IREC Rule No.928: Limitation To Number Of Insurance Policies

928.  Limitation To Number Of Insurance Policies:-

(1)   The number of policies in respect of which substitution for subscriptions due to the fund or withdrawal of subscriptions from the fund may be permitted under rule 927 shall not exceed four;

Provided that where immediately before the 20.08.1953, substitution for subscription due to the fund or withdrawal of subscription from the fund is permitted in respect of more than four policies, such substitution or withdrawal shall continue to be permitted in respect of those policies.

(2)   The premium for a policy (including any policy referred to in the proviso to sub-rule (1) in respect of which withdrawal of subscription from the fund may be permitted under Rule 927 shall not be payable otherwise than annually.

Explanation: In computing the maximum number of policies specified in sub-rule (1) policies which have matured or have been converted into paid-up ones shall be excluded.