Limit MHR signing Authority

Up to 50 Lac No MHR

>50 Lac- 1 crore Area Head / Territory Head

>1 crore Regional Head

Financial Limit Agency

Up to 10 Lac

Asst. Development Manager / Development Manager / Senior

Development Manager / Direct Agency Manager

>10 Lac – 25 Lac Area Agency Head/ Branch Head

>25 Lac – 50 Lac Area Agency Head/ Branch Head

>50 Lac Regional Head/Regional Manager



REVISED AGENCY GUIDELINES- MHR &CUSTOMER PHOTOGRAPH* NEW

All applications logged in should accompany with a full size colour photograph of customer (proposed life assured) with sales representative at login stage, as per below matrix. * NEW

Sum Under Consideration

(SUC) Proposed Life Photograph With

Up to 25 lacs IA/ DM/LPDMs/LPDs

>25 Lac Branch Head

We may insist photograph with senior distribution team member case to case basis. MHR mandatory in all cases as per revised grid below.

Sum Under Consideration

(SUC) Agency

Up to 10 Lac IA/LPDs – Mandatory for all cases

>10 lacs- 25 lacs DM/LPDMs

>25 Lac – 50 Lac Branch Head

>50 Lac Regional Manager(RM)



NRI (Non Resident Indian) / PIO (Person of Indian Origin)

NRI:

Non Resident Indian i. A Non-Resident Indian (NRI) is a citizen of India who is temporarily residing in the country of his/her present residence and

holding a valid passport issued by the Government of India.

ii. Customers who resides out of India for greater than 182 days irrespective of purpose i.e. Employment, Business, Education etc.

will be treated as NRI.

iii. Customers planning to travel abroad for greater than 30 days irrespective of purpose i.e. Employment, Business, Education etc.

will be treated as NRI.

iv. A crew member will be treated as NRI if he is on the board of a ship outside territorial waters of India for 182 days or more during

any year.

PIO:

PIO is a person i. Who is a citizen of a foreign country (other than Bangladesh, Pakistan or Sri Lanka); and

ii. Who had at any time held an Indian Passport; or Either of whose parents or any of his grandparents was a citizen of India; or

iii. Who is the spouse of an Indian citizen or a person of Indian origin

Mandatory

Documents

Proposal Form to be signed and dated in India.

NRI Questionnaire / PIO Questionnaire with PIO card

Valid Passport Copies with Entry-Exit Details

Travel questionnaire is required in case of Life to be Assured who travels to more than one country

Details of overseas insurance.

In case of Income proof like ITR/Tax certificate etc. translated copies of the document/s are required if the document/s are in any language other than English.

For NRIs, who are in business, copy of contract/permit for carrying business abroad may be called for.

FATCA FORM

Important Note For NRIs who are engaged in business in the Middle East, copy of business-permit for

carrying business there may be called for.

Additional income proof in case of NRI living in the Middle East:

The following income proof may not be conclusive but will help in strengthening the case:

- Remittance details

- Entry Permit / work permit

- In case of business, copy of permission to start business or Copy of contract for carrying out business abroad may be

called

- Copy of Certification of Incorporation of the company in the Middle east

* For income proof related information, please refer guidelines



Underwriting Guidelines for Tibetans & Nepalese lives:

Presently we are offering cover to Indian citizens & NRIs/PIOs. However there are cases where certain categories of

foreign nationals, who are staying in India, seek cover mainly for Investment purpose. In order to offer life insurance cover

to such categories i.e. Tibetans & Nepalese nationals, the following guidelines to be followed

Profile eligible:

Life to be Assured should be residing in India for more than 1 year. Declaration to that effect to be obtained from Life to be Assured

Cover to be offered only to the earning individuals

Educational Qualification- Min. 10th Pass ( for both males & females)

Documents required:

Submission of Foreign National Questionnaire is compulsory

Submission of Income documents like last 1 year ITR/ Form 16/ 3 months salary slip,

Bank statement, etc is a must

MHR by appropriate authority is mandatory in all cases, irrespective of the Sum Assured.

For Tibetans, resident permits /refugee certificate is mandatory.

AML-KYC documents required as per AML-KYC norms.

Age Proof- Both Standard age proof & non standard age proof allowed as per guidelines

Restrictions:

SUC to be restricted to maximum Rs. 10 Lac

Minimum Premium to be Rs. 25000/-

Only Investment plans i.e. ULIP Endowment plan & Defined Growth Endowment Plan allowed

Maximum age at maturity to be restricted to 60 years

Riders not to be allowed

Communication address should be the Indian Address.

Policy will be issued in Indian Rupees only

Only Single premium / Premium in Yearly Mode allowed.

Note:

Tibetans & Nepalese, who have acquired Indian nationality, can be treated at par with

Resident Indian. However, proof for nationality needs to be submitted for such cases.

Individuals not residing in India will not be considered for any cover.



FATCA/ CRS* NEW

Introduction: ‘Foreign Account Tax Compliance Act’ commonly known as FATCA is a US enacted law with an objective of tackling tax

evasion through obtaining information in respect of off-shore account maintained by US residents and citizens. Similarly under Common Reporting Standards ‘CRS’, financial institutions are required to collect and report information to CBDT about account holders “resident” in other countries except U.S, on yearly basis.

India signed the IGA on 31st August 2015 almost a year after the FATCA rules were notified. New customers under the FATCA rules were defined as customers on-boarded on or after 1st July 2014. At SUD life, FATCA/ CRS was implemented in February 2016 for Individual and Group.

