Page 16 - Life Insurance Today January 2018

(xi) the policy conditions for to review the terms and conditions of the
a. conversion of the policy into paid up policy and where the policyholder disagrees
policy to any of those terms or conditions, he has
the option to return the policy to the insurer
b. surrender
for cancellation, stating the reasons for his
c. foreclosure
objection, then he shall be entitled to a
d. non-forfeiture refund of the premium paid subject only to a

e. discontinuance provisions in case of deduction of a proportionate risk premium
Linked Policies for the period of cover and the expenses
incurred by the insurer on medical
(xii) contingencies excluded from the scope of the examination of the proposer and stamp duty
cover, both in respect of the main policy and charges.
the riders;
(ii) In respect of a linked insurance product, in
(xiii)the provisions for nomination, assignment,
addition to the deductions under sub-
loans on security of the policy and a regulation (i) above, the insurer shall also be
statement that the rate of interest payable on entitled to repurchase the units at the price
such loan shall be as prescribed by the insurer of the units on the date of cancellation.
at the time of taking the loan;
(iii) A request received by insurer for free look
(xiv)any special clauses, exclusions or conditions
cancellation of the policy shall be processed
imposed on the policy;
and premium refunded within 15 days of
(xv) the address, email id of the insurer to which receipt of the request, as stated at sub clause
all communications in respect of the policy (i), (ii) above.
shall be sent;
11. Matters to be stated in general
(xvi)the notes to policyholder highlighting the
significance of notifying timely the change of insurance policy:
his/her address;
1. A general insurance policy shall clearly state:
(xvii) details of insurer’s Internal Grievance (i) the name(s) and address(s) of the insured
Redressal Mechanism along with address and and of any bank(s) or any other person
contact details of Insurance Ombudsman having financial interest in the subject
within whose territorial jurisdiction the matter of insurance, UIN of the product,
branch or office of the insurer or the name, code number, contact details of the
residential address or place of residence of person involved in sales process;
the policyholder is located;
(ii) full description of the property or interest
(xviii) the list of documents that are normally insured;
required to be submitted by a claimant in (iii) the location or locations of the property or
case of a claim under the policy.
interest insured under the policy and, where
appropriate, with respective insured values;
10. Free look cancellation of Life Insurance
(iv) period of Insurance;
Policies: (v) sums insured;

1. (i) The insurer shall inform clearly by the letter (vi) perils covered and not covered;
forwarding the policy to the policyholder that
he has a free look period of 15 days from the (vii) any franchise or deductible applicable;
date of receipt of the policy document and (viii) premium payable and where the premium
period of 30 days in case of electronic policies is provisional subject to adjustment, the
and policies obtained through distance mode, basis of adjustment of premium be stated;

“Forget all the reasons it won’t work and believe the one reason that it will.”

16 January 2018 Life Insurance Today

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