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(a) Free look period for Cancellation of Life Insurance Policies:
As per the IRDAI Protection of Policyholders’ Interests Regulation 2017,
i. The insurer shall inform clearly by the letter forwarding the policy to the policyholder that he has a free look period of 15 days from the date of receipt of the policy document and period of 30 days in case of electronic policies and policies obtained through distance mode, to review the terms and conditions of the policy and where the policyholder disagrees to any of those terms or conditions, he has the option to return the policy to the insurer for cancellation, stating the reasons for his objection, then he shall be entitled to a refund of the premium paid subject only to a deduction of a proportionate risk premium for the period of cover and the expenses incurred by the insurer on medical examination of the proposer and stamp duty charges.
ii. In respect of a linked insurance product, in addition to the deductions under sub-regulation (i) above, the insurer shall also be entitled to repurchase the units at the price of the units on the date of cancellation.
iii. A request received by insurer for free look cancellation of the policy shall be processed and premium refunded within 15 days of receipt of the request, as stated at sub clause (i), (ii) above.
All payments with respect to refunds, as stated under in the above paragraph, shall be the sole responsibility of the insurer as per the rules and regulations laid down by the IRDAI. Insuringall only acts as a mere facilitator and provides its assistance to its customers for speedy returns.
(b) Additional Terms and Conditions of proposal form (applicable for health insurance products only):
(i) You hereby declare, on your behalf and on behalf of all persons proposed to be insured, that the statements, answers and/ or particulars given by you are true and complete in all respects to the best of your knowledge and that you are authorized to propose on behalf of these other persons.
(ii) You understand that the information provided by you will form the basis of the insurance policy, is subject to the Board approved underwriting policy of the insurer and that the policy will come into force only after full payment of the premium chargeable.
(iii) You further declare that you will notify in writing any change occurring in the occupation or general health of the life to be insured/proposer after the proposal has been submitted but before communication of the risk acceptance by the insurance company.
(iv) You declare that you consent to the insurance company seeking medical information from any doctor or hospital who/which at any time has attended on the person to be insured/proposer or from any past or present employer concerning anything which affects the physical or mental health of the person to be insured/proposer and seeking information from any insurer to whom an application for insurance on the person to be insured/proposer has been made for the purpose of underwriting the proposal and/or claim settlement.
(v) You authorize SIBSL/ the insurance company to share information pertaining to your proposal including the medical records of the insured/ proposer for the sole purpose of underwriting the proposal and/or claims settlement and with any Governmental and/or Regulatory authority.
(vi) You consent to and authorize any of insurance company’s authorized representatives not being direct employees of the company to seek medical information required for the purpose of policy issuance or claim settlement under this policy from any hospital/medical practitioner that you or any person proposed to be insured/insured has attended or may attend in future concerning any disease or illness or injury.
(vii) You understand agree that (section 41 of Insurance Act, 1938):
a) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a Policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurers.
b) Any person making default in complying with the provision of this section shall be liable for a penalty which may extend to ten lakh rupees.”