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shall record the information obtained orally or in upon which these are payable and the other
writing or electronically, and confirm it within a period terms and conditions of the insurance contract;
of 15 days thereof with the prospect and incorporate
(v) the name of Nominee (s), age of nominee(s)
the information in its cover note or policy. Where the
and their relationship and name of guardian in
insurer claims that the prospect suppressed any
case of minor nominees.
material information or provided misleading or false
(vi) the details of the riders being attached to the
information on any matter material to the grant of a
cover, then the onus of proof rests with the insurer main policy;
only in respect of any information not so recorded. (vii) the date of commencement of risk, the date of
3. Any proposal form seeking information for grant of life maturity and the date(s) on which survival
cover shall prominently state therein the benefits, if any, are payable;
requirements of Section 45 of the Act. (viii) the premiums payable, periodicity of payment,
4. While answering the questions in the proposal form grace period allowed for payment of the
for obtaining life insurance cover, the prospect is to premium, the date of last instalment of
be guided by the provisions of Section 45 of the Act. premium, the implication of discontinuing the
payment of an instalment(s) of premium and
5. Wherever the benefit of nomination is available to the
also the provisions of guaranteed surrender
proposer, in terms of the Act or the conditions of
value;
policy, the insurer or the distribution channel shall
draw the attention of the proposer to it and (ix) the details of revival schemes provided for
encourage the proposer to avail the facility and inform reviving a lapsed policy and requirements to be
him of the provisions of section 39 of the Act. submitted for revival there under. The insurers
6. Insurer shall process the proposals with speed and shall use term “revival” which is in vogue for
efficiency and the decision on the proposal thereof, renewing a lapsed insurance policy.
shall be communicated in writing to the proposer (x) Name, Address, Date of birth and age of the
within a reasonable period but not exceeding 15 days insured as at the date of commencement of the
from the date of receipt of proposals or any policy.
requirements called for by the insurer.
(xi) the policy conditions for
7. Where a proposal deposit is refundable to a prospect a. conversion of the policy into paid up
under any circumstances, the same shall be refunded policy,
within 15 days from the date of underwriting decision b. surrender
on the proposal.
c. foreclosure
9. Matters to be stated in Life Insurance d. non-forfeiture

Policy: e. discontinuance provisions in case of
1. A life insurance policy shall clearly state: Linked Policies
(i) the name and UIN allotted by the Authority for (xii) contingencies excluded from the scope of the
the product governing the policy, its terms and cover, both in respect of the main policy and the
conditions; name, code number, contact details riders;
of the person involved in sales process;
(xiii) the provisions for nomination, assignment,
(ii) whether it is participating in profits or not, loans on security of the policy and a statement
whether it is linked or non-linked; that the rate of interest payable on such loan
(iii) the manner of vesting or payment of profits shall be as prescribed by the insurer at the time
such as cash bonus, deferred bonus, simple or of taking the loan;
compound reversionary bonus; (xiv) any special clauses, exclusions or conditions
(iv) the benefits payable and the contingencies imposed on the policy;

It takes two sides to make a deal, two sides to negotiate and two sides to make it go bad.

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