Life Insuarance Business

(Example: ICICI Prudential) Main Object Clause of an entity having business of life insurance Services and Products 

1. To carry on the business of life assurance and insurance in all its branches, and in particular to grant or effect assurances or insurance of all kinds for payment of money by way of a single payment, or by several payments or otherwise, upon the happening of all or any of the following events, namely, the death, or marriage, or birth, or survivorship, or failure of issue of or the attainment of a given age by any person or persons, or the expiration of any fixed or ascertainable period, or upon the happening of any other contingency or event dependent upon or connected with human life or upon or connected with the occurrence of any contingency or event which would or might be taken to affect the interest, whether in possession, vested, contingent, expectant, prospective or otherwise, of any person or persons in any property, subject or not to any such events as aforesaid happening in the lifetime of any other person or persons or upon the loss or recovery of contractual or testamentary capacity in any person or persons.

2. To carry on the business of effecting contracts of insurance upon human life, including any contract whereby the payment of money is assured on death (except death by accident only) or the happening of any contingency dependent on human life and any contract which is subject to payment of premiums for a term dependent on human life and including the granting of disability and double or triple indemnity accident benefits, if so provided in the contract; the granting of annuities upon human life; the granting of superannuation allowances and annuities payable out of any fund applicable solely to the relief and maintenance of persons engaged or who have been engaged in any particular profession, trade or employment or of dependents of such persons.

3. To carry on the business to grant annuities of all kinds, whether dependent on human life or otherwise, and whether perpetual or terminable, and whether immediate or deferred, and whether contingent or otherwise To contract with leaseholders, borrowers, lenders, annuitants and others for the establishment, accumulation, provision, and payment of sinking funds, redemption funds, depreciation funds, renewal funds, endowment funds, and any other special funds, and that either in consideration of a lump sum, or of an annual premium, or otherwise, and generally on such terms and conditions as may be arranged.

4. To carry on the business of sickness and accident insurance in all its branches whether within the categories of business set out in the preceding sub-clauses hereof or not  To purchase and deal in and lend on the security of life reversionary and other interests whether absolute contingent or expectant and whether terminable or not in property of all kinds including annuities and policies of assurance and to acquire lend money or redeem cancel or extinguish by purchase surrender or otherwise any policy security grant or contract issued or assumed by or taken for or entered into by or transferred to the Company.

5. To carry on the business to reassure or counter-assure all or any risks and to undertake all kinds of reassurance and counter-assurance connected with any of the business aforesaid; 8. To carry on all forms of insurance business and indemnity and guarantee business, including the guarantee of the fidelity of persons in situations of trust, whether within the categories of business set out in the preceding subclauses here of or not  and To carry out all or any of the objects of the Company and do all or any of the above things in any part of the world and either as principal, agent, contractor, or trustee, or otherwise, and by or through trustees or agents or otherwise, and either alone.