22nd Floor, A Wing, Marathon Futurex, N M Joshi Marg, Lower Parel (east), Mumbai 400013, Maharashtra India.

Toll Free No: 1800 209 0502. www.idbifederal.com

IRDA Regn. No. 135 I CIN: U66010MH2007PLC167164

Terms & Conditions

of appointment as Wealthsurance® Advisor of IDBI Federal Life Insurance Co. Ltd.

1. STATUTORY PROVISIONS
Your appointment is governed by provisions of the Insurance Act 1938, Insurance Rul`es 1939, the Insurance
Regulatory and Development Act 1999, Guidelines on Appointment of Insurance Agents, 2015 and the regulations,
guidelines, circulars, notifications or any other directive issued by the IRDA I as applicable from time to time
(Statutory Provisions).

2. TERM
Your appointment shall be valid and binding only from the Effective Date and shall remain in force until terminated in
accordance with any provision of Clause 11 below.

3. PAYMENT
a) In consideration of the Functions to be performed by you as listed in Annexure A, the Company will pay as full and
complete remuneration, the commission and other benefits flowing from the policies affected through you as specified in
Annexure B (the Commission) and subject to the payment conditions also specified thereunder.

b) Subject to the Statutory Provisions and any rule and/or regulation made by Statutory Authorities from time to time in this
regard, the Company will pay the commission on renewal premium and on reinstatement of policies (hereinafter collectively
referred to as Renewal Commission) in accordance with Annexure B.

c) The Commission and Renewal Commission will be in Indian Rupees only and will be inclusive of all expenses and charges
(including any and all applicable taxes, duties, cesses and levies) incurred by you during the term of your appointment, but
shall be subject to any deductions including deduction of service tax, charges, cesses and withholding of taxes and charges as
applicable from time to time.

d) The Company will ordinarily pay the Commission or Renewal Commission to you within 15 (fifteen) working days of the
issue of a policy or renewal of a policy or payment of premium under reinstated policies respectively.

e) The Company is entitled to alter, revise or amend the rates of the Commission and Renewal Commission (subject to the
Statutory Provisions) at any time during your appointment. Save as specified otherwise in the Statutory Provisions, such
revised rates shall be applicable prospectively and shall not apply to policies already issued on the date of alteration, revision
or amendment.

f) During your appointment and after termination of your appointment, you shall not make any claim against the Company
for any additional cost or expense.

g) The Company shall be entitled to adjust any of the following amounts against future payments of the Commission or
Renewal Commission:
i. Excess or inaccurate payment of Commission or Renewal Commission;
ii. Any amount, which is receivable or recoverable from you for any reason whatsoever.

h) In the event that an amount is owed by you to the Company as per g) above, but no further payments of Commission or
Renewal Commission are due, you shall pay such amount to the Company within 15 (fifteen) days of a receipt of a
communication from the Company in this regard.

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 22nd Floor, A Wing, Marathon Futurex, N M Joshi Marg, Lower Parel (east), Mumbai 400013, Maharashtra India. Toll Free No: 1800 209 0502. www.idbifederal.com
IRDA Regn. No. 135 I CIN: U66010MH2007PLC167164

i) Subject to the Statutory Provisions; or any rule and/or regulation made by Statutory Authorities from time to time; or the
Company’s policy in this regard, the Company will make payments of the Commission and/or the Renewal Commission to
your legal heirs upon your death.

4. RESTRICTIONS ON OPERATION:
a) You shall not solicit, canvass, procure life insurance business or in any way act for any life insurance company other than
IDBI Federal Life Insurance Company Limited. However, this will not restrict you from seeking appointment as composite
insurance agent in accordance with the Statutory Provisions.
b) You shall not hold office of director in any other insurance company.

