Annexure I

Form No. 470 (Rev.)

LIFE INSURANCE CORPORATION OF INDIA

(Established by the Life Insurance Corporation Act, 1956)

Pradhan Mantri Vaya Vandana Yojana (UIN: 512G311V01)

Plan No. 842
PHOTO For Office use only
Branch Office …………… Divl. Office……….…..
Proposal No………………………………………….
BOC No…………………………Date:………………
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To be filled in by Agent
Agent's/FSE’s/DSE’s/Sup.Agent’s / DSA’s Name………… D.O./C.L.I.A./Chief Organiser Code No.……………
Agent's/FSE’s/DSE’s/Sup.Agent’s/ DSA’s Code No.…………….……
Licence No. ……….............. Date of Expiry ……………….
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(All answers to be filled in legibly. Answers must be given in words. Strokes of pen or dots or dashes will not be
accepted as replies. (a
a) Tick wherever applicable).
1. (a) Name in full of the proposed Pensioner, i.e. the person on whose life, pension payments depend:
______________________________________________
(b) Name in full of the father of the proposed Pensioner: _______________________________________
(c) Sex: Male/Female (d) Nationality: ------------------------
(e) Present Address: Address to which communications are to be sent
---------------------------------------------
-----------------------------------------------
(f) Permanent Address (if different from the above (e))
---------------------------------------------
-----------------------------------------------
Telephone : (i) Office:--------------------------- (ii) Residence:----------------------------
Mobile no.: ----------------------------------- E-mail ID:-----------------------------------------------
(g) (i) Date of Birth: ---------------------- (ii) Age at last birthday: ------------------------
(iii) Place of Birth: --------------------- (iv) What proof of age is being furnished with the proposal: ----------------

2. Description of the Pension:

(a) Please state either the
(i) Purchase Price (rounded off to nearest rupee) Rs. ---------------------------
OR
(ii) Amount of pension instalment Rs. -----------------------
Amount of Deposit:…………… ……… Cheque / DDNo……….. ………… Date:………………..
Drawn on:…………………………………………….
(b) Mode of pension instalments to be paid: Yearly/ Half-Yearly/ Quarterly/ Monthly
(c) Policy term: 10 years

3. (A) Personal details:

(a) Are you an Income Tax Assesse: Yes/ No
If yes, provide PAN: ------------------
(b) Aadhaar No.:
(c) Whether you or your spouse or your dependents have taken any other policy under this plan? Yes/ No

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 If yes, kindly furnish, details of other policies (including proposals under consideration) under this plan
taken by ‘Family’ (i.e. self, spouse and dependents):
Mode of
Sr. Proposal No./ Purchase Amount of
Name Relationship Pension
No. Policy No. Price Pension
Payment
1
2
3
4
5
6
7
8
9
10

Note: Total amount of pension under all the policies allowed to a ‘Family’ under this plan shall not
exceed Rs. 60,000/- per annum.

(B) Particulars of Bank A/c.:

(a) Bank Name: ______________________ Branch Name: ____________________
Address: __________________________________________________
__________________________________________________
(b) Account Type- (Saving Bank Account/ Current Account): ___________________
(c) Account No. (as appearing on the Cheque Book): _____________________
(d) Whether Aadhaar no. is linked to Bank Account mentioned in (c ): Yes/ No
(e) IFSC code no. of the bank and Branch Name appearing in the cheques issued by the bank ----------------------
--------------------------------
(Enclose a xerox copy of the cheque leaf displaying the name of account holder or first page of the bank
passbook giving information of name of the account holder, bank account no. and IFSC code no. etc.)

4. (a) Nominee of the proposed Pensioner to whom Purchase (i) Name: ------------------------
Price is to be refunded under the policy in case of (ii) Relationship to the Proposed Pensioner:
death of the proposed Pensioner. ------------------------------------------
(iii) Age: --------------------------------
(iv) Address: --------------------------------
-----------------------------
(b) If Nominee is minor: (i) Name of appointee: ------------------------
(ii) Relationship to the nominee: --------------
(iii) Age: ---------------------------
(iv) Address: --------------------------------
---------------------------------
(v) Signature of appointee as token of
Consent: --------------------------------

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 5. Whether you want to receive the policy bond through the Agent/ Development Officer? Yes/ No

I, ___________________________, hereby authorize my Agent/ Development Officer, Shri/Smt./Kum.

