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Can Insurance companies reduce claim after 3 years ?
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19 May, 2021
by Maulik Shah
Hi,
If someone doesnt disclose full details / misses out knowingly or unknowingly - and over 3 years go by, Can the insurance company reduce to honour the claim ?
Asking since there seems to be a law that Insurance companies cannot refuse a claim after 3 years
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Dear Maulik
Amendments Section 45 of Insurance Act specifies that insurance company can not reject claim after completion of full three years on the basis of non disclosure .
Please note that section 45 applies at date of policy commencement as well as policy reinstatement . Hence is necessary that policy holder pays all premium in time.
Shailesh
Insurance Samadhan