5. DUTIES & OBLIGATIONS OF THE WEALTHSURANCETM ADVISOR:

a) For the performance of the Functions you shall:

i)strictly adhere to the Statutory Provisions and comply with any and all rules, guidelines, policies or procedures
issued by the Company from time to time.
ii) act only within the scope of your appointment and perform all the Functions in the best interest of the
Company.
iii) solicit and procure life insurance business only in accordance with the marketing, promotional and solicitation
material of the Company and in the manner and to the extent specified by the Statutory Provisions.
iv) comply with the Company’s performance requirements for business, premium income, number of proposals
and lives insured or any other criteria specified by the Company from time to time.
v) send reminders at least 30 (thirty) days in advance to the policyholder for whom you are acting as a
Wealthsurance® Advisor to ensure timely and regular payment of premium.
vi) strictly comply with the Prevention of Money Laundering Act 2002, the rules framed thereunder, the
guidelines on money laundering as laid down by IRDAI and the Statutory Provisions on money laundering,
particularly with regard to setting up and maintaining and adhering to adequate ‘Know Your Customer’
systems.
b) You shall, within the timeframe specified by the Company or the Statutory Provisions in this regard, submit all
applications, initial and renewal premiums pertaining to insurance business solicited and procured by you. Any such amounts
should be remitted to the Company immediately without any deductions whatsoever.
c) You shall upon the request of the Company or on termination of your appointment under Clause 11 below, promptly
return to the Company in good order and condition all records, rate books, policy register, documents, manuals, stationery
forms and all other books and papers including any properties of the Company, relating in any way to the life insurance
business of the Company.
d) You shall immediately, and in any event within 7 days, notify the Company of receipt of any complaint, demand,
notice or claim concerning the Company or pertaining to the subject matter of your appointment. In no event you shall
offer to settle such complaint, demand or claim or admit any liability either on its own or on behalf of the Company.

6. REPRESENTATIONS AND WARRANTIES OF THE WEALTHSURANCETM ADVISOR:

a) As a Wealthsurance® Advisor you represent and warrant to the Company that:

i) You have full power and authority to enter into an appointment with the Company and perform the Functions.
ii) The Functions and all obligations under this letter of appointment will be performed solely by you and not
through any sub-contractor, franchisee or other third party.
iii) You shall ensure that the Functions are performed in a prudent, competent, timely and efficient manner in
the best interests of the Company and that the Functions are performed in accordance with this letter of
appointment, the Statutory Provisions and any instructions, specifications, procedures, standards,

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 22nd Floor, A Wing, Marathon Futurex, N M Joshi Marg, Lower Parel (east), Mumbai 400013, Maharashtra India. Toll Free No: 1800 209 0502. www.idbifederal.com
IRDA Regn. No. 135 I CIN: U66010MH2007PLC167164

guidelines or time frames issued by the Company from time to time.

iv) You shall be solely and completely responsible for personal taxes and shall indemnify and hold the
Company harmless for any liability in this regard.
v) You shall at your own cost and expenses obtain and continue to hold all approvals, licenses and consents,
which you are required to hold for the execution and performance of your appointment.
vi) You shall not make any representation or give any warranty by or on behalf of the Company.
vii) You shall not commence or threaten to commence any suit or legal proceedings against a policyholder or
any third party on behalf of or in the name of the Company.
viii) You shall not demand or accept any remuneration from a policyholder or third party for rendering services
of any kind in connection with or incidental to the Company’s business or the subject matter of this letter of
appointment.
ix) You shall not pay or allow, or offer to pay or allow as an inducement to any person to insure, any rebate of
premium or any inducement whatsoever not specified in the policy nor make any misrepresentation or
incomplete or inaccurate comparison for the purpose of inducing a policyholder in this or any other
company to convert, lapse, forfeit or surrender his insurance therein, nor endeavour to induce any other
representative of the Company to leave its service.
x) You shall not advertise in any manner whatsoever using any medium without getting a written approval from IDBI
Federal;
xi) You shall not become assignee/nominee/beneficiary of a policy on the life of a non-related client;
xii) You are aware of the provisions of the Insurance Act, 1938 and the rules, regulations and guidelines as are
laid down by IRDAI, Life Insurance Council or any Statutory Bodies and shall abide by such Act, rules,
regulations and guidelines.

b) The Company and the Wealthsurance® Advisor mutually represents and warrants to the other that:

i) it has full power and authority to execute, deliver and perform this appointment.
ii) it shall not enter into any contracts or arrangements in the name of or purporting to be made in the name of the
other party and/or by any act, error or omission pledge the credit of the other party or impose or attempt to
impose any contractual obligations on the other party to which it has not expressly agreed in writing in advance.

