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Aleatory Contract Life (Insurance)

Aleatory Contract Life (Insurance) Template for India

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Aleatory Contract Life (Insurance)

"I need an Aleatory Contract Life (Insurance) for a high-net-worth individual with a sum assured of ₹5 crore, including critical illness rider and accelerated death benefit provisions, compliant with current Indian insurance regulations."

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Document background
This Aleatory Contract Life (Insurance) is designed for use in the Indian insurance market, providing a legally compliant framework for life insurance arrangements. The document is essential when establishing a formal insurance relationship between an insurance provider and an individual seeking life coverage. It encompasses all necessary elements required by Indian insurance regulations, including the Insurance Act 1938, IRDA guidelines, and relevant amendments. The contract details the conditional nature of the insurance promise, premium obligations, benefit structures, and claim procedures. It's particularly important as it creates legally binding obligations while incorporating consumer protection measures mandated by Indian insurance law. The document serves as both a regulatory compliance tool and a comprehensive guide to the insurance relationship, including all terms, conditions, and procedures that govern the insurance arrangement.
Suggested Sections

1. Parties: Identifies the insurance company (insurer) and the policyholder (insured), including their full legal names, addresses, and registration details

2. Background: Brief context about the insurance arrangement and the purpose of the policy

3. Definitions: Defines key terms used throughout the policy, including technical insurance terms, benefit descriptions, and relevant parties

4. Policy Details: Specifies the type of policy, sum assured, premium amount, and policy term

5. Premium Payment Terms: Details about premium payment frequency, due dates, grace period, and payment methods

6. Policy Benefits: Comprehensive description of death benefits, maturity benefits, and any guaranteed returns

7. Claims Process: Procedure for filing claims, required documentation, and timeline for settlement

8. Exclusions: Specific circumstances under which the policy benefits will not be payable

9. Rights and Obligations: Details the rights and duties of both the insurer and the policyholder

10. Policy Termination: Conditions under which the policy may be terminated or become void

11. Governing Law: Specifies that the contract is governed by Indian law and relevant insurance regulations

12. Dispute Resolution: Process for handling disputes, including jurisdiction and arbitration provisions

Optional Sections

1. Loan Provisions: Terms for policy loans, applicable when the policy allows for loan facility

2. Riders: Additional coverage options that can be attached to the base policy

3. Revival Terms: Conditions for reviving a lapsed policy, included when the policy allows revival

4. Surrender Values: Details about surrender values and process, required for policies with cash value

5. Nomination: Provisions for nominating beneficiaries, optional but recommended

6. Assignment: Terms for policy assignment, included when assignment is permitted

7. Unit Linked Provisions: Specific terms for ULIP policies, included only for unit-linked insurance plans

Suggested Schedules

1. Schedule I - Policy Details: Detailed schedule containing policy number, dates, personal details of insured, premium details, and sum assured

2. Schedule II - Benefit Structure: Detailed breakdown of benefits, including death benefit calculation method and maturity benefit details

3. Schedule III - Premium Schedule: Detailed premium payment schedule with dates and amounts

4. Appendix A - Medical Requirements: List of medical tests and requirements for policy issuance and claims

5. Appendix B - Premium Calculation: Detailed premium calculation methodology including applicable taxes

6. Appendix C - Nomination Form: Standard form for nomination of beneficiaries

7. Appendix D - Claims Documentation: Comprehensive list of documents required for different types of claims

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions


















































Clauses








































Relevant Industries

Insurance

Financial Services

Banking

Legal Services

Healthcare

Risk Management

Corporate Services

Wealth Management

Employee Benefits

Professional Services

Relevant Teams

Legal

Compliance

Underwriting

Claims Processing

Policy Administration

Risk Management

Customer Service

Operations

Actuarial

Product Development

Sales

Document Management

Corporate Affairs

Relevant Roles

Insurance Underwriter

Compliance Officer

Legal Counsel

Risk Manager

Insurance Agent

Financial Advisor

Claims Manager

Policy Administration Manager

Actuarial Manager

Company Secretary

Insurance Broker

Benefits Administrator

Corporate Lawyer

Insurance Operations Manager

Customer Service Manager

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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