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Home / Policy Services / Age Admission

Age Admission

Introduction:

Age is the main basis of calculation of premium on life insurance policies. The rates of premium of most policies depend on the age of the life assured at the time of taking out a policy. In other words, the rate of premium varies with the age.

Age is equally important from the point of view of underwriting as the physical health of a person should be consistent with his age. I fact, requirements of special reports take into account age among other factors, which influence underwriting decision. It is, therefore, essential that the correct age should be stated in the proposal papers. If the age proof of the life to be insured is not submitted along with the proposal, it may become difficult for the Assured or for the Claimant with the passage of time to furnish satisfactory proof of age. The Corporation, therefore, now insists that the proof of age must be submitted along with the proposal.

As such, currently all policies are issued with the age being duly admitted. Where the age has not been admitted, the policyholders may be advised to furnish the age proof without any delay.

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