7. INDEPENDENT CONTRACT
a) Nothing contained herein shall:
i) be deemed to create any association, trust, partnership, joint venture or employment relationship between the
Company and yourself.
ii) be deemed to confer on any party, any authority to incur any obligation or any liability on behalf of the other party.
b) You shall not undertake any obligation or liability in the name of or on behalf of the Company.

8. ASSIGNMENT
Except with the prior written consent of the other Party, the appointment as a Wealthsurance® Advisor shall not be
assignable by either Party. However, the Company may assign or transfer its rights and obligations under this
appointment to any entity which acquires all or substantially all of the Company’s operating assets or into which the
Company is merged or reorganized.

9. CONFIDENTIALITY
a) All commercial and other information, intellectual property rights, data and documents, whether written, oral or in
any other form (Confidential Information) furnished to you by the Company or its employees, representatives or
agents, shall be the absolute property of the Company and shall be kept confidential by you and you shall take all the
necessary precautions which are acceptable to the Company to keep the Confidential Information secret and
confidential.

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 22nd Floor, A Wing, Marathon Futurex, N M Joshi Marg, Lower Parel (east), Mumbai 400013, Maharashtra India. Toll Free No: 1800 209 0502. www.idbifederal.com
IRDA Regn. No. 135 I CIN: U66010MH2007PLC167164

b) During the term of this appointment and for a period of 5 years from the date of expiration or termination of
appointment as a Wealthsurance® Advisor, you shall not disclose or use the Confidential Information without
obtaining the prior written consent of the Company.

c) You shall develop and implement such procedures as may be required to prevent the intentional or negligent
disclosure to third parties of the Confidential Information provided that nothing in this letter of appointment shall
prevent the disclosure of Confidential Information, if such information is required to be released by any order or
direction from a judicial, quasi judicial or a regulatory authority, provided that you shall promptly inform the Company
of such disclosure and it shall not be more than necessary for compliance of such order or direction.

d) You shall not:

i) make or have made or retain, or permit the making or retention of any copy or record howsoever created of any of
the Confidential Information other than as may be required under this letter of appointment.
ii) either directly or indirectly, commercially exploits the Confidential Information.

e) You shall not disclose any data pertaining to customers of the Company to any person during the term of this
appointment and also after termination of this appointment.

f) You shall:
i) take all necessary actions to protect the Confidential Information against misuse, loss, destruction, deletions and
alterations.
ii) notify the Company promptly of any unauthorized or improper use or disclosure of the Confidential
Information.

10. INDEMNIFICATION & LIMITATION OF LIABILITY:

a) You shall hold the Company free and harmless from and against any and all costs, charges, loss, damages, expenses,
claims, liabilities and proceedings, which may be caused to or suffered by the Company or made or taken against the
Company, which are directly or indirectly arising out of, or in relation to or howsoever connected with a material
inaccuracy or breach of any provisions of this Letter of appointment by you or by an act or omission by yourself.

b) In no event will either party be held liable for indirect, consequential, incidental, punitive, exemplary or special
damages, however caused and based on any theory of liability arising out of or in relation to this Letter of
appointment.

c) You shall obtain and maintain sufficient liability insurance for errors, omissions and negligence

in respect of your business and operations as is prudent and customary in the life insurance industry. Evidence of the
existence of such liability insurance shall be provided to the Company within 7 days of a request for the same.