Purpose:

The purpose of this SOP is guide on the following steps:

1. Customer on-boarding process for all NRI/ PIO’s 2. Requirement to be raised at New business stage 3. Requirements at P.S and Claims stage 4. System Tagging

Scope:

1. All Individual products except Term without ROPP feature, Immediate Annuity where the annuity is from

proceeds of pension, health (AAROGYAM) 2. All Groups products except group term, EDLI, leave encashment, PMJJBY 3. New Business- customer on-boarding 4. Policy servicing – any change in circumstance i.e. change in address, nationality, change in plan, change in

nominee, surrender, assignment etc. 5. Claims – nominee/ beneficiary (maturity claims) where the periodic payouts is made in case of child benefit

plans, settlement option etc. 6. Client role - Life Assured, Proposer, Payer, Assignee, Beneficiary, Corporate Clients under Employer-

Employee/HUF/Key man/Partnership, Master policyholder, Member. 7. FATCA/ CRS questionnaire for Entity be obtained in case of policyholder is corporate client under Employer-

Employee policies, HUF, Key man, Partnership 8. ‘FATCA/ CRS questionnaire for Entity’ be obtained at master policyholder level under retirement benefit

schemes. Credit life products ‘FATCA/ CRS questionnaire for individual’ to be obtained at member level 9. Pre-existing customers (as defined under FATCA/ CRS) – i.e. all existing policyholders of SUD life as on 30th June

2014 for FATCA and as on 31st December 2015 for CRS 10. New customers (as defined under FATCA/ CRS) – all policyholder of SUD life from 1st July, 2014 onwards for

FATCA and 1st January 2016 onwards for CRS.



DEFINITION OF TERMS:

FATCA Foreign Account Tax Compliance Act

CRS Common Reporting Standards

CBDT Central Board of Direct Tax

US person An Individual

(a) an individual, being a citizen or resident of the USA;

(b)a partnership or corporation organized in USA or under the laws of the USA or

any State thereof;

(c) a trust if,-

i. a court within the USA would have authority under applicable law to render

orders or judgments concerning substantially all issues regarding

administration of the trust; and

ii. one or more U.S. persons have the authority to control all substantial

decisions of the trust; or

(d) an estate of a decedent who was a citizen or resident of the USA

Other Person Means a person who is resident of jurisdiction outside India except US.

Indicia i. identification of the account holder as a resident of any country or

territory outside India for tax purposes or unambiguous indication of a

place of birth in USA;

ii. current mailing or residence address (including a post office box) in any

country or territory outside India;

iii. one or more telephone numbers in a country or territory outside India and no

telephone number in India;

iv. standing instructions (other than a Depository Account in the case of

CRS) to transfer funds to an account maintained in a country or territory

outside India;

v. currently effective power of attorney or signatory authority granted to a person

with an address in a country or territory outside India;

vi. a “hold mail” instruction or “in-care-of” address in a country or territory

outside India if the reporting financial institution does not have any other address

on file for the account holder.

TIN Tax Payer Identification number (to be obtained from questionnaire)

Functional

Equivalent of TIN

Countries who do not issue TIN, functional equivalent of TIN can be obtained i.e.

Social Security No (SSN), National Insurance Number, Citizen or Personal

Identification Code or Number, Resident Register Number.

In case of Entities, Business/ Company Registration number/ code can be used

where TIN or functional equivalent is unavailable.

Controlling Person means the natural person who exercises control over an entity and includes a

beneficial owner as determined under sub-rule (3) of rule 9 of the Prevention of



Money-laundering (Maintenance of Records) Rules, 2005.

Pre-existing

customers

Means the existing policy holders of SUD life as on 30th June 2014 for FATCA and

as on 31st December 2015 for CRS

New customers Means the new policyholders acquired by SUD Life from 1st July 2014 onwards for

FATCA and 1st Jan 2016 onwards for CRS.

India signed the IGA on 31st August 2015 exactly a year after the rules notified for

FATCA. These rules were implemented in SUD life from Feb 2016 i.e. for all new

business policies (Individual + Group), FATCA/ CRS questionnaire for NRI/PIO was

mandatory effective Feb 2016.

Due Diligence Means the process of reviewing the existing policyholder’s database to identify

NRI/PIO customers for FATCA/ CRS perspective and in case of new customers

reviewing the proposal form to identify such customers. At the time of new

business, if the questionnaire is not provided then the policy will not be issued

under FATCA regime.

Undocumented

customers/ account

Means the policies where despite sending the FATCA/ CRS questionnaires, the

customer does submit incomplete questionnaire or does not submit the

questionnaire at all.

Under CRS obligations, such policies/ clients be tagged as undocumented policies

and reported.

Under FATCA obligation, such policies/ clients are tagged to be cancelled and

tagged as undocumented and then reported.

