Document background
The Insurance Proposal Form is a fundamental document in the Indian insurance industry, serving as the initial point of contact between the insurer and potential policyholder. This document is mandatory under IRDAI regulations and the Insurance Act 1938, forming the basis for the insurance contract. It must be completed before any insurance policy can be issued in India, collecting crucial information about the proposer, subject matter of insurance, and risk factors. The form includes various sections tailored to specific insurance types (life, health, property, etc.) and can accommodate both individual and corporate proposers. The information provided in this form is used for risk assessment, premium calculation, and policy issuance, making it a critical document in the insurance underwriting process.
