About life insurance.

Business details
Eligibility: All officers / employees of the Karnataka Government Service are
compulsory and are eligible to opt in to the mandatory life insurance scheme of
the Indian Administrative Service, Indian Police Service and Indian Forest Service.
Other factors include:
1) Must be 18 years old.
2) Should not exceed 50 years.
3) Must be insured before receiving the first monthly salary.
4) A monthly rate insurance premium shall be paid not less than 6.25% of the
average wage of the applicable pay range for the retention post.
Method of obtaining an insurance policy
1. The first insurance installment should be filled with the required information in
a three-part challan available at the local bank receiving government payments
and pay cash as an initial deposit to this Department's Account Title 8011-00-
105-1-01, with the bank's receipt of the specified two-part challan.
2. Initial Deposit Payment Challenge should be obtained free of charge at all the
offices of the Department. Anyone who has paid an initial deposit in excess of Rs.
1000 / - should submit a medical proposal, regardless of age. Anyone over 40
years of age must submit a medical proposal (medical) no matter what the initial
deposit is paid. Eligible physicians checking the proposal will be paid a prescribed
medical fee by the department.
Facilities under the Compulsory Insurance Scheme
1. Payment of insurance in cash
2. Loan Facility
1. Payment of Insurance in Cash: - Rule (17) allows the insurer to continue the
policy till the expiration of the policy he has in service for any reason and pay
monthly installments in cash. For this, the insurer can apply for a cash payment
within one year of release from the government service. In this way, the policy
has to be paid in full with interest payments and loan balances before the policy is
allowed to proceed with the "cash case". Installments can be chosen to be paid
monthly, quarterly, bi-annually and annually as the insurer's ichfe. To avail the
facility, the insurer must attach a copy of the order issued by the government
service along with the number of policies they have in their application, previous
service details and the full postal address to which they are connected.
2. Loan Facility: - In accordance with Rule 40, the insurer can transfer the policies
he has completed for at least three years to the government for a specified
purpose without exceeding 90% of the excess value of the policy. The loan will be
charged at 9 per cent interest. Charges are applicable for non-repayable loan
installments.
Procedure of Borrowing: -
• First-time borrowers must have completed three years from the policy date, 24
months (two years) from the date of borrowing if the borrower has already re-
borrowed.
• Insurers are entitled to borrow, collectively or separately, on the policies they
hold.
• The maximum number of installments for a loan repayment is 40. At the time of
renewing the loans, the previous loan balance, if any, is repaid with interest.
• Repayment of loans is vested in monthly pay bills.
Various Claim Settlement Cases
1. Period supply claim case
2. The death penalty case
3. The case of defamation claim
1. Extended Claim Case: - All the policies available to the insurer on the date of
completion of age of 55 years will only be effective as they offer only fixed term
(NDo) policies in this department. Once all the specified details about the insurer
are available, the right is usually settled within the effective month.
2. Death claim: - If the insurer dies before the policies become effective, the total
amount will be paid to the nominated person by adding dividends up to the death
of the insured for the total sum of the insurance policies.
3. Insurance sacrifice claim: - If the insurer is released from government service
before the expiration of the policy (such as self-retirement, compulsory
retirement, dismissal, resignation, etc.), such insurer may continue to pay the
policy in cash. Department within 12 months of its release from the Government
Service It is compulsory to obtain permission from the policy.