TIN’s by Countries (illustrative list) * NEW

Name of Country Terminology No. of Digits

Argentina DNI (National Identity Document) 11 Digits

Australia Tax File Number (TFN) 9 Digits

Austria TIN 9 Digits

Bahrain Identification Card 9 Digits

Belgium TIN (National Number) 11 Digits

Brazil CPF -

Bulgaria TIN (Uniform Civil number) 10 Digits

Canada Social Insurance Number -

Chile RUN (National Identification Number) 7 or 8 Digits

China Resident Identity Card 18 Digits

Colombia RUT (Taxpayer Identification Number) -

Croatia TIN (Personal Identification Number) 1 block of 11 Digits

Cyprus TIN 9 Digits

Czech Republic TIN (Birth Number) 9 Digits



Denmark TIN (Personal Identification Number) 10 Digits

Estonia TIN (Personal Identification Code) 11 Digits

Finland TIN (Personal Identity Code) 11 CHAR

France NA (INSEE Code) NA

Germany TIN 11 Digits

Greece TIN (National Identification Number) 9 Digits

Hong Kong Hong Kong Identity Card 8 Digits

Hungary TIN 10 Digits

Iceland National Identification Number 10 Digits

India Permanent Account Number 12 Digits

Indonesia Nomor Induk Kependudukan 16 Digits

Ireland TIN (Personal Public Service Number) 9 Digits

Israel Mispar Zehut 9 Digits

Italy TIN (Fiscal Code) 16 Digits

Japan MyNumber 12 Digits

Lithuania TIN 11 Digits

Macau (China) Permanent Resident Identity Card (BIRP) 8 Digits

Malaysia National Registration Identity Card No 12 Digits

Malta TIN 8 Digits

Netherlands TIN 9 Digits

New Zealand Inland Revenue Department (IRD) No 8/ 9 Digits

Norway Birth Number 11 Digits

Poland PESEL number / TIN number( 10digits) 11digits

Portugal TIN (Fiscal Identification Number) 9 Digits

Romania TIN (Personal Numerical Code) 13 Digits

Singapore National Registration Identity Card

(NRIC)

7 Digits

Slovenia TIN (Unique Master Citizen Number) 8 Digits

Spain TIN 9 Digits

Sweden TIN (NIE Number) 10 Digits

Switzerland Social Security Number 11 Digits

Turkey Turkish Identification Number (TIN)

United Kingdom UTR/NINO (National Insurance Number) 9/ 10 Digits

USA Social Security No / Individual Taxpayer Identification No

(SSN/ ITIN)

9 Digits

UAE Iqama number/Resident id card 15 Digits for UAE

Instructions for filling the FATCA/CRS form. All the questions have to be answered. Q 1 of the form has to be answered as Yes in all NRI/OCI/PIO cases. In Question 2, one of the options, as applicable, has to be specified. If the client is not tax resident/ taxable in

any country or territory outside India, the question has to be answered as No and not as “Not Applicable”.



If client is tax resident/ taxable in more than one country or territory outside India, TINs of all such country have to be specified.

Date and Place of signing the form has to be mandatorily filled in.

Points to remember.

Visa copy is not an Acceptable Documentary Evidence. Only the Life Assured, Proposer and Assignee have to submit the FATCA/CRS form if they are NRI/PIO/OCI or

have any foreign indicia. They have to fill in the form separately with TIN or functional equivalent of each have to be submitted.

FATCA/CRS regulation is not applicable to payor.

INCOME TAX NOTIFICATION* NEW

As per the recent Income Tax notification, declaration of PAN details is mandatory wherein declared income exceeds the

taxable limit (annual income is 2.5 lac or above)

The details of the notification are as follows:

The customer should submit revised Form 60 declaration if the aggregating premium exceeds 50,000 during the financial year and they do not hold PAN

(Revised Form 60 format is uploaded on Intranet and Sales portal)

If the income declared (in proposal form/as per income proofs provided) exceeds the taxable limits, the revised Form 60 will not be accepted unless PAN applied by the customer and PAN application acknowledgement number is mentioned in the Form 60

Correct PAN details should be procured in the proposal form

This rule shall be applicable for both Residents as well as NRI

Taxable income bracket where PAN details should be procured * imp

Sr. No Age limit Basic exemption limit (in Rs)

1 Resident senior citizen (who is 60 yrs or more) Rs 3,00,000

2 Resident super senior citizen (who is 80 yrs or more) Rs 5,00,000

3 Any Other Resident Individual (not a senior citizen or super senior

citizen as mentioned above) and any Non Resident Individual

Rs 2,50,000

No PAN details/acknowledgement number required if the customer has only agricultural income



THIRD PARTY PAYMENT

Life to be Assured Payer’s Relationship

with Life to be

Assured

Guidelines

Major Life Parents Parents can be proposer in insurance * NEW

application on the lives of their major children

Major Life Grand Parents Grandparents can be the proposer on the lives

of their major grandchildren (NOC from the

parents will not be required). * NEW

Female life Husband Husband can be proposer for cover on the life

of wife and vice versa* NEW

Parents Children Children proposing on the life of their parents

for Aarogyam plan.

Minor/Major Son / Daughter till

age 25 (Not earning)

Parents 1. Premium Payer Declaration by Premium

Payer Parent (to pay all future payments)

Life to be Assured Payor’s relationship

with Life to be

Assured

Guidelines

Grandchildren(Parents not

alive)

Grand Parents Considering that Grandparents are natural

guardians, they can be allowed to propose

when parents are not alive and the child is

under their care. MHR should be called from a

person not less than BM level confirming the

facts.

Policy will vest in LA on his/her becoming a

major. Declaration to be obtained that

Grandparents/legal guardian will not have any

claim on the policy proceeds.

Minor/Major Son / Daughter till

age 25 (Not earning)

Parents Allowed

Son/ Daughter (earning) Parents The word Gift deleted from third party



declaration. Third party payment will be

accepted with third party payment declaration

duly signed by Payer.

Life Assured Payor’s relationship

with Life Assured

Guidelines

Daughter (Unmarried &

earning)

Parents Single/Regular Premium allowed with third

party declaration

Daughter (Married & non

earning)

Parents Single/Regular Premium allowed with third

party declaration . .

Parents Children Not allowed

Major/Minor Male/Female lives Relatives (Uncle,

brother, sister, In-

laws etc)

Not allowed

Minor Lives Close blood relatives

(Maternal/Paternal

Uncle etc) with legal

guardianship papers

Any closed blood relative can be allowed to

propose only when parents are not alive and

with legal guardianship documents. The cover

will be based on profile & social standing of the

LA & proposer.MHR to be submitted by AVP.

