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
Sandeep