Terms of the Policy

Can I cancel the Policy purchased through distance mode if it does not meet my requirements? 

In case of disagreement with the terms of the policy under all life contracts and covers tied to credit/debit/other cards, and for all personal accident and health insurance policy contracts with a term of 3 years or more, you have the right to cancel the insurance policy offered by insurers over distance mode within 30 days of receipt of the policy, provided no claim has already been made on the policy.

Am I entitled to get the details of the conversation based on which the policy is issued without signing formal proposal? 

In all instances where a policy is issued without obtaining a proposal in physical form, insurers shall forward a verbal transcript of the voice/electronic record of the queries raised and answers thereto on the basis of which the policy has been underwritten, along with the policy bond.

What are the precautions to be taken while purchasing insurance through online i.e. through internet?

Both insurers and intermediaries have web portals providing information pertaining to insurance products. IRDA has licensed web aggregators to provide information pertaining to insurance products and comparisons of similar products of different insurers. Please ensure that the website you are visiting pertains to a registered insurer/intermediary licensed by the Authority and prominently displays the information relating to their registration/licence number and other relevant information on their website. 

In case of a web aggregator, you have the choice of viewing products of at least five insurers who are offering similar products for online sale, and selecting the insurer and product of your choice. These on-line portals should have direct link to the concerned insurance company registered with IRDA for making payments. The premiums for online sale should be by way of credit card/debit card/ net banking or any other mode as permitted by the Reserve Bank of India from time to time through a payment gateway normally used by the insurer for online sale of insurance policies. The insurance brokers/agents should not accept any cash payments towards premiums. On completion of online transaction for payment of premium and sale of the policy, you should be able to generate and save / print the e-premium receipt and the policy document also. Alternatively, you could ask for the policy document to be delivered by e-mail/ or in hard copy as opted for by you.