Policies will vest in LA on his/her becoming a

major. Grandparents/legal guardians should not

have any claim on the policy proceeds.

Declaration to be obtained that legal guardian

will not have any claim on the policy proceeds.

Life Assured Payor’s relationship

with Life Assured

Guidelines

Employee Employer Allowed only under Employer-Employee

scheme

Partner (Self proposed) Partnership firm Partnership firm can propose/pay on the lives

of its partners only(Partner’s Family not

allowed)under Partnership / Key man scheme

only for term plan. The firm cannot finance

policies on the lives of persons who,

though partners themselves, are taking out

policies in their individual capacity.

Director (self-proposed) Pvt. Ltd. Co Pvt. Ltd. Company can propose/pay on the lives

of its director only under Key man scheme only



for term plan. Pvt. Ltd. Company cannot finance

policies on the lives of its Directors who are

taking out policies in their individual capacity.

Relatives of Director/partners Firm/Company Not allowed

Major/Parents/Grand Parents Children/Grand

children

Allowed to Pay premium under Annuity

/Pension all products

Proposer in Major Life Applications * NEW

Applicable in following categories: Parents can be proposer in insurance application on the lives of their major children. Grandparents can be the proposer on the lives of their major grandchildren (NOC from the parents will not

be required). Husband can be proposer for cover on the life of wife and vice versa.

Following categories will not be allowed * NEW

Children proposing on the life of their parents. Also cases with no insurable interest and involving moral hazard will not be allowed. For business sourced under special schemes such as HUF/ Employer-Employee/ Keyman etc.

Student Lives for Aarogyam plan* NEW Latest education proof required for all cases. Upto 10 Lakhs no restriction and above 10 Lakhs equivalent parents insurance proof required.



Special Scheme Guidelines EMPLOYER EMPLOYEE GUIDELINES* NEW

WHAT IS EMPLOYER - EMPLOYEE SCHEME?

Employers have an insurable interest in the lives of their employees. It is in the interest of the Employers to

have services of the employees continued over long period. Similarly, Employers want to remunerate

employees in various ways, one of such ways is to buy insurance on the life of employee. While the premium

in such cases will be paid by Employer, benefit under the policy will flow to Employee or his nominee. In view

of this SUD Life allows life insurance cover to be taken on the lives of employees by their employees.

It is important to establish Employer-Employee relationship for applying policy under this scheme. Basic

parameter for establishing this relationship is that employee earns a regular salary from the person who is

called his employer. Life insurance can be taken for all employees or for a class of employees. The employer

may or may not be the Proposer under the policy. PURPOSE:

Main reasons for the employer to have his employees’ lives covered are: 1) As a reward for good service to a select band of employees. 2) As an encouragement for continuation in the service. 3) As a welfare measure and provision for his old age/ dependents. DIFFERENCE BETWEEN EMPLOYER - EMPLOYEE & KEYMAN INSURANCE: The basic difference between the Employer Employee Scheme & the Keyman Insurance is that the former is for the welfare of the Employee & his dependents whereas the latter is for safeguarding the Company from the probable financial loss which may arise due to the death of the key person. ELIGIBILITY CRITERIA FOR EMPLOYER - EMPLOYEE SCHEME

- Life to be Assured has to be employee of the Employer entity. - Employer may or may not be a registered entity. - Employee should not hold more than 49% stake in the Employer entity. - Family shareholding of the Employee in the Employer entity should not exceed 75%.

Family means Employee, spouse and children * NEW COMMON EMPLOYER –EMPLOYEE RELATIONSHIPS The most common employer employee relationships are:

A sole proprietorship firm as the employer where the employee (other than the sole proprietor) is any employee of the sole proprietorship firm.



A partnership firm as the employer where the employee (other than a partner) is any employee of the partnership firm.

A corporate as the employer where the employee is any employee of the corporate. Any other legal entity as the employer and its employees.

DIFFERENT TYPES AVAILABLE TO THE EMPLOYER Type A* NEW Employee will be Life Assured and Employer will be the Proposer as well as the Payor. Type B* NEW Employee will be Life Assured as well as Proposer, while Employer will be merely the Payor and not Proposer. Policy can be applied either under Type A or Type B. TYPE OF ASSIGNMENTS ALLOWED AND ITS IMPLICATIONS: (Applicable for Type A policies only) Employers have to assign the policy in favour of Employee immediately upon issuance. The policy may be assigned absolutely or conditionally. Assignment will have to be done under Type A only as under Type B employee is both Life Assured as well as Proposer. Absolute Assignment: * NEW

Policy will be absolutely assigned immediately upon issuance.

Once assigned, the Employer will not have any rights on the policy, whatsoever.

Employee becomes the absolute owner of the policy and all the benefits under the policy will go to him or his nominee.

Employee has to nominate, at inception, a person to whom the benefits under the policy will be paid in case of his unfortunate demise.

Conditional Assignment: * NEW

Policy will be conditionally assigned immediately upon issuance.

Employer has the right on the policy to the extent of the condition mentioned in the assignment form. If the condition is not fulfilled by Employee, the employer can exercise his right as mentioned in the condition.

All rights under the policy other than condition mentioned shall be exercised by the Employee.

Employee has to nominate, at inception, a person to whom the benefits under the policy will be paid in case of his unfortunate demise.

Employer can add other condition, however same will be reviewed at Underwriting, whether acceptable.

Policy can be applied either with Absolute Assignment or with Conditional Assignment.



DOCUMENTS REQUIRED

Type A - Employee is Life Assured and Employer will be the Proposer as well as the Payor

Application form with proposer details mentioned on it and duly signed by authorised signatory of the proposer entity and stamped.

Age proof and KYC of Life assured.

Income proof of Life Assured, wherever required.

