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If you have ever read the brochure of a life insurance product till the end, you must have noticed the last section of the brochure always describes Section 45 of the Insurance Act 1938. What is it, why is it one of the most important information for the policyholders or new policy buyers to be aware of. Well, According to Section 45, a life insurance company cannot reject an insurer's claim after three years.

Section 45 of the Insurance Act 1938 states the conditions when an insurance policy shall not be held suspicious.

A life insurance policy shall not be called in question on any grounds after it completes 3 years from–

1. The date of issuance of policy
2. The date of commencement of risk
3. The date of revival of the policy, or
4. The date adding a rider to the policy whichever of them is later.

These conditions are subject to amendment from time to time.

However, in case of fraud, the Life Insurance Policy may be called in question within 3 years from any of the above-mentioned events, whichever of them is later.

Source:- livemint
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