Policy Document

• It is the evidence of the contract between he assured and the insurance company.
• If the insured person loses the original life insurance policy document, the insurance company will issue a duplicate policy without making any changes to the contract.
• It has to be signed by the competent authority and stamped according to indian Stamp Act

Policy Document Components

•  Policy Schedule 

        It contains Policy owner's name & address, DOB, Age, Plan & Term, Whether the policy is            Par/Non Par, Mode of Premium, Policy no, DOC, SA, Premium paid, Nominee, details of riders etc.,

• Standard Provision 

These are normally present in all LI Contracts. These Provisions define the rights and privileges and other conditions viz; days of grace, non- Forfeiture in case of Lapse

• Specific Policy Provisions

These may be printed on the face of the document or inserted seperately in the form of an attachment

Eg: A clause precluding death due to pregnancy for a lady who is expectingat the time of writing the contract