Page 24 - IC24 LEGAL ASPECTS OF LIFE ASSURANCE
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The disability benefit provides for waiver of future premiums
and / or payment of a stipulated additional amount by
installments in the event the life assured becomes subject to a
total and permanent disability which is the result of an
accident.
When a life insurance policy is declared void on the ground of
mistake, fraud or illegality, life assured or his
successor-in-interest will not be entitled to the refund of
premiums.
Section 64 and Section 65 of the Indian Contract Act will not
to apply to a case where a policy of insurance has been
rendered void on the ground of fraudulent concealment of
material facts.
