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Section 47: Power of payer to stamp bills, and promissory notes received by him unstamped
POLICY OF INSURANCE.- A-SEA INSURANCE (See section 7) If drawn singly If drawn in duplicate for each part (1) for or upon any voyage- (i) where the premium or consideration does not exceed the rate of one-eights per centum of the amount insured by the policy; five paise five paise (ii) in any other case, in respect of every full sum of one thousand five hundred rupees and also any fractional part of one thousand five hundred rupees insured by the policy; five Paise five Paise (2) for time- (i) in respect of every full sum of one thousand rupees and also any fractional part of one thousand rupees insured by the policy- ten paise five paise (ii) where the insurance shall be made for any time not exceeding six months; ten paise five paise (iii) where the insurance shall be made for any time exceeding six months and not exceeding twelve months. ten paise five paise B.- FIRE-INSURANCE AND OTHER CLASSES OF INSURANCE, NOT ELSEWHERE INCLUDED IN THIS ARTICLE, COVERING GOODS, MERCHANDISE, PEBSONAL EFFECTS, (CROPS AND OTHER PROPERTY AGAINST LOSS OR DAMAGE. (1) in respect of an original policy Twenty five paise (i) when the sum insured does not exceed Rs. 5,000; Fifty paise (ii) in any other case; and (2) in respect of each receipt for any payment of a premium on any renewal of an original policy. One-half of the duty payable in respect of the original policy in addition to the amount, if any chargeable under No. 53. C. – ACCIDENT AND SICKNESS INSURANCE- (a) against railway accident, valid for a single Journey only. Five paise Exemption When issued to a passenger traveling by the intermediate or the third class in any railway; (b) in any other case-for the maximum amount which may become payable in the case of any single accident or sickness where such amount does not exceed Rs. 1000, and also where such amount exceeds Rs. 1000 for every Bs. 1000 or part thereof. Ten paise provided that, in case of a policy of insurance against death by accident when the annual premium payable does not exceed [ 2.50] per Rs. 1000, the duty on such instrument shall be [five paise] for every Rs. 1000 or part thereof the maximum amount which may become payable under it. CC- INSURANCE BY WAY OF INDEMNITY against liability to pay damages on account of accident to workmen employed by or under the insurer or against liability to pay compensation under the Workmen’s Compensation Act, 1923 (8 of 1923), for every Rs. 100 or part thereof payable as premium. five paise. D.- LIFE INSURANCE [OR GROUP INSURANCE OR OTHER INSURANCE] NOT SPECIFICALLY PROVIDED FOR, except such a RE-INSURANCE, as is described in Division E of this article. If drawn singly if drawn in duplicate for each part. (i) for every sum insured not exceeding Rs. 250; Ten paise Five paise (ii) for every sum insured exceeding Rs. 250 but not exceeding Rs. 500; Ten paise Five paise (iii) for every sum insured exceeding Rs. 500 but not exceeding Rs. 1,000 and also for every Rs. 1,000 or part thereof in excess of Rs. 1,000. Twenty paise Ten paise [N.B. II a policy of group insurance is renewed or otherwise modified whereby the sum insured exceeds the sum previously insured on which stamp-duty has been paid, the proper stamp must be borne on the excess sum so insured.] Exemption: Policies of life-insurance granted by the Director General of Post Offices in accordance with rules for Postal life insurance issued under the authority of the Central Government. E.- RE-INSURANCE BY AN INSURANCE COMPANY which has granted in a POLICY [of the nature specified Division A or Division B of this Article, with another company by way of indemnity or guarantee against the payment on the original insurance of a certain part of the sum insured thereby. One quarter of the duty payable in respect of the original insurance but not less than five paise or more than fifty paise: Provided that if the total amount of duty payable is not a multiple of five paise, the total amount shall be rounded off to the next higher multiple of five paise. General Exemption Letter of cover or engagement to issue a policy of insurance: Provided that, unless such letter or engagement bears the stamp prescribed by this Act for such policy, nothing shall be claimable there under, nor shall it be available for any purpose, except to the compel the delivery of the policy therein mentioned.
Source: official text of The Indian Stamp Act, 1899 as published on India Code (PDF). All sections of the Indian Stamp Act, 1899.