The Insurance Proposal Form is a fundamental document in the Indian insurance industry, serving as the initial point of contact between the insurer and potential policyholder. This document is mandatory under IRDAI regulations and the Insurance Act 1938, forming the basis for the insurance contract. It must be completed before any insurance policy can be issued in India, collecting crucial information about the proposer, subject matter of insurance, and risk factors. The form includes various sections tailored to specific insurance types (life, health, property, etc.) and can accommodate both individual and corporate proposers. The information provided in this form is used for risk assessment, premium calculation, and policy issuance, making it a critical document in the insurance underwriting process.
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1. Personal Information of Proposer: Basic details including name, address, contact information, date of birth, and identification details as per KYC norms
2. Insurance Requirements: Details of the type of insurance coverage sought, sum insured, policy period, and any specific requirements
3. Risk Details: Information about the subject matter to be insured and associated risks
4. Past Insurance History: Details of previous insurance policies, claims history, and any declination by other insurers
5. Payment Details: Premium payment method, frequency, and banking details
6. Medical/Health Declaration: Health-related questions and declarations relevant to the insurance type
7. Declarations and Authorization: Standard declarations regarding truth of information, fraud warnings, and authorization for information verification
8. Agent/Broker Details: Information about the insurance intermediary, if any
1. Corporate Details: For corporate proposers - includes business details, registration information, and authorized signatory details
2. Nominee Details: For life and personal insurance - details of nominees and beneficiaries
3. Lifestyle Information: For health/life insurance - details about occupation, habits, lifestyle factors
4. Family Medical History: For health/life insurance - medical history of family members
5. Property Details: For property insurance - detailed description of property, security measures, and valuations
6. Vehicle Details: For motor insurance - vehicle specifications, usage patterns, and security features
7. Travel Details: For travel insurance - journey details, destinations, and purpose of travel
1. Schedule of Benefits: Detailed breakdown of coverage options and corresponding sum insured
2. Premium Calculation Sheet: Breakdown of premium components, taxes, and total premium payable
3. List of Excluded Items/Conditions: Detailed list of exclusions specific to the insurance type
4. Medical Examination Requirements: List of required medical tests based on age, sum assured, and other factors
5. Document Checklist: List of documents required for proposal processing
6. Terms and Conditions: Standard terms and conditions applicable to the proposal
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