REF: INSURANCE-ADVISOR-SERVICE-AGREEMENT INSURANCE ADVISOR SERVICE AGREEMENT
(In compliance with the Insurance Act 1938 and IRDAI Regulations)
THIS INSURANCE ADVISORY AND SERVICE AGREEMENT is executed on this [Agreement Date] at Chennai, India:
BY AND BETWEEN:
[Insurance Advisor / POSP Name], holding a valid Insurance Advisor License / Registration issued under the Insurance Regulatory and Development Authority of India (IRDAI) regulations with License Number [IRDAI License / Reg. Number], having office at [Advisor Office Address] (hereinafter referred to as the "ADVISOR", which expression shall include legal representatives and assigns) of the FIRST PART;
AND
[Client Full Name], residing at [Client Residential / Office Address] (hereinafter referred to as the "CLIENT", which expression shall include legal heirs, nominees, and assigns) of the SECOND PART.
WHEREAS:
A. The Advisor is duly licensed by the IRDAI under the Insurance Act 1938 to solicit, service, and advise upon insurance policies in India;
B. The Client desires to obtain professional advisory services regarding Health insurance coverage to protect against financial risks;
C. The Parties wish to document the scope of advisory, statutory disclosures, duty of utmost good faith, data protection, and claims facilitation.
NOW, THEREFORE, IT IS MUTUALLY AGREED AS FOLLOWS:
1. SCOPE OF ADVISORY SERVICES
The Advisor shall provide independent professional insurance advisory services for Health insurance covering the following agreed scope:
[Scope of Insurance Advisory Services]
The Advisor shall evaluate the Client's financial exposure, existing coverage, insurable interest, and recommend suitable insurance products offered by IRDAI-registered insurance companies.
2. PRINCIPLE OF UTMOST GOOD FAITH (UBERRIMAE FIDEI)
The Client expressly understands and agrees that insurance contracts in India are contracts of utmost good faith (uberrimae fidei) under Section 45 of the Insurance Act 1938. The Client covenants that:
(a) All declarations, pre-existing medical conditions, surgical history, family health records, hazardous hobbies, occupation details, and previous claims made in the proposal form are strictly true, complete, and accurate;
(b) Any non-disclosure, suppression of material facts, misstatement, or fraud by the Client shall entitle the insurer to void the insurance policy ab initio and forfeit premiums paid, without any liability attaching to the Advisor.
3. ADVISORY LIMITATIONS AND NON-UNDERWRITING STATUS
The Client acknowledges that:
(a) The Advisor acts solely as a licensed intermediary/consultant and does not underwrite the risk, issue the policy, or hold custody of premium moneys;
(b) Underwriting acceptance, premium loading, medical testing requirements, policy exclusions, waiting periods, and final policy issuance are the exclusive sovereign prerogative of the insurance company;
(c) The Advisor does not guarantee approval of insurance coverage or unconditional settlement of future insurance claims.
4. REMUNERATION AND COMMISSION DISCLOSURE
[Remuneration and Commission Disclosure]. In accordance with IRDAI guidelines on remuneration of insurance intermediaries, the Advisor discloses that statutory commission or brokerage is paid directly by the insurance company whose policy is placed, out of the standard approved premium structure. The Client pays only the official gross premium designated by the insurer via direct cheque, bank mandate, or official payment gateway.
5. CLAIMS ASSISTANCE PROTOCOL
[Claims Assistance and Support Terms]. In the event of an insured claim (hospitalization, death, motor accident, or property loss), the Advisor shall assist the Client or their legal nominees in collating the required documentation, filing the claim intimation, and liaising with the insurer's Third-Party Administrator (TPA). Final claim adjudication, admissibility, and financial disbursement rest entirely with the insurance company.
6. CLIENT DATA PRIVACY AND PROTECTION
[Client Data Protection & Privacy]. The Advisor agrees that all personal identity proofs (Aadhaar, PAN), medical records, financial bank statements, and family information collected from the Client shall be treated with utmost confidentiality under the Digital Personal Data Protection Act 2023. Such data shall be utilized solely for insurance proposal processing and statutory compliance.
7. GOVERNING LAW AND DISPUTE RESOLUTION
This Agreement is governed by the laws of India, the Insurance Act 1938, and IRDAI regulations. In case of any unresolved grievance, the Client may approach the Insurance Ombudsman established under the Insurance Ombudsman Rules 2017. Any civil disputes shall be subject to the exclusive jurisdiction of the competent courts at the Advisor's place of business.
IN WITNESS WHEREOF, the Parties hereto have executed this Agreement on the day, month, and year first written above.
__________________________________
INSURANCE ADVISOR: [Insurance Advisor / POSP Name]
IRDAI License No.: [IRDAI License / Reg. Number]
Office Address: [Advisor Office Address]
__________________________________
CLIENT: [Client Full Name]
Address: [Client Residential / Office Address]
WITNESSES:
1. Signature: ______________________ Name: __________________________________________
2. Signature: ______________________ Name: __________________________________________
SCHEDULE OF TERMS, COVENANTS & CONDITIONS(6 ACTIVE CLAUSES)
1. TENURE & TERM OF LEASE: The term of this lease/tenancy shall be for a fixed duration of {{duration_months}} months commencing on {{commencement_date}} and terminating on {{expiry_date}} unless renewed by mutual consent.
2. MONTHLY RENT & DUE DATE: The Second Party covenants to remit a monthly rent of Rs. {{monthly_rent}} payable in advance on or before the {{rent_due_day}} day of each calendar month.
3. REFUNDABLE SECURITY DEPOSIT: The Second Party has deposited an interest-free refundable security sum of Rs. {{security_deposit}} with the First Party, returnable within 7 banking days of vacant handover.
4. PERMITTED USE OF PREMISES: The demised premises shall be utilized exclusively for lawful residential dwelling purposes and shall not be converted into commercial or industrial use.
5. STATUTORY ARBITRATION (ACT 1996): Any dispute arising hereunder shall be referred to a sole arbitrator appointed mutually under the Arbitration and Conciliation Act, 1996, with seat of arbitration in the execution city.
6. SUB-LEASE & ASSIGNMENT PROHIBITION: The Second Party is strictly prohibited from sub-letting, parting with possession, or assigning any portion of the premises to third parties without prior written consent.
ATTESTATION BY INDEPENDENT WITNESSES (AS PER APPLICABLE LAW)
First Witness
Signature:
Full Name:
Parent / Spouse:
Address:
Govt ID / Aadhaar:
Second Witness
Signature:
Full Name:
Parent / Spouse:
Address:
Govt ID / Aadhaar:
