Central Government Act
Section 113(3) in The Insurance Act, 1938
(3) A policy kept alive to the extent of the paid- up sum insured under sub- section (2) shall not be entitled by virtue of that sub- section to participate in any profits declared distributable after the conversion of the policy into a paid- up policy.] [ (4)] 2[ Sub- section (2) and sub- section (3) shall not apply]-- 3[
4[ where the paid- up sum insured by a policy, being a policy issued by an insurer, is less than one hundred rupees inclusive of any attached bonus, or takes the form of an annuity of less than twenty- five rupees, or where the paid- up sum insured by a policy, being a policy issued by a provident society as defined in Part III, is less than fifty rupees inclusive of any attached bonus or takes the from of an annuity of less than twenty- five rupees, or]
5[ where the parties after the default has occurred in the payment of the premium agree in writing to some other arrangement, or
5[ ] to policies in which the surrender value is automatically applied under the terms of the contract to maintaining the policy in force after its lapse through non- payment of premium.