'Importance of Age Admission in Life Insurance' (157 Words)

Friday, June 6, 2014

The rate of premium payable on a life insurance policy varies with age. Granting of some plans and consideration of proposals under Non- Medical schemes etc., depends on age. Hence prior age admission is a must. Hence, it is advisable to furnish standard proof of age.

  • Age is the main basis of calculation of premium under life insurance policies. The following are accepted as evidence of age:
  • Certified extract from Municipal or Local Body’s records made at the time of birth.
  • Certificate of Baptism or Certified Extract from Family Bible, if it contains age or date of birth.
  • Certified Extract from School or College records, if age or date of birth is stated therein.
  • Certified Extract from Service Register in the case of Govt. employees and employees of Quasi-Govt. Institutions.
  • Passport issued by the Passport Authorities in India.

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