IRDA Regulations for Standard Proposal form for Life Insurance 2013

The objective of the regulations is to provide a standard proposal form for individual policies in Life Insurance that has an inbuilt flexibility for seeking additional and specialized information that is product specific or specific to a particular risk category, with a view to ensuring that it takes into consideration all relevant questions that are required to understand the need for a particular product and make a recommendation to the prospect bringing in transparency and thereby protecting the prospect’ s interests.

Instructions for Proposer

·         It is necessary for the proposer to fill up this proposal form himself/herself and not allow an intermediary or any third party to do it. However, in case the proposer is not in a position to do so or the details are filled in by the proposer in vernacular, he/she must ensure that the details filled in are read out to him/her and that they are understood by him/her. He/she must make a declaration to this effect as indicated in Section D of this form.

·         Please read all the questions carefully and fill up the details truthfully.

·         Please ensure that you affix your signatures in all the places as required. In certain places more than one signature is required. This is in your own interest.

·         Wherever the intermediary (Agent/Bancassurance/Broker) is required to sign, please ensure that the same has been done by him/her.

·         This form contains 4 sections namely

Ø  Section A:  Contains the Details of Proposer which is mandatory, It contains personal information, identification proof, Family Details, Employment details or self employment details, details of Nominee and Appointee, Existing insurance etc

Ø  Section B: Contains Specialized/Additional Information which may vary based on  the product (physical and medical information)

Ø  Section C: Contains Suitability Analysis which is highly recommended and

Ø  Section D: Product proposed which is mandatory. ( Life Stage, Protection needs etc)

·         For proposer and each life assured, separate forms to be submitted.

·         Signature/ of life assured and/or proposer sought twice in his/her interest.

Instructions to Intermediary (Agent /Broker):

·         It is highly recommended that the proposer is advised by you to give information required for Suitability Analysis as per Section C of the form, in his/her own interest.

·         Please ensure that the product recommended suits the needs o f the proposer.

·         Do not fill up the proposal form or any column of the form on behalf of the proposer even if requested to do so.

·         Please ensure that you affix your signatures wherever required in the form.

·         Please ensure that for proposer and each life assured, separate forms are collected.

Source: IRDA/Reg./10/68/2013