Letter of guarantee in the favour of the Insurance Company for payment of premium
Date ______________ Company Name_______________ Address____________________
Subject: Guarantee for payment of premium under Policy No. ____
In consideration of your having agreed to assume life insurance risk of Mr. ______________ with effect from _________ dated____________We ______________ Bank hereby guarantee the payment of the necessary quarterly premium to you, should Mr. _______________ fail to pay the same in any quarter by the 15th of the calendar month following the respective quarter PROVIDED that the liability towards the premium as aforesaid will not exceed a sum of Rs. _________ (Rupees ________________________in words) during the whole period of twelve months comprising four quarters commencing from ___________dated_________________________.
Bank Name________________ Date_______________