Terms and Conditions (as per IRDAI Guidelines)

Premium Payment Compliance:

Premium must be paid consistently without default for 365 consecutive days.

Lapse in payment beyond a 15-day grace period may render the policy void.

Policy Cancellation & Free Look Period:

Policyholders are eligible for a 15-day free look period after the policy is issued.

If unsatisfied, full refund of premium paid (minus processing charges) is allowed.

Death Benefit:

In case of the policyholder’s death during the policy term, a minimum assured benefit of 50,000 or the premium paid (whichever is higher) shall be paid to the nominee.

Surrender Policy:

This policy does not have a surrender value before 365 days.

Fraud & Misrepresentation Clause:

Any false declarations or fraudulent claims will lead to immediate termination of the policy without any payout, in line with Section 45 of the Insurance Act, 1938.

Nomination and Assignment:

Nomination is mandatory under Section 39 of the Insurance Act, 1938.

Assignment of policy allowed as per Section 38 of the Act.

Tax Implications:

Premiums paid may be eligible for tax benefits under Section 80C of the Income Tax Act, 1961.

Maturity benefit may be exempt under Section 10(10D), subject to prevailing laws.

Regulatory Compliance:

This policy is governed under the guidelines issued by the IRDAI and is subject to change as per regulatory directions.

Contact Us

If you have any questions or concerns about our Terms & Conditions or need assistance, please contact us:

Email: support@smartshieldinsurances.com
Phone: 7767011412
Address: ITPL Main RD , WHITEFELD , BENGALURU , KARNATAKA, 560066

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