Clause in the Amended Insurance Bill to question a policy

POSTED BY Sandeep Kumar ON August 28, 2013 8:06 pm COMMENTS (3)

There is a proposal to amend the Insurance Act 1938 and one of the amendments is regarding Sec 45 which is now proposed that “The period during which a policy can be repudiated on any ground, including misstatement of facts etc. has been confined to three years from the commencement of the policy and thus no policy would be called in question on ground of misstatement after three years.”

Which means that whatever may be the reason, your claim cannot be repudiated on any grounds once the policy is older than 3 years including fraud and mis statements. Am i correct on this

Also if the bill gets passed in the parliament will it be applicable to only those policies taken after the bill is passed or to all existing polices which were in force at the time of passing the bill

(I have a Term policy with LIC taken  four years ago and i am not sure that if the agent has filled the details correctly)

Thanks in advance


3 replies on this article “Clause in the Amended Insurance Bill to question a policy”

  1. Dear Sandeep, you may demand the copy of the proposal form from LIC to save your family from the things you are have in your mind (dirty work done by agent) as of now.



  2. amar ante says:

    As we sign on the proposal form, agent is not responsible for the same. We only are responsible for the non-disclosures or misrepresentations, if any. Isn’t all?

    1. Sandeep Kumar says:

      Dear Amar

      Absolutely right, but sometimes many of us don’t understand the importance of filling the form ourselves and the agent does all the goof up. In my case i had disclosed all the related information but i am not sure the agent has filled the form correctly.

      I think this amendment will be a great Savior for honest people who had no bad intentions while taking an insurance.

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