This document contains proprietary information that shall be distributed, routed or made available only within SUD
Revision: 1.4 SUD Confidential Page 1 of 51
VERSION 1.4
Updated on: 11th
Jan, 2017
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Revision: 1.4 SUD Confidential Page 2 of 51
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
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Revision: 1.4 SUD Confidential Page 3 of 51
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!
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Revision: 1.4 SUD Confidential Page 4 of 51
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.
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Revision: 1.4 SUD Confidential Page 5 of 51
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.
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Revision: 1.4 SUD Confidential Page 6 of 51
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.
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Revision: 1.4 SUD Confidential Page 7 of 51
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)
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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.
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Revision: 1.4 SUD Confidential Page 9 of 51
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
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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
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Revision: 1.4 SUD Confidential Page 11 of 51
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.
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Revision: 1.4 SUD Confidential Page 12 of 51
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
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Revision: 1.4 SUD Confidential Page 13 of 51
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
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Revision: 1.4 SUD Confidential Page 14 of 51
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
>15 Lac-25Lac Employee ID card or Visiting Card
>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
36-40 20 times the average annual income
41-49 15 times the average annual income
50-59 12 times the average annual income
Above 60 8 times the average annual income
Category Sub-category TASA Revised Guidelines
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Revision: 1.4 SUD Confidential Page 15 of 51
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
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Revision: 1.4 SUD Confidential Page 16 of 51
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
>15 Lac-25Lac Employee ID card or Visiting Card
>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
10 times of annual income with a maximum limit of 10 Lac
No income proof provided
7Lac
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Revision: 1.4 SUD Confidential Page 17 of 51
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
5 times of annual income with a maximum limit of 3 Lac
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.
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Revision: 1.4 SUD Confidential Page 18 of 51
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.
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Revision: 1.4 SUD Confidential Page 19 of 51
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
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Revision: 1.4 SUD Confidential Page 20 of 51
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
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Revision: 1.4 SUD Confidential Page 21 of 51
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.
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Revision: 1.4 SUD Confidential Page 22 of 51
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
Underwriting Guidelines
Male Lives Female Lives
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
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
< =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
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- 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
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Revision: 1.4 SUD Confidential Page 23 of 51
Criteria for Current A/C Holders of BOI Platinum Customers
Customer Type Platinum -current a/c ( Proprietor ship account )
Criteria (Current Account- Only for proprietorship account)
Minimum Average Quarterly credit balance of Rs 10,00,001 to Rs.20,00,000
Underwriting Guidelines
Male Lives Female Lives
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
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
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
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- 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 )
Criteria (Current Account- Only for proprietorship account)
Minimum Average Quarterly credit balance of Rs.5,00,001 to Rs.10,00,000
Underwriting Guidelines
Male Lives Female Lives
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
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
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 six months 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 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
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Revision: 1.4 SUD Confidential Page 24 of 51
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
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Revision: 1.4 SUD Confidential Page 25 of 51
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)
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Revision: 1.4 SUD Confidential Page 26 of 51
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
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Revision: 1.4 SUD Confidential Page 27 of 51
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.
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Revision: 1.4 SUD Confidential Page 28 of 51
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.
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Revision: 1.4 SUD Confidential Page 29 of 51
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
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Revision: 1.4 SUD Confidential Page 30 of 51
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
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Revision: 1.4 SUD Confidential Page 31 of 51
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”.
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Revision: 1.4 SUD Confidential Page 32 of 51
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
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Revision: 1.4 SUD Confidential Page 33 of 51
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
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Revision: 1.4 SUD Confidential Page 34 of 51
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
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Revision: 1.4 SUD Confidential Page 35 of 51
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.
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Revision: 1.4 SUD Confidential Page 36 of 51
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.
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Revision: 1.4 SUD Confidential Page 37 of 51
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.
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Revision: 1.4 SUD Confidential Page 38 of 51
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.
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Revision: 1.4 SUD Confidential Page 39 of 51
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
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Revision: 1.4 SUD Confidential Page 40 of 51
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
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Revision: 1.4 SUD Confidential Page 41 of 51
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
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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
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Revision: 1.4 SUD Confidential Page 43 of 51
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
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Revision: 1.4 SUD Confidential Page 44 of 51
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
age proof acceptable
Both literate and
illiterate lives are
allowed
All categories
allowed
Allowed upto 10
Lac without
parents
insurance
Allowed
Aarogyam Only Standard Age proof
allowed
Banca- Both
literate and
illiterate lives are
allowed
Agency-
Minimum 10th
pass
House wives
allowed Allowed
Not
allowed
Aashirwad Both standard & nonstandard
age proof acceptable
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
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Revision: 1.4 SUD Confidential Page 45 of 51
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;
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Revision: 1.4 SUD Confidential Page 46 of 51
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
age proof acceptable
Education allowed to Graduate and above No restriction for male lives.
However, illiterate females will
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Revision: 1.4 SUD Confidential Page 47 of 51
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
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Revision: 1.4 SUD Confidential Page 48 of 51
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:-
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Revision: 1.4 SUD Confidential Page 49 of 51
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
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Revision: 1.4 SUD Confidential Page 50 of 51
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.)
SUC upto Rs 50 Lac & EMR upto +100
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
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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
SUC upto Rs 50 Lac & EMR upto +100
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
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