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Policyholders' Rights


For the benefit of policyholders, we hereby state certain important rights that policyholders have under law:

Point Of Sale

Policyholder is entitled to all the material information in respect of a proposed cover to enable him to decide on the best cover that would be in his or her interest;

Where a policyholder does not fill up the proposal or connected papers, he is entitled to a certificate from an agent at the end of proposal form stating that the contents of form have been fully explained to him and that he has fully understood the significance of the proposed contract.

Proposal For Insurance

A proposal for grant of cover must be evidenced by a written document. It is the duties of the insurer to furnish to the insured free of charge, within 30 days of acceptance of a proposal, a copy of the proposal form.

Where a proposal form is not used, insurer is to record the information obtained orally or in writing and confirm it within 15 days with the proposer and incorporate the information in its cover note or policy.

A policyholder is entitled to a decision on its proposal, after the same has been processed within a period of 15 days from the receipt of proposals by insurer.

Claims Procedure

Policy contract is to state primary documents which are normally required to be submitted by a claimant in support of a claim;

Insurer is to raise any query or requirement of additional documents all at once and not in piecemeal within 15 days of receipt of the claim.

A claim is to be paid or disputed giving all relevant reasons within 30 days from the date of receipt of all relevant papers and clarifications required.

Subject to any law in force, where a claim is ready for payment but payment cannot be made due to any reasons of a proper identification of payee the life insurer shall hold the amount for the benefit of payee and such amount will earn interest at the rate applicable to savings bank account with scheduled bank.

For information on other rights available to policyholders, you may log on to http://www.irda.gov.in


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