11. TERMINATION
a) You may terminate this appointment by giving 30 days prior written notice to this effect.

b) The Company may terminate this appointment without specifying a reason by giving 30 days prior written notice
to this effect.

c) The Company may give notice in writing to you of any inadequacy in the performance of the Functions or non-
compliance with any of its duties and obligations under this appointment. In case you fail to rectify such inadequacy

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 22nd Floor, A Wing, Marathon Futurex, N M Joshi Marg, Lower Parel (east), Mumbai 400013, Maharashtra India. Toll Free No: 1800 209 0502. www.idbifederal.com
IRDA Regn. No. 135 I CIN: U66010MH2007PLC167164

or non-compliance within 30 days of such notice, this appointment will be terminated within a further period of 30
days.

d) This appointment will automatically terminate without notice and immediately from the date of the occurrence of
the events described below:

i) Upon the death of the Wealthsurance® Advisor.

ii) Incase you are declared bankrupt or insolvent.
iii) In case of any Fraud, dishonesty or breach of trust committed by you as an Advisor of the Company.

e) Your appointment may be suspended or terminated if you:

i) violate any of the Statutory Provisions;

ii) attract any of the disqualifications motioned under section 42(3) of the Insurance Act, 1938, as amended from
time to time.
iii) fail to comply with the code of conduct stipulated under the Statutory Provisions and directions issued by IRDAI
from time to time.
iv) violate any of the terms of appointment
v) fail to furnish any information relating to his/her activities as an agent as required by the insurer or IRDAI
vi) fail to comply with the directions issued by IRDAI
vii) furnish wrong or false information or conceals or fails to disclose material facts in the application submitted for
appointment of Agent during the period of its validity.
viii) do not submit periodical returns as required by the insurer/IRDAI.
ix) do not cooperate with any inspection or enquiry conducted by IRDAI.
x) fail to resolve the complaints of the policyholders or fails to give a satisfactory reply to IRDAI in this behalf.

f) The suspension or termination of the appointment as mentioned in clause 11e) shall be effected pursuant to an enquiry
conducted in accordance with the Guidelines on Appointment of Insurance Agents, 2015. In the event of termination of this
appointment pursuant to clause 11e), you will have the option to prefer an appeal with the Company within 45 days of such
termination.

g) Upon termination of this appointment under a), or b) above:

i) The Parties shall be responsible and remain liable only for all obligations and liabilities incurred prior to
such termination.
ii) You shall deliver and/or the Company shall be entitled to take immediate possession of all Confidential Information
and all records, data (whether electronic or otherwise), training materials, software and any other property supplied
or belonging to the Company or pertaining to performance of your Functions as stated herein.

h) In case of termination of this appointment under c), d) or e) above, the Company shall not be liable to make any payment
of Commission to you.

12. ARBITRATION AND GOVERNING LAWS:

a) This letter of appointment and all disputes or differences or claims arising out of or in connection with the subject matter
of this letter of appointment shall be governed exclusively and construed in accordance with Indian Laws.
b) All disputes or claims arising out of or in connection with this letter of appointment shall be resolved amicably by the
Company and the Wealthsurance® Advisor failing which such disputes shall be referred to the same shall be referred to
Arbitration under the Arbitration and Conciliation Act, 1996. A sole arbitrator appointed by the parties by mutual agreement

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IRDA Regn. No. 135 I CIN: U66010MH2007PLC167164

failing which to three arbitrators in accordance with the provisions of the Arbitration and Conciliation Act, 1996. The decision
of the Arbitrator shall be final and binding on both the parties.
c) The Arbitration proceedings shall be held in Mumbai and shall be conducted in English.

13. NOTICE:
Any notice under this appointment shall be in writing, signed and dated by or behalf of the party giving it. Such notice
shall be deemed to have been sufficiently served if written acknowledgement of receipt is given by the party or is sent
by registered post to the address of the other party appearing herein or to the registered office address of the party.

14. SURVIVAL CLAUSE:

In the event of termination of this letter of appointment pursuant to clause 11 as stated above, Clauses 3, 5(c) and 9
survive the termination hereof for a period of 5 years after the date of termination.

