state life may grant a loan to the policyholder on his/her written request, against the net surrender value of the policy. the amount of loan shall not exceed 80% of the said net surrender value. the rate of profit or return and the other terms and conditions will be determined by state life at the time of granting the loan.loans of less then RS will not be given.
the amount of loan together with accrued profit or return will be the first charge on the policy, prior to all other claims.
The policy will acquire a surrender value after it has been in force for at least two consecutive years provided no premiums are in default. The surrender value will be quoted by state life on request of the policyholder. the surrender value is guaranteed to be not less than 30% aggregate premiums. aggregate premiums mean all premiums paid under the policy excluding the following.
REVIVAL OF POLICY; all lapsed policies may be considered for revival by state-life, upon receipt of evidence, free of cost and satisfactory to state life that the life insured is eligible for life insurance. depending on the duration of laps, state life may either require a declaration of good health by the life insured, his/her personal statement or his /her full medical examination report. in any case , state life may require other reports if deemed necessary.in addition, all arrears of premium together with profit or return to date at a rate determined by state life form time to time must be received by state life before the revival of a lapsed policy can be considered. state life reserves the right to declined or defer revival of lapsed policy or to offer revival on modified terms,a policy lapse for more than 5 years will not be considered for revival