(a) an annuity of or equivalent to 2[ one hundred] rupees or less, payable for an uncertain period, or

(b) a gross sum of 3[ one thousand] rupees or less, whether paid or payable in a lump sum or in two or more instalments over a certain period, exclusively in both cases (a) and (b) of any profit or bonus not being a guaranteed profit or bonus. Explanation.-- For the purposes of this sub- section, a period is" certain" if its duration is ascertainable in advance and" uncertain" if its duration is not so ascertainable.

(a) the birth, marriage or death of any person or the survival by a person of a stated or implied age or contingency;

(b) failure of issue;

(c) the occurrence of a social, religious or other ceremonial occasion;

(d) loss of or retirement from employment;

(e) disablement in consequence of sickness or accident;

(f) the necessity of providing for the education of a dependant;

(g) any other contingency which may be prescribed or which may be authorized by the State Government with the approval of the Central Government.

(a) contracts entered into before the commencement of this Act shall not be taken into account;

(b) two or more policies issued to one person shall, for the purposes of determining whether the limits fixed by sub- section (1) have or have not been exceeded, be deemed to be one policy if the contingencies on the happening of which the sums are payable under the policies (whether the contingencies be the same or different) relate to one person only, whether he be the policy- holder or some other person.