Insurance Act, 1938 (4 of 1938) Section 4 - Bare Act

Act Info:

(1) ¹ [No insurer, notbeing a Co-operative Life Insurance Society to which Part IV of ² [this Act]applies, shall pay] or undertake to pay on any policy of life insurance issuedafter the ³ [commencement of the Insurance (Amendment)Act, 1946 (6 of 1946),] an annuityof ⁴ [less than one hundred rupees or a gross sum of less thanone thousand rupees] exclusive of any profit or bonus provided that this shallnot prevent an insurer from converting any policy into a paid-up policy of anyvalue or payment of surrender value of any amount.

⁵ [(2) Nothing contained in this section shall apply to any policyof the description known as a group policy, where the number of persons coveredby the policy is not less than fifty or such smaller number as may be approved by the ⁶ [Authority] and a standard form of the policy has beencertified in writing by the ⁶ [Authority] to be a policy ofsuch description ⁷ [or to any policy undertaking topay a gross sum of more than five hundred rupees or an annuity of more thanfifty rupees, issued--

(a) by an insurer to any person in his permanentemploy in respect of the life of that person, or

(b)under any scheme, approved by the ⁶ [Authority]and complying with such conditions, if any, as he may think fit to impose, whereby premiums due from personsemployed under any employer are collected by or under the supervision of theemployer,

or to any policyissued by a Mutual Insurance Company towhich Part IV applies and which the ⁶ [Authority] mayby order in writing exempt from the provisions of this section, for so long asthe company complies with such conditions, if any, as may be prescribed].]

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1.Substituted by Act 10 of 1948, section 2, for certain words (w.e.f.8-3-1948).

2.Substituted by Act 47 of 1950, section 8, for "the Insurance Act,1938" (w.e.f. 1-6-1950).

3.Substituted by Act 6 of 1946, section 5, for "commencement of thisAct" (w.e.f. 20-3-1946).

4.Substituted by Act 6 of 1946, section 5, for "fifty rupees or less or agross sum of rupees five hundred or less" (w.e.f. 20-3-1946).

5.Substituted by Act 13 of 1941, section 5, for sub-section (2) (w.e.f. 8-4-1941).

6.Substituted by Act 47 of 1950, section 4, for "Superintendent ofInsurance" (w.e.f. 1-6-1950) and again substituted by Act 41 of 1999,section 30 and Schedule I, for "Controller" (w.e.f. 19-4-2000).

7.Added by Act 6 of 1946, section 6 (w.e.f. 20-3-1946).