The objective of the regulations is to
provide a standard proposal form for individual policies in Life Insurance that
has an inbuilt flexibility for seeking additional and specialized information
that is product specific or specific to a particular risk category, with a view
to ensuring that it takes into consideration all relevant questions that are
required to understand the need for a particular product and make a recommendation
to the prospect bringing in transparency and thereby protecting the prospect’ s
interests.
Instructions for Proposer
·
It is necessary for the proposer to fill up
this proposal form himself/herself and not allow an intermediary or any third
party to do it. However, in case the proposer is not in a position to do so or
the details are filled in by the proposer in vernacular, he/she must ensure
that the details filled in are read out to him/her and that they are understood
by him/her. He/she must make a declaration to this effect as indicated in
Section D of this form.
·
Please read all the questions carefully and
fill up the details truthfully.
·
Please ensure that you affix your signatures
in all the places as required. In certain places more than one signature is
required. This is in your own interest.
·
Wherever the intermediary
(Agent/Bancassurance/Broker) is required to sign, please ensure that the same
has been done by him/her.
·
This form contains 4 sections namely
Ø Section A:
Contains the Details of Proposer which
is mandatory, It contains personal information, identification proof, Family
Details, Employment details or self employment details, details of Nominee and
Appointee, Existing insurance etc
Ø Section B:
Contains Specialized/Additional Information which may vary based on the product (physical and medical
information)
Ø Section C:
Contains Suitability Analysis which is highly recommended and
Ø Section D:
Product proposed which is mandatory. ( Life Stage, Protection needs etc)
·
For proposer and each life assured, separate
forms to be submitted.
·
Signature/ of life assured and/or proposer
sought twice in his/her interest.
Instructions to Intermediary (Agent /Broker):
·
It is highly recommended that the proposer is
advised by you to give information required for Suitability Analysis as per
Section C of the form, in his/her own interest.
·
Please ensure that the product recommended
suits the needs o f the proposer.
·
Do not fill up the proposal form or any column
of the form on behalf of the proposer even if requested to do so.
·
Please ensure that you affix your signatures
wherever required in the form.
·
Please ensure that for proposer and each life
assured, separate forms are collected.
Source: IRDA/Reg./10/68/2013
0 comments:
Post a Comment