Certified copy of the Board Resolution in the prescribed format on the letterhead of the entity along with the list of employees covered under the scheme.

Employer Declaration in prescribed format duly signed by Authorized signatory.

Certificate of Incorporation and Memorandum and Articles of Association in case proposer is Company.

Registration certificate, if registered and Partnership deed in case proposer is Partnership Firm.

PAN card of proposer.

KYC of Beneficial Owner in the case of Company/ Partnership Firm/ any other entity.

Income proof of Proposer such as ITR with Computation of Income, Audited Business Financials for last three years.

Notice of Assignment signed authorized signatory of the proposer entity and stamped.

Policy Endorsement duly signed by Employer and Employee.

Nomination form duly signed by the Employee.

All documents required to be signed by Proposer should be signed by authorized signatory of the proposer entity and also duly stamped.

All documents relating to the proposer should be attested by the authorized signatory.

Type B - Employee is Life Assured as well as Proposer, while Employer is only the Payor

Application is to be filled in as per individual application. Proposer details and signature of authorized representative is not required.

Age proof and KYC of Life assured.

Income proof of Life Assured, wherever required.

Employer Declaration in prescribed format duly signed by Authorized signatory.

Certified copy of the Board Resolution in the prescribed format on the letterhead of the entity along with the list of employees covered under the scheme.

Certificate of Incorporation and Memorandum and Articles of Association in case payor is Company.

Registration certificate, if registered and Partnership deed in case payor is Partnership Firm.

PAN card of payor.

KYC of Beneficial Owner in the case of Company/ Partnership Firm/ any other entity.

Income proof of Payor such as ITR with Computation of Income, Audited Business Financials for last three years.



All documents required to be signed by Payor should be signed by authorized signatory of the proposer entity and also duly stamped.

All documents relating to the payor should be attested by the authorized signatory. ('Beneficial owner' for this purpose means. ‘an individual who ultimately owns the insurance policy or controls a customer of the Life insurer or the person on whose behalf a transaction is being conducted and includes a person who exercises ultimate effective control over a juridical person.) PLANS ALLOWED All plans are allowed except Pension/ Annuity plans, Child benefit plans and Money back plans. Where new plans are launched in future, the eligibility will be conveyed along with the plan guidelines.

KEY MAN INSURANCE

Key Man Insurance

1 Shareholding of Key Man < 51%

2 Family shareholding <70%

3 Type of plan opted Only Term Plan granted

4 Riders

5 Illiterate

6 Nomination

7 Should be Employee of the Company

8 Only Absolute Assignment Allowed in favour of

Keyman

Documents Required

1 Proposal form signed by Authorized Signatory of

company with seal of the entity

2 Annexure-A (Draft of resolution to be passed by

company Board for KMI)

3 Annexure – B (Key Man Questionnaire )attested by

Authorized person under the seal of the company

4 Annexure – C ( Signed by Life Assured - Keyman)

5 PAN card of Employer

6 AML/KYC documents of Employer



7 Copy of Memorandum &Articles of

Association/Partnership deed

8 Recent 3yrs ITR's / Form 16 of Key Man

9 Recent 3yrs Audited B/S & P&L a/c of the company

or partnership firm

10 Form 32 if Keyman is Director

HINDI UNDIVIDED FAMILY (HUF)

Hindu Undivided Family (HUF)

Documents required

1

Proposal form should clearly bear the noting -HUF Proposal

and status of proposer as Karta HUF to be clearly

mentioned against his name

2 Proposal form signed by ‘KARTA HUF' with HUF stamp

3 HUF Addendum- Annexure I

(available on Intranet & Sales Portal )

4 PAN (HUF)

5 Income proof of HUF to be provided

6 Individual Income proof as per normal financial

Underwriting guidelines

Life to be Assured Can be Karta of HUF Co-parcener and Female members, Minor lives * NEW



MARRIED WOMEN’S ACT (MWP)

Married Women's Property Act (MWP)

1 MWP can be issued on the life of married male earning person/divorced/widower with

spouse and/or children

2 MWP cannot be given on Female lives

3 MWP Addendum is mandatory (ref Intranet Sales Portal)

4 Addendum to be signed by proposer & Trustee or Trustees same should be witnessed

5 Residents of India ( excluding Jammu and Kashmir ) are eligible

6 Beneficiary can be (i) Wife alone , (ii) any one or more children alone or (iii) the wife or

any one or more children

7 Proposal to be on Proposer’s own life

8 Nomination and Assignment not allowed

9 Copy of Trust Deed is required if Trust has been appointed



FINANCIAL ACTION TASK FORCE - FATF DEFICIENT COUNTRIES

The Financial Action Task Force) is an inter-governmental body set up with an objective to set standards and

promote effective implementation of legal, regulatory and operational measures for combating money

laundering, terrorist financing and other related threats to the integrity of the international financial system to

combat money laundering.

FATF provides list of countries which are not compliant with FATF (Financial Action Task Force)

recommendations. These countries are termed as AML / FATF deficient countries. * NEW

* Note: list of FATF Deficient Countries will be provided by the Compliance Team. Such list shall be updated on a continuous basis.

Requirements / Documents to be called for acceptance of cases which belong to FATF Deficient Countries:

At the initial stage of Underwriting, the received application should be discussed with Underwriting Manager

or Underwriting Team.

NRI/PIO Questionnaire (Forms available in Sales Portal and Intranet) Special MHR to be submitted by concerned AH ( Forms available in Sales Portal and Intranet)

MHR from Bank Manager on letter head of Bank duly filled and signed ( Forms available in Sales Portal and

Intranet)

Life to be Assureds’ individual 6 months’ Bank Statement reflecting transactions irrespective of Premium paid.

Passport Photocopy with all pages reflecting entry and exit details.

Copy of Visa or PIO/OCI Card.

AFG Afghanistan

BSN Bosnia and Herzegovina

GUY Guyana

IRN Iran

LAO Laos and Lao

PRK Democratic People's Republic

SYR Syria

UGA Uganda

YEM Yemen

IRQ Iraq

VUT Vanuatu



POLITICALLY EXPOSED PERSON (PEP)

PEP is an abbreviation for Politically Exposed Person, a term that describes a person who has been entrusted

with a prominent public function, or an individual who is closely related to such a person.

Who is PEP?

Domestic PEPs are individuals who are or have been entrusted domestically with prominent public functions, for example Heads of

State or of government, senior politicians, senior government, judicial or military officials, senior executives of state owned

corporations, important political party officials. Persons who are or have been entrusted with a prominent function by an

international organization refers to members of senior management, i.e. directors, deputy directors and members of the board or

equivalent functions

Current or former senior official in the executive, legislative, administrative, military, or judicial branch of a

foreign government (elected or not), a senior official of a major foreign political party, a senior executive of a

foreign government-owned commercial enterprise, being a corporation, business or other entity formed by or

for the benefit of any such individual, an immediate family member of such individual.

If the Life Assured/ Proposer/ Assignee/ Beneficiary or Payer has similar profile as mentioned above, PEP

question in the proposal form should be ticked as “YES”.

Special MHR for PEP (available on sales portal) needs to be duly filled and signed by AH must be provided along

with the proposal form.

Requirements / Documents to be called for acceptance of cases which belong to PEP category:

At the initial stage of Underwriting, the received application should be discussed with Underwriting Manager or

Underwriting Helpdesk.

Special MHR by AVP for PEP (available on sales portal)

PRODUCT SPECIFIC GUIDELINES

Product Name Category

Age proof Education Female life Student life NRI



RIDER GUIDELINES

Wealth Builder

All categories

allowed Allowed

Premier Protection Plan

Medicals to be raised at

ROS

Only Standard age proof

except PAN card Graduate

Category

2,3,4 not

allowed Not allowed

Not

allowed

Immediate Annuity

Only standard age proof is

required (except for annuity

option II which can be

accepted with NSAP) NA Allowed

Bright child

Age Proof of Beneficiary Child

is mandatory

Both standard & nonstandard

age proof acceptable for LA

Illiterate and

unearned

income

category

Female Life

not allowed

Not Allowed Allowed

Assured Income Both standard & nonstandard

age proof acceptable

Both literate and

illiterate lives are

allowed

All categories

allowed

Allowed upto 10

Lac without

parents

insurance

Allowed

Jeevan Ashray Both standard & nonstandard


Both literate and


allowed

All categories

allowed

Allowed upto 10

Lac without

parents

insurance

Allowed

Aarogyam Only Standard Age proof

allowed

Banca- Both

literate and


allowed

Agency-

Minimum 10th

pass

House wives

allowed Allowed

Not

allowed

Aashirwad Both standard & nonstandard


Illiterate not

allowed

Illiterate

female lives,

Housewives,

Unearned

income

profile not

allowed

Not allowed

Only

Standard

countries

allowed

Guaranteed Pension

Plan (RCD for the plan

= Collection date)

Both standard &

nonstandard age proof

acceptable

Illiterate

allowed

Can be

granted

agriculturist

, male lives,

female lives

Not allowed Allowed



ADTPD and Family income Benefit Rider:

ADTPD Rider :

On death due to Accident – On death of the Life Assured due to Accident, 100% of Rider Sum Assured will be paid

provided the policy is in force as on the date of death of the Life Assured and the contract ceases thereafter.

On Accidental Total and Permanent disability – Rider Sum Assured will be paid in 10 equal half-yearly installments

wherein each installment amount will be equal to Rider Sum Assured multiplied by 10%, provided the policy is in force(

as on the date of occurrence of event) and the Rider contract will cease after payment of the last instalment.

In case of death of the Life Assured while receiving Accidental Total and Permanent disability benefit, the remaining

total of all outstanding installments under this Rider will be paid to the nominee/beneficiary and the contract ceases.

Note:

Once any policyholder is declared eligible to receive the benefits under Accidental Total and Permanent Disability, the

Coverage under this rider will immediately cease.

Where,

“Medical Practitioner” is a person who holds a valid registration from the medical council of any state of India and is

thereby entitled to practice medicine within its jurisdiction and is acting within the scope and jurisdiction of his license.

“Accidental Death” means the death of the Insured which results due to Accident or from Accidental Injury and occurs

within 180 days of the date of Accident.

“Accidental Injuries” means accidental physical bodily harm excluding illness or disease solely and directly caused by

external, violent and visible and evident means which is verified and certified by a company appointed Medical

Practitioner or a Doctor attached to a Government Hospital.

“Accident” refers to a sudden, unforeseen and involuntary event caused by external, violent and visible means. The Life

Assured will be declared “Totally and Permanently Disabled” only if as a result of Accidental injury, the Life Assured has

been rendered unable to perform independently (even with the use of assistive devices) at least 3 of the following 6

“Activities of Daily Living”

Activities of Daily Living:

Washing: the ability to wash in the bath or shower (including getting into and out of the bath and shower) or wash satisfactorily by other means;



Dressing: the ability to put on, take off, secure and unfasten all garments and, as appropriate, any braces, artificial limbs or other surgical appliances;

Transferring: the ability to move from a bed to an upright chair or wheelchair and vice versa; Mobility: the ability to move indoors from room to room on level surfaces; Toileting: the ability to use the lavatory or otherwise manage bowel and bladder functions so as to maintain a

satisfactory level of personal hygiene; Feeding: the ability to feed oneself once food has been prepared and made available. The disability benefit due to Accident/Accidental Injury will become payable immediately in case of complete

severance of limbs. However for disability other than complete severance of limbs, the said disability should have persisted continuously for a period of at least 180 days ,in order for a benefit to be payable.

