Скачать или смотреть !! Your Term Insurance Policy will never get rejected !!

Section 45 of the Insurance Act, 1938 (India) plays a significant role in providing protection to policyholders. It ensures that an insurer cannot arbitrarily reject a claim after a certain period. Below are the key provisions:

Key Highlights of Section 45:

1.Incontestability After Three Years:
•After a life insurance policy has been in force for three years (from the date of issuance, reinstatement, or rider addition), it cannot be called into question by the insurer on any grounds, including fraud.
2.Conditions Before Three Years:
•Within the first three years of the policy, the insurer can question its validity only on specific grounds, such as:
•Misstatement of facts.
•Suppression of material information (fraud).
3.Fraudulent Intent:
•For the insurer to cancel a policy on grounds of fraud, they must prove the intention to deceive at the time of proposal or claim submission.
4.Material Facts:
•If a policyholder has genuinely omitted a material fact unknowingly or without fraudulent intent, the claim may still stand.
5.Benefit to Policyholders:
•This provision protects policyholders and their families by ensuring greater certainty about claim settlement.

If you have more specific questions about Section 45, feel free to ask!
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