# Life Insurance Business Exemptions

## Entry 28 – NPS Annuity

Services of life insurance business by way of annuity under the National Pension System (NPS) regulated by PFRDA under the PFRDA Act, 2013.

## Entry 29 – Armed Forces Group Insurance

Services of life insurance provided / agreed to be provided by Army, Naval and Air Force Group Insurance Funds to members of the respective forces under Group Insurance Schemes of CG.

## Entry 29A – Coast Guard

Services of life insurance by Naval Group Insurance Fund to personnel of Coast Guard under Group Insurance Schemes of CG.

## Entry 29B – CAPF

Services of life insurance by Central Armed Police Forces (MHA) Group Insurance Funds to their members under the Group Insurance Schemes of the concerned CAPF.

## Entry 36 – Specified Government / Micro-Insurance Schemes

Life insurance under the following schemes is exempt:

(a) Janashree Bima Yojana

(b) Aam Aadmi Bima Yojana

(d) Varishtha Pension Bima Yojana

(e) Pradhan Mantri Jeevan Jyoti Bima Yojana

(f) Pradhan Mantri Jan Dhan Yojana

(g) Pradhan Mantri Vaya Vandan Yojana

### Life Micro-Insurance Product – Definition

Any term insurance contract (with/without return of premium), endowment insurance or health insurance contract, with/without accident benefit rider, on individual or group basis, as per Schedule-II of IRDAI (Micro-insurance) Regulations, 2005 [Reg. 2(e)].

Worked example

### Example 1

Example: LIC issues a PMJJBY policy with annual premium of Rs.436 → EXEMPT under Entry 36(e).

### Example 2

Example: A retiring central government employee buys an NPS annuity from HDFC Life → EXEMPT under Entry 28.

### Example 3

Example: Naval Group Insurance Fund provides life cover to a Coast Guard officer → EXEMPT under Entry 29A (NOT Entry 29 – which covers Navy personnel).

⚠️ Common exam mistakes

Applying Entry 29 to Coast Guard personnel – the correct entry is 29A.
Treating any micro-insurance as exempt – the Rs.2,00,000 maximum cover ceiling must be satisfied.
Forgetting that the cover/structure must be approved by IRDAI under the 2005 Micro-Insurance Regulations.

Reference: Entries 28, 29, 29A, 29B, 36 — Notification No. 12/2017-CT(R)

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Life Insurance Business Services – Entries 28, 29, 29A, 29B, 36

Worked example

⚠️ Common exam mistakes