Proof of age

Under the heading ‘Conditions and privileges within referred to’ in the schedule of the policy the first item given is ‘Proof of age’. You will recall that at the preamble of the policy, which we referred under the Post titled ‘The Promise’, the promise was made subject to conditions and privileges – the exact wording of it in a policy bond is as follows: “And it is hereby declared that this policy of assurance shall be subject to the conditions and privileges printed on the back hereof and that the following schedule and every endorsement placed on the policy (by the insurer) shall be deemed part of the policy.” Under the title Proof of age it is stated that premium is calculated on the basis of age declared by the life assured in the proposal and later if it is found that actual age of the life assured is found to be higher than what was declared then premium will be revised (as applicable to the higher age) and the difference of premium will have to be paid to the insurer along with compound interest. Thereafter revised premium becomes payable on due dates of premium. In case arrears of premiums are not paid it will be treated as a debt on the policy (along with compound interest) and the same will be recovered from any claim payable on the policy. If it is found that the correct age of the life assured is such as would have made him uninsurable under the Plan and Term of assurance specified in the schedule of the policy, the Plan and Term shall stand altered to such Plan and Term granted by the insurer according to the practice in force at the commencement of the assurance.

Key words:

Schedule of policy

Conditions and privileges

Preamble of policy

Proof of age