If the permanent nature of the disability is established by the company appointed medical practitioner, then the claim

will be payable.

If the company appointed medical practitioner does not agree to the permanent nature of the disability, then in order to

pay the benefit, the same will compulsorily be verified and certified by a Doctor attached to a Government Hospital.

Family Income Benefit Rider:

Benefit :

10% of the Rider Sum Assured will be paid* to the nominee/Legal heir every year for a period of 10 years in case of

unfortunate death of the life assured as follows:

10% of Rider Sum Assured)/12 will be paid at the end of every policy month following the date of death of the Life Assured and continuing for a period of 10 Years

The rider benefit is payable over and above the benefit payable under the base plan.

*provided the rider policy is in-force as on the date of death of the Life Assured.

Underwriting Guidelines for ADTPD and FIB Rider:

Parameters Family Income Benefit Rider ADTPD Rider

Age Proof Only standard age proof will be acceptable Both standard &Nonstandard


Education allowed to Graduate and above No restriction for male lives.

However, illiterate females will



not be eligible for ADTPD

Financial

Requirement

50% of FIB rider Sum assured would be added for

TASA calculation of triggering financials

requirements.

Not Applicable

Medical

requirement

50% of FIB rider Sum assured would be added for

SUC calculation of triggering Medicals. Medical

grid applicable for base plan will be used to

triggered medicals

Not Applicable

Reinsurance

reference:

Full FIB sum assured to be added to arrive at

aggregate SUC which is the basis for referring the

case to reinsurer.

Not Applicable

Student FIB is not allowed ADTPD is not allowed

Female Lives: allowed to cat 1 female only

allowed to Cat 1 & 2 female only.

However, maximum ADTPD

cover allowed to Cat -2 females

would be restricted to 5Lac

Agriculturist

Land ownership documents along with Form

J/Mandi Receipt/ Tehsil Certificate along with

agriculture Q are mandatory. Max. Cover (Rider +

Base plan) is capped at 30Lac for agriculturist

Not Applicable

NRI/OCI not allowed

Offered only if Life to be Assured

stays in standard country. If LA is

Resides /Travels to any of the

substandard country, ADTPD will

not be offered.

PIO not allowed not allowed

Loading

EMR (e.g. +25, +50, etc will be charged) for

health adversity & Flat loading (e.g. 1/1000)

would be charged for occupation hazard,

residential risk & avocation). EMR applicable for

base plan will be applicable for FIB rider.

Maximum loading allowed is +100

Flat loading (e.g. 1/1000) would

be charged for occupation

hazard, residential risk &

avocation

*Loading on ADTPD will be done as per applicable Reinsurer guide and depends of the profile of the customer

SUD Life AAROGYAM: Critical Illness Standalone Product

The product will cover the following 40 Critical illness conditions.

Sr No Critical Illnesses Sr No Critical Illnesses Sr No Critical Illnesses

1 Apallic Syndrome 15 Encephalitis 29 Motor Neuron Disease

2 Benign Brain Tumor 16 Major Burns 30 Multiple Sclerosis



3 Blindness 17 Major Head Trauma 31 Muscular Dystrophy

4 Brain Surgery 18 Major Organ Transplant 32 Parkinson's Disease

5 Cancer 19 Paralysis 33 Progressive Systemic

Sclerosis

6 Chronic Lung Disease 20 Stroke 34 Primary Pulmonary

Hypertension

7 Coma 21 Surgery to Aorta 35 SLE with Lupus Nephritis

8 End Stage Liver Disease 22 Fulminant Viral Hepatitis 36 Dissolution of the nerve

roots of Brachial Plexus

9 CABG 23 Alzheimer's Disease 37 Bacterial Meningitis

10 Heart Attack 24 Aplastic Anaemia 38 Carotid Artery Surgery

11 Heart Valve Surgery 25 Cardiomyopathy 39 Chronic Recurrent

Pancreatitis

12 Kidney Failure 26 Deafness 40 Ulcerative Colitis

13 Loss of Independent

Existence 27 Loss of Speech

14 Loss of Limbs 28 Medullary Cystic Kidney

Disease

Group Product Guidelines

Loan Suraksha Products Guidelines:-



Membership form

Age Proof-both std & NSAP (with NSAP extra) acceptable

Loan sanction letter

Premium calculation sheet

PAN card/Form 60/61 if premium=>50,000

NRI Q in case of NRI

Occupation questionnair in case of hazardous occupation

Credit assessment note in case of Co-borrower

MHR if Initial cover exceeds 25Lac

Outstanding Loan statement for existing loan customer

Co-applicant allowed only under Home Loan Scheme. Co-borrower can be covered only if his/her

income is considered for the eligibility of providing loan. Submission of CAM sheet showing income of

Co-borrower /Income proof is mandatory for co-borrower.

.

Co-borrower: Are Individual, usually whose individual income/financials are considered for arriving at

the total loan eligibility.

Co-applicant: Are Individual, usually who joins the Loan Contract as they are Co-owner of the

property & are not financing the loan. Co-Applicants are not financially assessed to arrive at loan

eligibility.

Cover would be offered only to co-borrowers and not to co-applicants

Under split option, Co-borrower's cover would be equal to his share in loan.

Under Joint Life (first to die) for 100% of loan amount:The proportion of his/her Share of Co-

Borrower in Total Gross Income considered for loan purpose should be >35%.