15. GENERAL CONDITIONS:

a) Appointment as a Wealthsurance® Advisor shall be in consonance with the Rules and Regulations made by IRDAI and that
both the parties shall abide by the rules and regulations made thereunder.
b) Any subsequent change in law, rules and regulations, shall have overriding effect over any of the terms and conditions as
stated above. Such change shall be applicable from the date of enactment of law, rules and regulations and need not be
specifically conveyed by the Company.
c) The Company has the right to market its products through different distribution channels and the Wealthsurance® Advisor
shall not raise any objection in this regard.
d) This letter of appointment supersedes any and all prior understandings, negotiations or representation if any, between the
Parties in connection with the subject matter of this letter of appointment except the terms and conditions mentioned in the
application form. The Terms and conditions mentioned in the application form shall be read as a part of this letter of
appointment. In case of any conflict between the application form and this letter of appointment, the two shall be read
harmoniously as may be possible. However, this letter of appointment shall overwrite the application form.
e) No amendment to this appointment or to the terms and conditions as stated in the application form is subject to changes
at the discretion of the Company and shall be intimated to you in writing.
f) Neither Party shall be liable to the other for any failure or delay in the performance of its obligations under this
appointment if such failure or delay is caused solely by any cause beyond its reasonable control and without its fault or
negligence.
g) Nothing in this appointment confers any right upon the Wealthsurance® Advisor to use any of the Company’s trademarks,
trade names, service marks or brand names or other intellectual property rights.
h) The failure of either Party to promptly enforce or seek remedy for the breach of any provision of this appointment shall not
constitute a waiver of such provision or any part thereof. No term or provision shall be deemed waived, and no breach hereof
shall be deemed consented to, unless such waiver or consent shall be in writing and signed by the Party, which has given such
waiver or consent. Any such waiver or consent shall not constitute a waiver of, or consent to, any other term or provision.
i) If any term or provision in this letter of appointment shall be held to be illegal or unenforceable, in whole or in part, under
any enactment or rule or law, such term or provision or part shall to that extent be deemed not to form part of this letter of
appointment but the validity and enforceability of the remainder of this letter of appointment shall not be affected.
j) The waiver or forbearance or failure of the Company in any one or more instances upon the performance of any provisions
of this letter of appointment shall not be construed as a waiver or relinquishment of the Company’s rights and the
Wealthsurance® Advisor’s obligations in respect of due performance of obligations shall continue in full force and effect.

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 22nd Floor, A Wing, Marathon Futurex, N M Joshi Marg, Lower Parel (east), Mumbai 400013, Maharashtra India. Toll Free No: 1800 209 0502. www.idbifederal.com
IRDA Regn. No. 135 I CIN: U66010MH2007PLC167164

ANNEXURE A
SCOPE OF SERVICE
1. The Wealthsurance® Advisor will sell all products of IDBI Federal Life Insurance Co. Ltd. as introduced by the Company from
time to time.
2. You will be attached to only one Agency branch office during the tenure of his service with IDBI Federal Life Insurance
Company Ltd.
3. You will source new business cases and aid in documentation and completion of the same.
4. You will service clients as a part of post sales support
5. You will also attend training programs conducted by IDBI Federal Life Insurance Company Ltd. which may be held at regular
intervals or as specified by your Agency Manager from time to time.

ANNEXURE B
COMMISSION, RENEWAL COMMISSION & PAYMENT CONDITIONS
Basic Commission: Wealthsurance® Advisor will be paid only Basic commission. Commission is payable on actual premium
received and adjusted by the company. Commission for riders will be the same as per the base plan. Commission for extra
premium for age, health, occupation or any other extra premium will be the same as per the base plan.

Reversal of commission: Recovery of medical fees at a flat rate for any extra medicals which are not required will be charged-
back from the Wealthsurance® Advisor. This flat rate will depend on whether the proposal has only a normal medical report or
there are special reports in addition to the normal medical report. Commissions paid will be charged back from
Wealthsurance® Advisor if the cheque for a premium is dishonoured, client opts for a free look, the policy is
cancelled/rejected/declined or there are any other cancellations.

