Need A Financial Product Forums Insurance Is life insurance sales illustration, a legal document like a contract?

This topic contains 1 reply, has 2 voices, and was last updated by  Laxman Subir 2 years, 2 months ago.

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    Laxman Subir
    Member

    Is life insurance sales illustration, a legal document like a contract?

    #47695

    Kirti Desai
    Member

    A sales illustration is not a legal document and legal obligations of a life insurance policy are spelled out in the policy itself. Therefore, a policyholder must read the fine print of the contract carefully to ensure that he/she understands the exact nature of the policy, the risks that are covered as well as the limits or exclusion clauses, before signing the contract.

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