Terms and Conditions for Insurance Distribution by Axis Securities Limited
Business:
- Introduction
- Definitions
- Scope of Services
- Customer Obligations
- Policy Issuance
- Claims and Grievances
- Payments
- Cancellation and Refunds
- Confidentiality and Data Privacy
- Limitation of Liability
- Any and all policy issuance delays/ claims from the Insurers end.
- Denial of claims by Insurer or any disputes regarding coverage of insurance policy.
- Any such error which is beyond ASL’s control, including but not limited to default of third party payment servers, errors in the policy terms or benefits as communicated by the Insurer etc.
- Intellectual Property
- Amendments to Terms
- Breaches of the T&C or privacy policy.
- Misuse of the ASL platform.
- Claims arising from the Customer’s actions, including fraudulent activities or providing inaccurate information during policy applications.
- Data Protection and Privacy
- Data Storage and Security
- Security Breaches
- Data Retention and Deletion
These Terms and Conditions (“T&C”) establish the relationship between Axis Securities Limited (ASL) and users of its platform for purchasing insurance products. ASL operates as a corporate agent or facilitator, distributor, for the purchase of insurance products in compliance with the IRDAI guidelines.
By using ASL’s platform, the Customer agrees to be bound by these T&C. If the Customer disagrees, they should refrain from using the platform for insurance purchases.
ASL does not underwrite insurance products, assume risks, or determine policy terms. All insurance products available on ASL’s platform are underwritten by respective Insurers, who bear responsibility for policy terms and claim settlement.
All reasonable care is taken to ensure accurate information related to the insurance is provided on the site, but no claim is made by ASL that the information is free from errors or inconsistencies.
Purchase of insurance through ASL is solely the risk and responsibility of the purchaser.
2.1 Customer: Any individual or entity using ASL’s platform to purchase or inquire about insurance policies.
2.2 Coverage: Specific risks and circumstances under which the Insurer will provide financial or other benefits as detailed in the policy document.
2.3 Corporate Agent: ASL acts as a corporate agent, authorized to distribute insurance policies on behalf of Insurers.
2.4 Insurer: Licensed insurance companies registered with the IRDAI, responsible for underwriting policies and claim settlements.
2.5 Policy: The formal insurance agreement between the Customer and the Insurer, detailing coverage, exclusions, benefits, and terms.
2.6 Premium: The monetary payment by the Customer for the selected insurance policy, payable per the terms set by the Insurer.
2.7 Platform : Platform shall mean ASL’s digital infrastructure that provides tools, services, and user interfaces, including but not limited to a website and dedicated applications to enable interaction, data exchange, and transactions among different users.
3.1 Platform Access: ASL provides an online insurance platform for Customers to compare, select, and purchase health and term life insurance policies.
3.2 Facilitation: ASL’s role is limited to facilitating communication between Customers and Insurers.
3.3 Non-Underwriting Role: ASL does not decide the approval, rejection, or terms of policies; these decisions are made solely by the Insurers.
3.4 Assistance: ASL limits its assistance with documentation, policy issuance, and support queries, but all final determinations, including claim settlement, are handled by the respective Insurers. Hence, no claims shall be made against ASL.
4.1 Truthful Disclosure: Customers must provide accurate and complete information during the application process, including medical history and other relevant details. Misstatements can lead to denial of claims or policy cancellations.
4.2 Policy Understanding: Customers must read the policy terms, including inclusions, exclusions, and conditions, before confirming their purchase.
4.3 Updates: Customers are responsible for updating their contact information and other details with ASL and the Insurer to avoid service disruptions.
4.4 Compliance: Customers must comply with all applicable laws, including those pertaining to taxation, policy usage, and claim filings.
5.1 Approval Process: Policy issuance is subject to the Insurer’s underwriting process. The Customer will be notified upon approval or rejection.
5.2 Documentation: Customers must submit all required documents, including proof of identity, proof of address, and medical reports, if applicable.
5.3 Rejections: If a policy is rejected, the premium amount will be refunded to the Customer as per the Insurer’s refund policies, deducting applicable charges.
ASL is a mere facilitation, and not the insurer nor does ASL act on behalf of the insurer. Hence ASL does not take any liability for the claims.