Definitions:

Agency Date: Agency Date is the first day of the calendar month immediately following the date the Wealthsurance® Advisor
appointment by the company. For e.g. - If the date of appointment 20th Sept 2014, Agency Date is 1st October 2014.
Agency Year: Agency Year is a complete calendar year commencing on the Agency Date and subsequent Agency Years are from
the anniversary of the Agency Date. The first Agency Year/Quarter/Month is deemed to include the period, if any, from the
actual date the Wealthsurance® Advisor appointment was granted to the first Agency Date.
For example if the date of appointment is 20th Sept 2014 then the first agency year is 20th Sept 2014 to 30th Sept 2015 and
subsequent agency years start on 1st of October and end on the 30th of September of the next year, on the other hand if the
date of appointment is 1st September 2014 then the first Agency year is 1st September 2014 to 31st August 2015.

Coverage: Coverage is a Life Insurance Coverage, Rider Coverage or Waiver Benefit Coverage.

Coverage Year: Coverage Year is a complete year beginning on the effective date of Coverage and subsequent Coverage Years
are from the anniversary of the effective date.
First Premium: First Premium is the first installment of premium received by the company.

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 22nd Floor, A Wing, Marathon Futurex, N M Joshi Marg, Lower Parel (east), Mumbai 400013, Maharashtra India. Toll Free No: 1800 209 0502. www.idbifederal.com
IRDA Regn. No. 135 I CIN: U66010MH2007PLC167164

First Year Renewal Premium: First year renewal premium is the sum of all premiums due and received by the company in
the first Coverage Year of a Coverage excluding First Premium.

First Year Premium: First year premium is the sum total of First Premium and First Year Renewal Premium.

Renewal Premium: Renewal premium is the sum of all premiums received by the company in the second & subsequent
coverage years of coverage.

First Commission: First commission is the commission payable by the company with respect to the First Premium.

First Year Renewal Commission: First year Renewal Commission is the commission payable by the company with respect to the
First Year Renewal Premium.

First Year Commission: First Year Commission is the commission payable by the company with respect to the First Year Premium.

Renewal Commission: Renewal Commission is the commission payable by the company with respect to the Renewal premium.

Modal Premium: Modal premium is the First premium received depending on the mode of payment opted for issue of the
policy. It is either equal to or less than the Annualized Premium.
For e.g.:
Mode of payment Modal Premium Annualised Premium
Quarterly 12500 50000
Semi Annual 25000 50000
Yearly 50000 50000

Annualised Premium: Annualised premium is the amount of anticipated First Year Premium of coverage. It is either equal to or
more than the Modal Premium.
For e.g.:
Mode of payment Modal Premium Annualised Premium
Quarterly 12500 50000
Semi Annual 25000 50000
Yearly 50000 50000

Minimum Business Guarantee (M.B.G): M.B.G covers individual life only. The Annual Minimum Business Guarantee norms
®
applicable to Wealthsurance Advisors for all Agency Years will be defined by the company from time to time and published on
the Agency Portal.

ANNEXURE C
CODE OF CONDUCT

Code of Sales and Business Conduct

1) The Wealthsurance® Advisors’ Code of Sales and Business Conduct (the Code) outlines the obligations and policies and
expectations of IDBI Federal in the following areas:

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IRDA Regn. No. 135 I CIN: U66010MH2007PLC167164
a) Compliance with laws and agency business practices.
b) Equity and fairness at the agents’ work place.
c) Conflict of interest.
d) Company assets.
e) Integrity of information.
f) Political activity.
g) Dealing with clients and outside organizations.
h) Privacy and confidentiality.
i) Contravention of codes.

2) Purpose
This Code sets out minimum standards of ethical conduct and behavior to earn and continue to earn the trust and
confidence of customers, policyholders and public at large.

