Page 14 - Life Insurance Today April 2018

(xv) the address, email id of the insurer to which all 11. Matters to be stated in General
communications in respect of the policy shall be Insurance Policy:
sent;
1. A general insurance policy shall clearly state:
(xvi) the notes to policyholder highlighting the
(i) the name(s) and address(s) of the insured and
significance of notifying timely the change of of any bank(s) or any other person having
his/her address; financial interest in the subject matter of
(xvii) details of insurer’s Internal Grievance Redressal insurance, UIN of the product, name, code
Mechanism along with address and contact number, contact details of the person involved
details of Insurance Ombudsman within whose in sales process;
territorial jurisdiction the branch or office of the (ii) full description of the property or interest
insurer or the residential address or place of
insured;
residence of the policyholder is located;
(iii) the location or locations of the property or
(xviii) the list of documents that are normally required
interest insured under the policy and, where
to be submitted by a claimant in case of a claim
appropriate, with respective insured values;
under the policy.
(iv) period of Insurance;
10. Free look cancellation of Life Insurance (v) sums insured;
Policies: (vi) perils covered and not covered;
1. (i) The insurer shall inform clearly by the letter (vii) any franchise or deductible applicable;
forwarding the policy to the policyholder that (viii) premium payable and where the premium is
he has a free look period of 15 days from the provisional subject to adjustment, the basis of
date of receipt of the policy document and adjustment of premium be stated;
period of 30 days in case of electronic policies
and policies obtained through distance mode, (ix) policy terms, conditions and warranties,
to review the terms and conditions of the policy Exclusions, if any.
and where the policyholder disagrees to any of (x) action to be taken by the insured upon
those terms or conditions, he has the option to occurrence of a contingency likely to give rise
return the policy to the insurer for cancellation, to a claim under the policy;
stating the reasons for his objection, then he (xi) the obligations of the insured in relation to the
shall be entitled to a refund of the premium subject matter of insurance upon occurrence of
paid subject only to a deduction of a an event giving rise to a claim and the rights of
proportionate risk premium for the period of the insurer in the circumstances;
cover and the expenses incurred by the insurer
(xii) any special conditions attaching to the policy;
on medical examination of the proposer and
stamp duty charges. (xiii) the grounds for cancellation of the policy which
in the case of a retail policy, for the insurer, can
(ii) In respect of a linked insurance product, in
addition to the deductions under sub-regulation be only on the grounds of mis – representation,
non-disclosure of material facts, fraud or non
(i) above, the insurer shall also be entitled to
co-operation of the insured
repurchase the units at the price of the units on
the date of cancellation. Explanation: Products approved as retail
policies under File and Use guidelines notified
(iii) A request received by insurer for free look
cancellation of the policy shall be processed and by the Authority from time to time fall within
premium refunded within 15 days of receipt of the purview of retail policy referred above.
the request, as stated at sub clause (i), (ii) Provided that in the case of Commercial policies
above. alone, other circumstances under which the

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14 April 2018 Life Insurance Today