Guidelines On Applications For Approval Of New And Repackaged Life Insurance Products

Some policy provisions are deemed to be against public interest and are normally not permitted to be included in life insurance policy forms. The most common of such policy provisions is “backdating”.  Backdating occurs when an insurance company makes the effective date of the policy earlier than the date that the application for insurance is (because of a lower age). When backdating occurs some premium is payable for a period of time during which there was no insurance coverage.  Any other provisions which unfairly limit the rights of policyowners and beneficiaries are also prohibited from inclusion in life insurance policies. 

Procedures to Follow

Not Avaiable

Responsible Institution

National Insurance Commission


Relevant Forms to Download

Not Available

Fees & Charges

Not Avaiable