Schedule I, Article 47: Policy Of Insurance

POLICY OF INSURANCE— A—See INSURANCE (see section 7)— (1) For each voyage— (i) where the premium of consideration does not exceed the rate of 1/8 per cent of the amount insured by the policy for every full sum of Rs. 5,000 and also any fractional parts thereof insured by the policy. (ii) in any other case, in respect of every full sum of Rs.2,000 and also any fractional part thereof insured by the policy. (2) For time— in respect of every full sum of Rs.2,000 or part thereof insured by the policy— (i) where the insurance shall be made for any time not exceeding six months; (ii) where the insurance shall be made for any time exceeding six months and not exceeding twelve months. B—FIRE—INSURANCE AND OTHER CLASSES OF INSURANCE NOT ELSEWHERE INCLUDED IN THIS ARTICLE, COVERING GOODS, MERCHANDISE, PERSONAL EFFECTS, CROPS, AND OTHER PROPERTY AGAINST LOSS OR DAMAGE— (1) in respect of an original policy— (i) when the sum insured does not exceed Rs. 5,000; (ii) in any other case and (2) in respect of each receipt for any payment of a premium on any renewal of an original policy. C—ACCIDENT AND SICKNESS INSURANCE— (a) Against railway accident, valid for a single journey only. EXEMPTION When issued to a passenger travelling by the intermediate or the third class in any railway. (b) In any other case for the maximum amount which may become payable in the case of any single accident or sickness where such amount does not exceed Rs. 2,000 and also where such amount exceeds Rs. 2,000, for every Rs. 2,000 or part thereof. D—INSURANCE BY WAY OF INDEMNITY— Against liability to pay damages on account of accidents to workmen employed by or under or against liability to pay compensation under Workmen’s Compensation Act, 1923 (VIII of 1923), for every Rs. 100 or part thereof payable as premium. E—LIFE INSURANCE OR OTHER INSURANCE NOT SPECIFICALLY PROVIDED FOR, except such a RE- INSURANCE as is described in Division of this article— (i) for every sum insured not exceeding Rs.250; (ii) for every sum insured exceeding Rs.250 but not exceeding Rs.500; (iii) for every sum insured exceeding Rs.500 but not exceeding Rs.1,000 and also for every Rs.1,000 or part thereof in excess of Rs.1,000. EXEMPTIONS:—Policies of life insurance granted by the Director-General of Post Offices in accordance with rules for Postal Life Insurance issued under the authority of the Central Government. F—RE-INSURANCE BY AN INSURANCE COMPANY WHICH HAS GRANTED A POLICY OF THE NATURE SPECIFIED IN DIVISION A OR DIVISION B OF THIS ARTICLE WITH ANOTHER COMPANY BY WAY OF INDEMNITY OR GUARANTEE AGAINST THE PAYMENT ON THE ORIGINAL INSURANCE OF A CERTAIN PART OF THE SUM INSURED THEREBY. GENERAL EXEMPTIONS:-Letter of cover or engagement to issue a policy of insurance: Provided that, unless such letter or engagement bears the stamp prescribed by this Act for such policy nothing shall be claimable thereunder, nor shall it be available for any purpose except to compel the delivery of the policy therein mentioned. Proper stamp-duty: If drawn If drawn single in duplicate for each part Three Three Rupees. Rupees. Three Three Rupees. Rupees. Three Three Rupees. Rupees. Five Three Rupees Rupees. Five Rupees. Eight Rupees. One-half of the duty payable in respect of the original policy in addition to the amount, if any, chargeable under No. 53. Three Rupees Three Rupees: Provided that, in case of a policy of insurance against death by accident when the annual premium payable does not exceed Rs. 2.50 per Rs. 1,000 the duty on such instrument shall be one rupee for every Rs.1,000 or part thereof of the maximum amount which may become payable under it. Three rupees if drawn singly. If drawn If drawn singly in duplicate, for each part Three Three Rupees Rupees Three Three Rupees Rupees Three Three Rupees Rupees One-half of the duty payable in respect of the original insurance but not less than three Rupees or more than eight Rupee.

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• v2 · 2026-07-24 11:25:59 — Phase 2W reapply (text)

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