(1) In these regulations, unless the context otherwise requires ----
(a) “Act” means the Insurance Act, 1938 (4 of 1938);
(b) “Authority” means the Insurance Regulatory and Development Authority of India established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);
(c) “annualised premium” means regular premium (excluding extra premiums which are required to be shown separately) payable by the policyholder to secure the basic benefits under the policy in a policy year;
(d) "extra premium” means a charge for any risk not provided for in the minimum contract premium;
(e) "group business" means those insurance contracts of the description known as a ‘group policy’, where the number of persons covered by the policy is not less than fifty or such smaller number as may be approved by the Authority and a standard form of the policy has been certified in writing by the Authority to be a ‘group policy’;.
(f) "guarantees" means the terms in regard to benefits or premiums or charges, which may not be altered during the currency of the policy;
(g) "individual business" means individual insurance contracts issued on single/joint lives;
(h) "inter valuation period" means, as respects any valuation, the period to the valuation date of that valuation from the valuation date of the preceding valuation in connection with which an abstract was prepared under the Act or under the enactments repealed by the Act, or, in a case where no such valuation has been made in respect of the class of business in question, from the date on which the insurer began to carry on that class of business;
---------------------------------------------------------------------- 1Vide Notification No. IRDAI/Reg/10/122/2016 dated 13th April, 2016 published in the Gazette of India, Extraordinary Part III – Section 4, vide No.
192 dated 09th May 2016 (w. e. f. 01-04-2016) 2
(i) “mathematical reserves” means the provision made by an insurer to cover liabilities (excluding liabilities which have fallen due and liabilities arising from deposit back arrangement in relation to any policy whereby an amount is deposited by re-insurer with the cedant) arising under or in connection with policies or contracts of life insurance business. Mathematical reserves also include specific provision for adverse deviations of the bases such as mortality and morbidity rates; interest rates and expense rates; and any explicit provision made in the valuation of liabilities in accordance with the regulations.
(j) "maturity date" means a fixed date on which benefit may become payable either absolutely or contingently;
(k) "non-par policies" or "policies without participation in profits" means policies which are not entitled for any share in surplus (profits) during the term of the policy;
(l) "options" means the rights available to a policyholder under a policy;
(m) "par policies" or "policies with participation in profits" means polices which are not non-par policies as defined under sub-regulation (k);
(n) "policies with deferred participation in profits" means polices entitled for participation in profits after a certain period from the date of commencement of the policy,
(o) "premium term" means the period during which premiums are payable;
(p) "riders” or “rider benefits" means add-on benefits which are in addition to basic benefits under a policy;
(q) “sum at risk”, in relation to a life or health insurance policy, means a sum which isi. the amount payable, in any case in which an amount is payable in consequence of death or any other contingencies covered in a manner other than as in clause (ii) below , and ii. the present value of the benefit, in any case in which the benefit under the policy in question consists of the making, in consequence of death or any other contingency, of the payments of annuity, payment of a sum by instalments or any other kind of periodic payments, less in either case the mathematical reserves in respect of that policy.
(r) "valuation date" means as respects any valuation the date as at which the valuation is made;
(2) All words and expressions used herein and not defined but defined in the Insurance Act, 1938(4 of 1938), or in the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or in any Rules or Regulations made thereunder shall have the meanings respectively assigned to them in those Acts, Rules or Regulations.