guaranteed Insurability GI Rider, state life gives the policyholder the right to purchase additional life insurance up to specified maximum amounts on specified further dates as standard rates, without evidence of insurability being required at such later dates.
Underwriting Rules, Limits etc.
(a)the rider will be issued only to standard lives. Policies carrying an occupational or aviation extra premium or issued to men in military service cannot carry this rider.
(b)The face amount of the basic policy must be Rs.15,000or more. The basic policy must be on permanent plan i.e Endowment etc. under which the premium payment period extends at least to the policy anniversary nearest age 40(i.e the last option date)
(c) The rider will be offered at age10-37 only.
(d) Only One GI rider will be issued on the life of any one person.
(e) The rider is available only at the time of issue of the basic policy.
(f) Issues of the GI rider will not prevent the addition of other types of the rider(TIR, FIB etc,) but the GI
will apply to the basic policy only.
(h) In determining medical examination requirements, this rider will be disregarded for issue ages
Under 20. For ages 20 and over, the basic amount of the rider will be added to the face amount
Of the policy, commuted value of any FIB etc. in arriving at the amount category that
Determines medical examination requirements.
Exercise of the Option Right;
(a)A new policy purchased under the GI provisions may be on any Whole Life or Endowment plan
Than written by state Life
(b) the new policy will be issued at the attained age of the life assured premiums based on state
Life assured with premiums based on state life’s standard rates at the time.
(c) The new policy must be applied for on the option date or within 60 days prior thereto. Any
Policy applied for, however, will not become effective until the option date.
(d) There is no carry-over of an option right from one option date to another, it must be exercised at The prescribed time forfeited. Failure to exercise the option right on a particular option right on a particular option date will not, however, affect the right to purchase a new policy
On subsequent option date.
guaranteed Insurability GI Rider premium rate
When the option is exercised, the full commission will be paid on such policies issued as a result of the election, to the worker who secures the new policy. commission on the rider premium wil be at the same rate as for the basic policy.
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