DECLARATION BY LIFE TO BE ASSURED
I hereby declare that the foregoing statements and answers have been given by me after fully understanding the questions and the same are true, accurate and complete in every manner and that I have not withheld or omitted to give any information. Further, I have not provided any false information in reply to any question. I understand and agree that the statements in this proposal constitute warranties. I do hereby agree and declare that these statements and this declaration shall be the basis of the contract of assurance between me and SBI Life Insurance Co. Ltd. (Company) and that if there is any mis-statement or suppression of material information or if any untrue statements be contained therein the said contract shall be absolutely null and void and all moneys which shall have been paid in respect thereof shall stand forfeited to the Company, subject to section 45 of the Insurance Act 1938.
I also understand and agree that the company shall additionally levy or recover all the applicable taxes like Service Tax, Surcharges, Cess, etc. from the premium which are necessitated by various enactments of Central and/or State Legislatures from time to time.
I undertake to undergo all medical tests as may be required by the Company for the grant of insurance.
Notwithstanding the provision of any law, usage, custom or convention for the time being in force prohibiting any doctor, hospital and/or employer from divulging any knowledge or information about me concerning my health, employment on the grounds of secrecy, I, my heirs, executors, administrators and assignees or any other person or persons having interest of any kind whatsoever in the policy contract issued to me, hereby agree that such authority, having such knowledge or information, shall at any time be at liberty to divulge any such knowledge or information to the Company.
I further agree that if after the date of submission of this proposal but before the issue of the premium receipt by the Company (i) if there are any adverse circumstances connected with the general health of myself, or (ii) if a proposal for assurance on my life made to any other insurance company has been withdrawn or dropped or accepted at an increased premium or on terms other than as proposed by me, or, (iii) if there is any change in my occupation, I shall forthwith intimate the same to SBI Life Insurance Co. Ltd. in writing to reconsider the terms of acceptance of this proposal. Any omission on my part to do so shall render the contract of assurance invalid. In the event that this proposal is not converted in to a policy, I agree that the Company has the right to recover from me, any medical expenses incurred by the Company. I understand and agree that SBI Life will not be responsible for any delay in premium payment irrespective of any mode for remittance opted.
I understand the significance of the contract and that the contract will be governed by the provisions of the Insurance Act, 1938, IT Act, 2000 and the Indian Contract Act, 1872, and that the same will not commence until written communication about acceptance of this proposal by the company is received by me. I also agree that the amount held in proposal/policy deposit shall not earn any interest.
<<I further state that I have thoroughly read the product features and have completely understood the terms and conditions of the policy and agree that by submitting this application through the company’s website, I will be bound by such statements/disclosures of material facts in the same manner and to the same extent, as if I have signed and submitted the written proposal for insurance to the company.>>
"I further request SBI LIFE to send me any information relating to my proposals/ policies and I hereby give my consent to receive such information through SMS/ Email/ Phone/ Letter, notwithstanding any Regulations/ Statutory provisions to the contrary. This consent shall hold good even if I register my number with the National Consumer Preference Register (NCPR)"
“I hereby declare that the deposit for this proposal has been paid from my own source/ income”. I further declare that the premium is paid from my credit / debit card / internet bank account.
Section 41 of the Insurance Act, 1938:
(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 punishable with fine which may extend to five hundred rupees
Section 45 of the Insurance Act, 1938:
“ No policy of life insurance effected before the commencement of this Act shall after the expiry of two years from the date of commencement of this Act and no policy of life insurance effected after the coming into force of this Act 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 a statement made in the proposal for insurance or in any report of a medical officer , or referee , or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statements was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose;
Provided that 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.”