If main applicant is not applying for cover, Co-borrower can be allowed only upto his share in the loan. Guidelines for Co-borrower

Product Underwriting Guidelines-Loan Suraksha

Documents required

Financial requirement

Primary Borrower:

Upto 1 Crore-Nil,

> 1 Crore-Credit assessment note or Primary income proof

> 2 Crore-Standard income proof

Co-Borrower: Credit asssesssment note for all cases

Individuals with no income will not be offfered any cover.

Individual income proof for all cases

SA clarification

Term Clarification

Ht/Wt range

Illiterate life

When Medical is triggered

Health adversity disclosed in Membership Form

Not allowed under this plan

Medical Grid Applicable

Medical grid for Loan Suraksha is applicable for New loan customer* & medical grid of Individual Term

Plan(Pure Term) is applicable for existing loan customer#

* New loan customer is defined as customer applying for insurance within 6 month from the

1st disbursement date. Disbursement date to be captured in revised membership form.

#Existing customer is defined as customer applying for insurance after 6 month from the 1st

disbursement date. NM limits for Individual business to be followed for such customer

Female Lives

Height - Weight not in range

Existing previous policies with medical adversity

If medical is required as per medical grid

SA < Home Loan allowed (if extra is being adjusted)

Should be ≤ home loan tenure +construction period

Refer RGA's GUM

Housewives & females with unearned income not covered

Pregnant Females not allowed



PAN

KYC/AML

MHR

Occupation Q

Minor and Student lives

Foreign Nationals & PIOs

NRI

Proposal form Validity

Auto acceptance limit :- For Home

Loan/Mortgage loan:

(Beyond this limits cases would be referred to

RGA.)

SUC upto Rs 50 Lac & EMR upto +100 &

SUC upto Rs 75 Lac & EMR upto +75

SUC upto Rs 1Crore & Standard Lives

Auto acceptance limit :- For Other Loans:

(Beyond this limits cases would be referred to

RGA.)


Standard Age Proof (SAP)requiredAge Proof

NSAP s also acceptable with NSAP extra

If Membership form is > 6 months old, DGH would be required

If Membership form is > 12 Months old, fresh membership form would be required

2 separate rating sheet required for each joint life.

SUC to include SA of other MRTA cases also.

In case of any previous policies with SUD, check UW decision

Mandatory if annualized premium=>50000

KYC & AML not applicable for MRTA

MHR Required >25Lac SUC.Limits are same as per MHR Matrix

Required for hazardous occupation

NRI Q mandatory for NRIs & those who are expected to go abroad for more than or equal to 182

days, Special MHR for FATF casesin case of FATF deficient country (please refer the detailed NRI

guidelines). Cover can be offered to customer residing in standard countries( as per RGA GUM) only

Not allowed

Not allowed

4. All other loan-categories not specifically covered in the proposal

The following loan-covers to be referred to the Reinsurer on facultative basis:

Note: MRTA cases sourced by RRB, needs to be refered to RGA

Non earning applicant ( including individual on Sabbatical leave) should not be granted any cover, In

such scenario, cases should be refered to RGA basis merits of the case.

1. Farmer Agriculture Loans

2. Employer – Employee Group Loans

3. Micro Finance Institutions



Siksha Suraksha-II Product Guidelines:-

Membership form

Age Proof

Loan sanction letter

Premium calculation sheet

PAN card/Form 60/61 if premium=>50,000

NRI Q in case of if the Life to be Assured is going abroad for study

Course Offer letter

MHR if Initial cover exceeds 25Lac

Financial requirement Nil

Proposal form Validity If Membership form is > 6 months old, DGH would be required

If Membership form is > 12 Months old, fresh membership form would be required

Health adversity disclosed in membership form

Height-Weight not in range

existing previous policies with medical adversity

If medical required as per medical grid

Medical grid for Shiksha Suraksha-II is applicable for New loan customer* &

medical grid of Individual term Plan( Pure Term) is applicable for existing loan

customer#

* New loan customer is defined as customer applying for insurance within 6

month from the 1st disbursement date. Disbursement date to be captured in

revised membership form.#Existing customer is defined as acustomer applying for insurance after 6 month

from the 1st disbursement date. NM limits for Individual business to be

followed for such customers

NRI Q

If Life to be Assured is pursuing studies abroad , need to provide NRI

Questionnaire with all details for the same.

MHR MHR required above 25 Lac. Limits are same as individual plan

Ht/Wt range Refer RGA's GUM

Rider attachments No riders are available

SA clarification SA < Education Loan allowed (if extra is being adjusted)

Age Proof Standard Age Proof (SAP)required

PAN Mandatory if annualized premium=>50000

KYC/AML Guidelines KYC & AML guidelines are not applicable for MRTA

MHR MHR Required >25Lac SUC.Limits are same as per MHR Matrix

Female Lives Pregnant Females not allowed

SUC to include SA of other MRTA cases also.

In case of any previous policies with SUD, check UW decision

Only Students can apply for this plan. Parents are not allowed under the plan

NRI Q may be waived off if details are available in study offer letter &

Membership form

MRTA cases sourced by RRB, needs to be refered to RGA

Note


Auto acceptance limit:

(Beyond this limits cases would be referred

to RGA.)

Medical Grid Applicable

When Medical is triggered

Product Underwriting Guidelines-Shiksha Suraksha-II

Underwriting guidelines for Shiksha suraksha

Documents required

VERSION 1 - SUD Life guidelines... · fundamental to insurance business and underwriting is a tool...

Documents

Transcript of VERSION 1 - SUD Life guidelines... · fundamental to insurance business and underwriting is a tool...