_____________________________ to collect the policy bond on my behalf.

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Signature of the proposed Pensioner

DECLARATION
I, …………………………………………………….. do hereby declare that the foregoing statements and answers are
true in every particular. I do agree and declare that the foregoing statements and this declaration shall be the basis of
the contract of pension between me and the Life Insurance Corporation of India. In case of fraud, misrepresentation
and suppression of material facts the policy contract shall be treated in accordance with the Section 45 of Insurance
Act, 1938 as amended from time to time.

I, hereby, further declare that the particulars of bank account and Aadhaar details given above are correct and
complete. If the transaction is delayed or not effected at all for the reasons of incomplete or incorrect information, I
would not hold the user institution responsible.

I am aware that Pradhan Mantri Vaya Vandana Yojana, in which I am investing my funds is a pension scheme
subsidized by the Government of India and as per Government directive, I may be required to furnish proof of
possession of Aadhaar number or undergo Aadhaar authentication for receiving benefits under the scheme.”

I hereby, further declare that all policies taken under Pradhan Mantri Vaya Vandana Yojana, by my family members
consisting of myself, spouse and dependents, wherever applicable, along with this current proposal, the amount
does not exceed the maximum purchase price of Rs. 7.5 lakhs or pension of Rs. 60000/-p.a.

Dated at ……………………………. on the ………………… day of …………………… 20

Signature of Witness ……………………………..
Name of Witness ………………………………….
Occupation …………………………………………
Address …………………………………………....
………………………………………………………. ……………………………………………..
Signature of the Proposed Pensioner

1. If the answers to the questions in this form and the signature are in a language other than the one in which the
proposal form is printed, then the person who has filled in the form should declare in his/ her own handwriting
above his own signature that all questions were explained to the proposed Pensioner and that his/ her answers
were given after fully and properly understanding the same.

The declaration should be made by the I hereby declare that I have fully
person filling in the form. explained the above questions to
Name of the Declarant the proposed Pensioner in ___________
…………………………………. language and I have truthfully
Address of the Declarant recorded the answers given by
…………………………………. the Proposed Pensioner.

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 ………………………………….
…..……………………………… …………………………………….
Signature of the Declarant

2. In case the proposed Pensioner is illiterate:-

The thumb impression of the proposed I hereby declare that I have
Pensioner should be attested by a person of explained the contents of the
standing whose identity can easily be proposal form to the proposed Pensioner
established, but unconnected with the in ………………… language and
Corporation and this declaration should that I have read out to the
be made by him. Proposed Pensioner the answers to the
questions dictated by the Proposed
Name of the Declarant Pensioner and that the proposed Pensioner
…………………………………. has affixed his/her thumb impression
Address of the Declarant to the proposal form after fully
……………………………… understanding the contents thereof.
………………………………
………………………………
……………………………………..
Signature

Section 45 of the Insurance Act,1938 as amended by Insurance Laws (Amendment) Act, 2015
(1) No policy of life insurance shall be called in question on any ground whatsoever after the expiry of three years
from the date of the policy, i.e., from the date of issuance of the policy or the date of commencement of risk or
the date of revival of the policy or the date of the rider to the policy, whichever is later.
(2) A policy of life insurance may be called in question at any time within three years from the date of issuance of the
policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the
policy, whichever is later, on the ground of fraud :
Provided that the insurer shall have to communicate in writing to the insured or the legal representatives or
nominees or assignees of the insured the grounds and the materials on which such decision is based.
Explanation I - For the purpose of this sub section, the expression “fraud” means any of the following acts
committed by the insured or by his agent, with the intent to deceive the insurer or to induce the insurer to issue
a life insurance policy :
(a) The suggestion, as a fact of that which is not true and which the insured does not believe to be true;
(b) The active concealment of a fact by the insured having knowledge or belief of the fact ;
(c) Any other act fitted to deceive ; and
(d) Any such act or omission as the law specially declares to be fraudulent.
Explanation II – Mere silence as to facts likely to affect the assessment of the risk by the insurer is not fraud,
unless the circumstances of the case are such that regard being had to them, it is the duty of the insured or his
agent, keeping silence to speak, or unless his silence is, in itself, equivalent to speak.
(3) Notwithstanding anything contained in sub-section (2), no insurer shall repudiate a life insurance policy on the
ground of fraud if the insured can prove that the mis-statement of or suppression of a material fact was true to
the best of his knowledge and belief or that there was no deliberate intension to suppress the fact or that such
mis-statement of or suppression of a material fact are within the knowledge of the insurer:
Provided that in case of fraud, the onus of disproving lies upon the beneficiaries, in case the policyholder is not
alive.
Explanation: A person who solicits and negotiates a contract of insurance shall be deemed for the purpose of the
formation of the contract, to be agent of the insurer.
(4) A policy of life insurance may be called in question at any time within three years from the date of issuance of the
policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the
policy, whichever is later, on the ground that any statement of or suppression of a fact material to the expectancy
of the life of the insured was incorrectly made in the proposal or other document on the basis of which the policy
was issued or revived or rider issued:
Provided that the insurer shall have to communicate in writing to the insured or the legal representatives or
nominees or assignees of the insured the grounds and materials on which such decision to repudiate the policy
of life insurance is based:
Provided further that in case of repudiation of the policy on the ground of misstatement or suppression of a
material fact, and not on ground of fraud, the premiums collected on the policy till the date of repudiation shall be
paid to the insured or the legal representatives or nominees or assignees of the insured within a period of ninety

