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Life Insurance Corporation Act, 1956*
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Life Insurance Corporation Act, 1956*
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A single premium life insurance policy is one where you pay an amount (a premium) to the insurer at the beginning of the policy. You may also be able to pay additional premiums. This type of policy pays out a lump sum on its maturity or if you (or another life assured) should die. You may also withdraw sums or a loan may be made by the insurer or by arrangement with it, while the policy is in force, or you may sell or assign the policy or surrender it completely before it is due to mature. This type of policy can never be a qualifying. | LIFE INSURANCE CORPORATION ACT 1956 PREAMBLE An Act to provide for the nationalization of life insurance business in India by transferring all such business to a Corporation established for the purpose and to provide for the regulation and control of the business of the Corporation and for matters connected therewith or incidental thereto. Be it enacted by Parliament in the Seventh Year of the Republic of India as follows CHAPTER I PRELIMINARY 1. Short title and commencement. 1 This Act may be called the Life Insurance Corporation Act 19561. 2 It shall come into force on such date as the Central Government may by notifications in the Official Gazette appoint. 2. Definitions. In this Act unless the context otherwise requires 1 appointed day means the date on which the Corporation is established under section 3 2 composite insurer means an insurer carrying on in addition to controlled business any other kind of insurance business 3 controlled business means i in the case of any insurer specified in sub-clause a ii or sub-clause b of clause 9 of section 2 of the Insurance Act and carrying on life insurance business a all his business if he carries on no other class of insurance business b all the business appertaining to his life insurance business if he carries on any other class of insurance business also c all his business if his certificate of registration under the Insurance Act in respect of general insurance business stands wholly cancelled for a period of more than six months on the 19th day of January 1956 ii in the case of any other insurer specified in clause 9 of section 2 of the Insurance Act and carrying on life insurance business a all his business in India if he carries on no other class of insurance business in India b all the business appertaining to his life insurance business in India if he carries on any other class of insurance business also in India . c all his business in India if he certificate of registration under the Insurance Act in .
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