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Query on Section.45 of Insurance Act

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09 Jul, 2021 by  Rayapu Ashok Kumar Reddy

Dear

Members


I want to take ICICI Cancer & Heart Policy health product offered by ICICI Prudential Life insurance .


My query is whether Section 45 of insurance act applies to the health products offered by Life Insurance companies?

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4 Answer

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10 Jul, 2021

Dear Ashok,


Sec-45 of Insurance Act 1938 pertains to only life insurance.


Regards

Asad Akbar

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10 Jul, 2021
Rayapu Ashok Kumar Reddy
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10 Jul, 2021

Very interesting question indeed. Checked the policy brochure of the product from their website & it clearly mentions " Treatment will be as per section 45 of the insurance act 1938 as amended from time to time'.

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10 Jul, 2021

Dear Ashok

As mentioned in literature ,section 45 would apply because this is along term contract and not one year contract .

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10 Jul, 2021
Rayapu Ashok Kumar Reddy
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11 Jul, 2021

Dear Ashok

As per section 45 , insurer can not question the disclosures given at the time of proposal hence they can not reject claim on basis of non disclosure .

But there are many cases where company reject claim and insured have to take legal route where insured will get justice .




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