Any Life Advisor found violating the restrictions
listed below is liable to be terminated from the
services of the company.
1 Prohibition of Rebates
All Life Advisors have to strictly comply with
Section 41 of the Insurance Act 1938 as regards
prohibition of rebates to clients. The following
are the extracts from Section 41 of the Insurance
Act 1938
"No person shall allow or offer to allow,
either directly or indirectly, as an inducement
to any person to take out or renew or continue
an insurance in respect of any kind relating to
lives or property in India, any rebate of the
whole or part of the commission payable or any
rebate of the premium shown on the policy, nor
shall any person taking out or renewing or continuing
a policy accept any rebate, except such rebates
as may be allowed in accordance with the published
prospectuses of the insurer"
2 Restrictions on Advertisements
A Life Advisor is strictly prohibited from issuing
an "insurance advertisement"
which publicizes Kotak Mahindra Old Mutual Life Insurance Ltd. or its products unless, there
is an authorization in writing from the Chief
Marketing Officer of Kotak Mahindra Old Mutual Life Insurance Ltd..
An "insurance advertisement" means
and includes any communication directly or indirectly
related to a policy and intended to result in
the eventual sale or solicitation of a policy
from the members of the public, and shall include
all forms of printed and published materials or
any material using the print and or electronic
medium for public communication such as:
- newspapers, magazines and sales talks;
- billboards, hoardings, panels;
- radio, television, website, e-mail, portals;
- representations by intermediaries;
- leaflets;
- descriptive literature/ circulars;
- sales aids flyers;
- illustrations form letters;
- telephone solicitations;
- business cards;
- videos;
- faxes; or
- any other communication with a prospect or
a policyholder that urges him to purchase, renew,
increase, retain, or modify a policy of insurance.
3. Payment of premiums
Life
Advisors are strictly prohibited from advancing
premiums on behalf of proposers or policyholders
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