IRDAI guidelines for traditional products - more than 10 years term - a minimum sum assured of 10 times the annual premium for individuals below 45 years of age and 7 times the annual premium if age is above 45 years. Single premium policies it will be 125% of the single premium for those below 45 years and 110% of single premium for those above 45 years.
Non-disclosure of facts material to the assessment of the risk, providing misleading information, fraud or non-co-operation by the insured will nullify the cover under the policy issued
As per IRDAI guidelines, the insurer has to process the proposal within 15 days time.
the premium related to all the riders put together should not exceed 30% of the premium of the main product.
There is no legal obligation on the part of insurers to advise the insured that his policy is due to expire on a particular date.
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