INSURANCE CONTRACT
(As per the Indian Contract Act, 1872 & Applicable Insurance Laws in India)
This Insurance Contract (“Agreement”) is made and entered into on [Date], at [Place], by and between:
- Insurer: [Insurance Company Name], a company registered under [Applicable Law], having its registered office at [Address], (hereinafter referred to as the “Insurer”).
- Insured: [Full Name of Policyholder/Company Name], residing/registered at [Address], (hereinafter referred to as the “Insured”).
(The Insurer and the Insured shall be collectively referred to as “Parties” and individually as a “Party”).
1. DEFINITIONS
1.1 Policy: The terms and conditions governing the insurance coverage provided by the Insurer.
1.2 Premium: The amount payable by the Insured to the Insurer in consideration of the coverage.
1.3 Sum Assured: The maximum amount payable by the Insurer in case of a claim.
1.4 Claim: A formal request made by the Insured for compensation under this contract.
1.5 Coverage Period: The duration during which the Insured is protected under the policy.
1.6 Exclusions: Specific conditions/events that are not covered under this contract.
2. TYPE OF INSURANCE COVERED
This contract provides coverage under (select applicable type):
- Life Insurance (Term Plan, Whole Life, Endowment)
- Health Insurance (Individual/Family Floater, Critical Illness)
- Motor Insurance (Third-Party, Comprehensive)
- Property Insurance (Fire, Theft, Natural Disasters)
- Liability Insurance (Professional, Employer’s, Public Liability)
- Marine & Cargo Insurance
3. COVERAGE & BENEFITS
3.1 The Insurer agrees to cover the Insured against [describe covered risks, e.g., death, illness, accident, property damage].
3.2 The coverage shall be applicable from [Start Date] to [End Date].
3.3 The sum assured for this policy is ₹[Amount] (Rupees [Amount in Words]).
3.4 The Insurer shall compensate the Insured (in case of an event covered under this policy) as per the agreed terms.
4. PREMIUM PAYMENT TERMS
4.1 The Insured shall pay a premium of ₹[Amount] (Rupees [Amount in Words]), which shall be paid:
- [Monthly/Quarterly/Annually] OR
- One-time lump sum payment
4.2 Payment shall be made via [NEFT/RTGS/Cheque/DD] in favor of the Insurer.
4.3 If the Insured fails to pay the premium within the grace period of [Number] days, the policy may lapse.
5. EXCLUSIONS & LIMITATIONS
The following events shall not be covered under this contract:
5.1 Pre-existing conditions (applicable to health insurance).
5.2 Suicide/self-inflicted injuries (applicable to life insurance).
5.3 Acts of war, terrorism, nuclear risks.
5.4 Intentional fraud, illegal activities.
5.5 Driving under the influence of alcohol or drugs (applicable to motor insurance).
6. CLAIM PROCEDURE
6.1 The Insured or beneficiary must notify the Insurer within [Number] days of the occurrence of the insured event.
6.2 The following documents must be submitted:
- Duly filled claim form.
- Original policy document.
- Proof of loss (Medical records, FIR, Death Certificate, Bills, etc.).
6.3 The Insurer shall process and verify the claim within [Number] working days and make the payment accordingly.
6.4 The Insurer reserves the right to reject fraudulent claims.
7. TERMINATION & CANCELLATION
7.1 The Insurer may terminate this policy if:
- The Insured fails to pay premiums within the grace period.
- The Insured provides false information or fraudulent claims.
- The policy is canceled as per the terms and conditions.
7.2 The Insured may terminate this policy by giving [Number] days written notice to the Insurer.
7.3 In case of policy cancellation, the Insurer may refund a pro-rata amount of the unused premium, subject to deductions.
8. DISPUTE RESOLUTION & GOVERNING LAW
8.1 Any disputes arising from this contract shall first be resolved through mutual discussion.
8.2 If unresolved, the matter shall be settled through arbitration under the Arbitration and Conciliation Act, 1996.
8.3 The courts of [City] shall have exclusive jurisdiction, and this agreement shall be governed by Indian laws, including the Insurance Act, 1938, and regulations set by the Insurance Regulatory and Development Authority of India (IRDAI).
9. GENERAL TERMS
9.1 Entire Agreement: This contract represents the entire agreement between the Parties.
9.2 Amendments: Any modifications must be in writing and signed by both parties.
9.3 Severability: If any clause is found invalid, the remaining provisions shall still be enforceable.
9.4 Force Majeure: Neither party shall be liable for delays due to natural disasters, government regulations, or unforeseen events.
IN WITNESS WHEREOF
The parties have read, understood, and agreed to the terms and conditions set forth in this Agreement and have signed below:
For Insurer
Signature: _______________
Name: ___________________
Designation: _____________
Date: _______________
For Insured
Signature: _______________
Name: ___________________
Designation: _____________
Date: _______________
Witness 1
Signature: _______________
Name: ___________________
Address: ________________
Witness 2
Signature: _______________
Name: ___________________
Address: ________________
This Insurance Contract provides legal clarity, financial security, and protection to both the Insurer and the Insured.