Protection Plans

Terms and Conditions*

I/ We declare that all the particulars or information given by me/ us in this proposal form are true and and complete in all respects and I/ we have not withheld any material fact, which is within my/ our knowledge. I/ We undertake to keep HDFC Life Insurance Company Limited (“the Company”) informed of any changes in the same.
I/ We agree and confirm that these statements and this declaration shall form the basis of the contract between me/ us and the Company.
I/ We authorize the Company to share information pertaining to my/ our proposal including the medical records (if any) of the insured/proposer for the sole purpose of proposal underwriting and/or claims settlement and with any Governmental and/or Regulatory authority.
I/ We agree to the Company taking appropriate measures to capture the voice log for all such telephonic transactions carried out by me/ us, in accordance with procedures/regulations, with respect to this contract.
I/ We have voluntarily given my/ our consent to collect, process, receive, possess, store, deal or handle my/ our sensitive personal data or information [as defined in the Information Technology (Reasonable security practices and procedures and sensitive personal data or information) Rules 2011 as amended from time to time], with/ from third parties/ vendors associated with the Company for various purposes and outsourced activities exclusively related to issuance/servicing/settlement of claim as required under the policy.
I/ We hereby also declare that I/ we have read and understood the product as described in the sales illustration. I/ We have read the entire text, features, disclosures, exclusions, terms and conditions while applying for this policy.
I/ We understand that any false declaration or misrepresentation by me/ us may result in rejection of the proposal form or the contract of insurance shall be treated null and void from inception of the contract. Fraud/ misrepresentation/ misstatement/ forfeiture/ suppression of material facts would be dealt with in accordance with the provisions of Section 45 of Insurance Act 1938 as amended from time to time.
I/ We understand that the contract shall be governed by the provisions of the Insurance Act, 1938 as amended from time to time and that the same will not commence before the date mentioned in the policy to be issued by the Company.

Section 45 – Disclosure of material information
1. No policy of life insurance shall be called in question on any ground whatsoever after the expiry of three years from the date of the policy, i.e., from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later.
2. A policy of life insurance may be called in question at any time within three years from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later, on the ground of fraud: Provided that the insurer shall have to communicate in writing to the insured or the legal representatives or nominees or assignees of the insured the grounds and materials on which such decision is based.
3. Notwithstanding anything contained in sub-section (2), no insurer shall repudiate a life insurance policy on the ground of fraud if the insured can prove that the mis-statement of or suppression of a material fact was true to the best of his knowledge and belief or that there was no deliberate intention to suppress the fact or that such mis-statement of or suppression of a material fact are within the knowledge of the insurer: Provided that in case of fraud, the onus of disproving lies upon the beneficiaries, in case the policyholder is not alive.
4. A policy of life insurance may be called in question at any time within three years from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later, on the ground that any statement of or suppression of a fact material to the expectancy of the life of the insured was incorrectly made in the proposal or other document on the basis of which the policy was issued or revived or rider issued: Provided that the insurer shall have to communicate in writing to the insured or the legal representatives or nominees or assignees of the insured the grounds and materials on which such decision to repudiate the policy of life insurance is based: Provided further that in case of repudiation of the policy on the ground of misstatement or suppression of a material fact, and not on the ground of fraud, the premiums collected on the policy till the date of repudiation shall be paid to the insured or the legal representatives or nominees or assignees of the insured within a period of ninety days from the date of such repudiation.
5. 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

Section 41 – Prohibition of rebates: (1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take or renew or continue an 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. (2) Any person making default in complying with the provisions of this section shall be shall be liable for a penalty which may extend to ten Lakh rupees.