Page 17 - Life Insurance Today January 2018

(ix) policy terms, conditions and warranties, Provided that in the case of Commercial
Exclusions, if any. policies alone, other circumstances under
which the policy may be cancelled be given,
(x) action to be taken by the insured upon
along with the manner of calculation of
occurrence of a contingency likely to give
refund and notice period for cancellation.
rise to a claim under the policy;
(xi) the obligations of the insured in relation to (xiv) the address of the insurer to which all
the subject matter of insurance upon communications in respect of the insurance
occurrence of an event giving rise to a claim contract should be sent;
and the rights of the insurer in the (xv) the details of the endorsements, add-on
circumstances; covers attaching to the main policy;

(xii) any special conditions attaching to the (xvi) that, on renewal, the benefits provided
policy; under the policy and/or terms and
(xiii) the grounds for cancellation of the policy conditions of the policy including premium
which in the case of a retail policy, for the rate may be subject to change; and
insurer, can be only on the grounds of mis (xvii) details of insurer’s internal grievance
– representation, non-disclosure of material redressal mechanism along with address and
facts, fraud or non co-operation of the contact details of Insurance Ombudsman
insured within whose territorial jurisdiction the
Explanation: Products approved as retail branch or office of the insurer or the
policies under File and Use guidelines residential address or place of residence of
notified by the Authority from time to time the policyholder is located.
fall within the purview of retail policy
referred above. Continued in nest issues

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Life Insurance Today January 2018 17

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