Section 45 of the Insurance Act 1938 as amended from time to time, states:
• As per Section 45 of the Insurance Act, 1938, no life insurance policy can be questioned due to misstatement or incorrect disclosure after the policy is in force for three years. In the event that the insurance company is able to show the claim to be fraudulent, it will not need to pass.
• A life insurance policy may be called in question, at any time, within 3 years from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later, on the ground of fraud.
For further information, Section 45 of the Insurance Laws (Amendment) Act, 1938 may be referred.