Insurance Declaration Form Template for India

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Key Requirements PROMPT example:

Insurance Declaration Form

"I need an Insurance Declaration Form for implementing a corporate group health insurance program covering 500 employees across multiple locations in India, which needs to be compliant with the latest IRDAI regulations and ready for rollout by March 2025."

Document background
The Insurance Declaration Form is a crucial document in the Indian insurance industry, required by the Insurance Regulatory and Development Authority of India (IRDAI) for all insurance applications. This form serves as the primary basis for the insurance contract, where the proposer discloses all material facts that could influence the insurer's decision to provide coverage. The form must comply with various Indian regulations, including the Insurance Act 1938, IRDAI guidelines, and the Insurance Laws (Amendment) Act 2015. It is designed to protect both the insurer's and policyholder's interests by ensuring full disclosure of relevant information and maintaining transparency in the insurance application process. The Insurance Declaration Form can be used for various types of insurance including life, health, property, and general insurance, with specific sections tailored to each insurance type.
Suggested Sections

1. Personal Information: Basic details of the proposer including name, address, contact information, and identification documents as per KYC requirements

2. Insurance Coverage Details: Specific information about the type of insurance being applied for, coverage amount, and policy term

3. Risk Declaration: Detailed disclosure of all risks and material facts that could affect the insurance contract

4. Medical History: Declaration of current health status and medical history relevant to the insurance application

5. Financial Information: Details of income, occupation, and other financial information required for underwriting

6. Existing Insurance: Declaration of any existing insurance policies held by the proposer

7. General Declarations: Standard declarations about the truthfulness of information provided and understanding of terms

8. Payment Details: Information about premium payment method and frequency

9. Authorization: Consent for verification of information and processing of application

10. Signature Section: Space for signatures, dates, and witness details

Optional Sections

1. Nominee Details: For life insurance policies, details of nominees and their relationship to the insured

2. Property Details: For property insurance, detailed description of property to be insured

3. Vehicle Details: For motor insurance, specific information about the vehicle being insured

4. Family Medical History: For health/life insurance, detailed family medical history if required

5. Lifestyle Declaration: For life/health insurance, information about smoking, alcohol consumption, and other lifestyle factors

6. Business Details: For commercial insurance, specific information about business operations and risks

7. Travel Details: For travel insurance, information about travel destinations and duration

Suggested Schedules

1. Schedule A - Medical Examination Report: Detailed medical examination results and doctor's observations (if required)

2. Schedule B - Property Valuation Report: Detailed valuation of property for property insurance

3. Schedule C - Risk Assessment Report: Detailed analysis of risks specific to the insurance type

4. Appendix 1 - Supporting Documents Checklist: List of required documents to be submitted with the form

5. Appendix 2 - Terms and Conditions: Detailed terms and conditions applicable to the insurance policy

6. Appendix 3 - Premium Calculation Sheet: Detailed breakdown of premium calculation and applicable taxes

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant Industries

Insurance

Banking and Financial Services

Healthcare

Real Estate

Manufacturing

Retail

Transportation and Logistics

Information Technology

Construction

Agriculture

Education

Hospitality

Professional Services

Energy and Utilities

Relevant Teams

Legal

Compliance

Risk Management

Underwriting

Claims Processing

Customer Service

Operations

Documentation

Product Development

Sales

Business Development

Medical Underwriting

Policy Administration

Relevant Roles

Insurance Underwriter

Risk Manager

Compliance Officer

Insurance Agent

Insurance Broker

Claims Manager

Policy Administration Officer

Legal Counsel

Insurance Operations Manager

Customer Service Representative

Business Development Manager

Product Manager - Insurance

Financial Advisor

Medical Underwriter

Documentation Specialist

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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