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o proportionate risk premium for the period on cover
o expenses incurred by the insurer on medical
examination and
o stamp duty charges
Section 45 of Insurance laws (applicable to life insurance)-
It allows the insurer to void the policy in question/repudiate a
claim on account of material non disclosures/mis-representation
within 3 years of issuance or reinstatement of the Policy;
whichever is later.
Maintaining the policy
The premium should be paid regularly on the due dates or at
least in the grace period (30 days after due date for annual
premium and 15 days for other premium payment period) else
the policy may lapse. If one wishes to renew after the grace
period – he/ she has to submit a Certificate of Insurance (or
similar) to confirm that he/ she has suffered any health event in
the term after the policy inception/ during the period in which
the policy will lapse.
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