4
 days from the date of such repudiation.
Explanation – For the purposes of this sub-section, the mis-statement of or suppression of fact shall not be
considered material unless it has a direct bearing on the risk undertaken by the insurer, the onus is on the
insurer to show that had the insurer been aware of the said fact no life insurance policy would have been issued
to the insured.
(5) Nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so,
and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on
subsequent proof that the age of the life insured was incorrectly stated in the proposal.’

Section 41 of the Insurance Act,1938 as amended by Insurance Laws (Amendment) Act, 2015
1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take
out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any
rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor
shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may
be allowed in accordance with the published prospectus or tables of the insurer.
Provided that acceptance by an insurance agent of commission in connection with a policy of life insurance
taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the
meaning of this sub-section if at the time of such acceptance the Insurance agent satisfies the prescribed
conditions establishing that he is a bonafide Insurance Agent employed by the insurer.

2) Any person making default in complying with the provisions of this section shall be liable for a penalty which
may extend to ten lakh rupees.

……………………………………………..
Signature of the proposed Pensioner

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 Agent's Report

(a) How long do you know the proposed Pensioner? _____________________________________

(b) What is the approximate age of the proposed Pensioner in your opinion? ____________________
(c) Do you recommend the acceptance of the Proposal? ____________________________
(d) Have you explained fully the terms and conditions of the plan to the proposed Pensioner? __________________
(f) Whether the proposed Pensioner or his/ her spouse/ dependents have taken out this policy previously? or is any
simultaneous proposal under consideration? Yes / No
If yes, furnish (i) Policy/ Proposal No. and Name _______________________________
(ii) Amount of Pension _______________________________
(iii) Mode of Pension __________________________
(If the above space is inadequate, please submit details in a separate sheet duly signed.)

I am satisfied with the identity of the party and on the basis of my independent enquiries, I hereby declare that the
foregoing statements are true and correct to the best of my knowledge and belief.

Further, I declare that the above proposal is secured by me and that I have fully explained the contents of the
proposal form to the proposed Pensioner Mr/ Mrs/ Ms. ____________________________.

Dated at…………………………… on the………………… day of………………… 20

.………………………………………..
Signature of the Agent

Addendum to Proposal Form for LIC’s e-services

(Fields marked with asterisk (*) are compulsory)

(a) Do you wish to avail LIC’s e-services for your

Policy through the Customer Portal of L.I.C. of India? YES / NO

(b) Are you already registered with customer portal of LIC of India? YES / NO

(c) If yes, please provide Policy Number of one of

the policies enrolled on the customer portal : | | | | | | | |

(d) Your e-mail id for future correspondence (*)

(e) Your Mobile Number (*) : 9|1| | | | | | | | | |

(f) PAN Number: | | | | | | | | |

(g) Passport Number: | | | | | | | | | | |

(h) UID (Aadhaar) Number: | | | | | | | | | | |

(It is mandatory to provide either PAN No, Passport No or UID No. for availing LIC’s e services)
Date : ___________ _____________________
Signature of the Proposer

Place : ___________ Name of Proposer : ___________________