Rule 32(4)-Life Insurance Business
a)gross premium charged from a policy holder reduced by the amount allocated for investment, or savings on behalf of the policy holder, if such amount is intimated to the policy holder at the time of supply of service;
b)in case of single premium annuity policies other than (a) – 10% of single premium charged from the policy holder; or
c)in all other cases, 25% of the premium charged from the policy holder in the first year and 12.5% of the premium charged from policy holder in subsequent years;
Not apply where the entire premium paid by the policy holder is only towards the risk cover in life insurance