Reliance Life Insurance

Section 41 of the Insurance Act, 1938:

Prohibition of Rebate: 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 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 insurer. Provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.

Any person making default in complying with the provisions of this section shall be punishable with a fine which may extend to five hundred rupees.

Section 45: Policy not to be called in question on ground of mis-statement after two years:

of life insurance effected before the commencement of this Act shall after the expiry of two years from the date of commencement of this Act and no policy of life insurance effected after the coming into force of this Act shall, after the expiry of two years from the date on which it was effected, be called in question by an insurer on the ground that statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policy-holder and that the policy-holder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose:

Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life insured was incorrectly stated in the proposal.

For further details, please refer to the policy document and the benefit illustration.

Note:

Insurance is the subject matter of solicitation. This product brochure is indicative of the terms and conditions, warranties and exceptions in the insurance policy. For more details on the risk factors, terms and conditions please read sales brochure carefully before concluding the sale. For further details please refer to the policy document and detailed benefit illustration before concluding the sale. For further details on all the conditions, exclusions related to Reliance Life Insurance eTerm Plan, please contact our insurance advisors.

Please note that Reliance Life Insurance eTerm Plan is not a real time online policy and the Company wishes to offer the freedom of choice to the customer through internet. Many of the sales and support processes may be offline and manual.

Reliance Life Insurance Company Ltd. IRDA Registration No: 121


Disclaimer

For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. Reliance Life Insurance eTerm Plan - 121N087V01

Share your feedback on
Comments
How did you find about RelianceLife.com
Please tell us about yourself
Submit Feedback
This Feedback is related to your experience with this website only. If you have any queries related to your Reliance Life Policy, please feel free to contact us at 3033 8181 / 1800 3000 8181 (Toll Free).