3) Scope
a) The Wealthsurance® Advisor shall:

i) Place the interests of existing and prospective client before those of IDBI Federal or itself.
ii) Maintain the highest standards of professional competence in order to advise existing and prospective clients to
the best of its ability.
iii) Respect the confidence of existing and prospective clients and carefully guard any information which becomes
known regarding their personal business affairs.
iv) Uphold the best interests of the institution of life insurance.
b) The obligations at a) above extends to all aspects of the business relationship, including but not limited to:

i) Clients - The needs of your clients/policyholders come first. The Agent will provide personalized, one to one
service in helping clients develop plans for financial security.
ii) With IDBI Federal- the strength and character of IDBI Federal is determined by the quality, innovative spirit and
commitment of IDBI Federal people. The professional partnership among various people is founded on trust,
accountability, mutual support and truthfulness.
iii) With Policyholders - The Agent represents IDBI Federal as a financially sound, well managed and service
oriented company that is a leading insurance solutions provider.
iv) With Society -The Agent supports IDBI Federal in its role as an exemplary corporate citizen that is known and
respected for giving generously of time, talent and resources to the populace of India.

4) Contravention of the Code

4.1 The Agent must report any contraventions of this Code to an appropriate individual at the IDBI Federal Branch Head, the
persons in charge of Compliance, Internal Audit or Legal functions or the Chief Executive Officer of IDBI Federal.
4.2 Any violation of this Code may lead to disciplinary action including but not limited to legal proceedings and termination of
appointment.

5) The Wealthsurance® Advisor shall:

a) identify himself and the insurance company of whom he is a Wealthsurance® Advisor;
b) show his agency identity card to the prospect and also disclose his agency appointment letter to the prospect
on demand;
c) disseminate the requisite information in respect of insurance products offered for sale by his insurer and take
into account the needs of the prospect while recommending a specific insurance plan;
d) disclose the scales of commission in respect of the insurance product offered for sale, if asked by the prospect;
e) indicate the premium to be charged by the insurer for the insurance product offered for sale;
f) explain to the prospect the nature of information required in the proposal form by the insurer, and also the importance
of disclosure of material information in the purchase of an insurance contract;
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IRDA Regn. No. 135 I CIN: U66010MH2007PLC167164

g) bring to the notice of the insurer every fact about the prospect relevant to insurance underwriting, including any
adverse habits or income inconsistency of the prospect, within the knowledge of the agent, in the form of a report
(called “Insurance Agent’s Confidential Report”) along with every proposal submitted to the insurer wherever
applicable, and any material fact that may adversely affect the underwriting decision of the insurer as regards
acceptance of the proposal, by making all reasonable enquiries about the prospect;
h) inform promptly the prospect about the acceptance or rejection of the proposal by the insurer;
i) obtain the requisite documents at the time of filing the proposal form with the insurer; and other documents
subsequently asked for by the insurer for completion of the proposal;
j) render necessary assistance to the policyholders or claimants or beneficiaries in complying with the requirements for
settlement of claims by the insurer;
k) advise every prospect to effect nomination under the policy;
l) render necessary assistance and advice to every policyholder on all policy servicing matters including assignment of
policy, change of address or exercise of options under the policy or any other policy service, wherever necessary;
m) where the insurance agent represents more than one insurer offering same line of products, he should dispassionately
advice the policy holder on the products of all insurers whom he is representing & the product best suited to the
needs of the prospect.

6) The Wealthsurance® Advisor shall not:

a) solicit or procure insurance business without being appointed to act as such by the insurer;
b) induce the prospect to omit any material information in the proposal form;
c) induce the prospect to submit wrong information in the proposal form or documents submitted to the insurer for
acceptance of the proposal;
d) behave in a discourteous manner with the prospect;
e) interfere with any proposal introduced by any other insurance agent;
f) offer different rates, advantages, terms and conditions other than those offered by his insurer;
g) demand or receive a share of proceeds from the beneficiary under an insurance contract;
h) force a policyholder to terminate the existing policy and to effect a new proposal from him within three years from the
date of such termination;
i) apply for fresh agency appointment to act as an Insurance Agent, if his agency appointment was earlier cancelled by
the designated official, and a period of five years has not elapsed from the date of such cancellation;
j) become or remain a director of any insurance company;
k) resort to multilevel marketing for soliciting and procuring insurance policies and/or induct any prospect or policyholder to
join the multilevel marketing scheme.

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