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Important to Know
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| Important information to know - Section 45 – What it says? |
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| We would like to draw your attention to the last page of the Proposal Form which contains section 45, this is important from the perspective of the Proposer/ Life Assured. |
| It reads as follows. As per Section 45 of Insurance Act 1938, |
“No Policy of Life Insurance effected 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 the statement made in the proposal for Insurance or in any report of a medical officer, … 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”.
“I understand and agree that in the event of my being medically examined, the answers and statements made on this application and the answers given by me during the medical examination to the medical examiner acting on behalf of BSLI and any other documents/ medical/ financial reports forming part of this application shall be deemed to be incorporated in this application.”
“I understand and agree that BSLI must be notified of any changes in my health and circumstances between the date of this application and prior to the acceptance of risk.”
Though in a vast majority of cases claims get paid promptly, however, in very few cases claims do gets repudiated, thus resulting in hardships to the claimant/ grieving families. |
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| Hence it is important to know When and Why Claim Repudiation happens |
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In the claims findings if it is established that there had been a material suppression of facts pertaining to the proposal information, which would have impacted the assessment of risk, if disclosed at the proposal stage, then it may lead to repudiation of the claim. |
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If documents submitted at the Proposal / Claims stage are not genuine, it would also lead to claim repudiation. |
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Hence it is very important to read through the Proposal form and submit factual details at the proposal stage and provide genuine Know Your Customer requirements to ensure that in case of the unfortunate event of death, the claim always gets paid.
Incase of any queries drop an email at claims@birlasunlife.com for quick query resolutions. |
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