6.1 Claims Filing: Customers must file claims directly with the Insurer, following the steps and requirements specified in their policy documents.
6.2 ASL Assistance: ASL provides guidance to Customers on claim submission but does not participate in the assessment or decision-making process.
6.3 Resolution of Disputes: Any disputes or grievances related to claims must be resolved directly with the Insurer through their grievance redressal mechanisms. ASL can provide contact details and initial support, but does not take any legal responsibility and liability for any claims.
customers will receive premium receipts from the Insurers upon successful payment, ASL shall not be responsible for non receiving of receipts.
Payment of insurance premium via third party bank accounts, not being in your name shall be subject to due diligence by ASL.
7.1 Payment Methods: Customers can pay premiums using online payment gateways, credit/debit cards, UPI, or net banking, as available on ASL’s platform.
7.2 Payment Security: Payments made through ASL’s platform are processed through secure gateways. ASL is not liable for failures caused by third-party payment processors.
7.3 Premium Receipts: Customers will receive premium receipts from the Insurers upon successful payment, ASL shall not be responsible for non receiving of receipts.
8.1 Free-Look Period: Customers can cancel their policies within 15–30 days (as applicable) of issuance and receive a refund after deducting medical test costs, stamp duty, and prorated premium for the coverage period.
8.2 Post Free-Look Period Cancellations: Policies canceled after the free-look period are subject to the Insurer’s cancellation terms and refund policies, ASL not to be made liable for any such cancellations or claims.
8.3 Refund: In case of cancellation during the free-look period, it shall be the responsibility of the customer to raise the request with the Insurer. Such Refunds will be initiated by the Insurer, based on its internal policies, and the above specified costs which are to be deducted shall be deducted by the Insurer, and credited to the same account from which the premium was paid, within the timelines specified by the Insurer. As ASL is merely providing facilitation services to Customers, the refund processes shall not be accepted by ASL. The Customer understands that such transactions should be solely taken up with the insurer.
9.1 Data Collection : ASL collects only the data necessary to facilitate insurance purchases and policy servicing.
9.2 Data Sharing: Customer data is shared with Insurers only for policy issuance and servicing purposes.
9.3 Data Security: ASL employs industry-standard security measures to protect customer data from unauthorized access or breaches.
9.4 Consent: By using ASL’s platform, Customers consent to data sharing with Insurers and other authorized entities as required by law.
10.1 ASL is not liable for:
10.2 ASL’s liability is limited to errors or omissions directly attributable to its operations through its platform as a facilitator.
11.1 The customer shall refrain and prohibit any unauthorized copying, reproduction, distribution or breach of ASL’s intellectual property (including but not limited to TM, copyright, design, patentable or not). If such action is undertaken by the customer, directly or indirectly, he/she shall be held liable for the same at their own risk and cost which shall include cost, damages, and any other punishments as deemed adequate.
11.2 IPR shall mean all present and future intellectual property rights including Brand Name and/or Logo, whether registered and/or in respect of which registration has been applied for and is pending, in any jurisdiction including:
(a) know-how, service marks, and related rights, data base rights and mask works, internet domain names, source code, , inventions, processes, geographical indications, trade secrets, exploitation of any present or future technologies, proprietary information, and any other industrial property rights, patents, copyright, brand, designs, trade-marks, trade or business names and product names.;
ASL may update these T&C from time to time. Notifications of significant changes will be sent via email or displayed prominently on the platform. Continued use of the platform constitutes acceptance of the updated terms.
Legal:
1. Compliance with Applicable Laws
1.1 Regulatory Compliance: The ASL platform operations comply with all applicable laws and regulations, including those set by the Insurance Regulatory and Development Authority of India (IRDAI), the Securities and Exchange Board of India (SEBI), and any other relevant authorities.
1.2 Data Protection Laws: ASL complies with the The Information Technology Act, 2000 (IT Act), The Information Technology (reasonable Security Practices And Procedures And Sensitive Personal Data Or Information) Rules, 2011, and the The Digital Personal Data Protection (DPDP) Act, 2023 and the Draft Digital Personal Data Protection Rules, 2025 (once enacted), ensuring customer data is handled securely and in accordance with applicable privacy laws.
2. Intellectual Property Rights
2.1 Ownership: ASL retains ownership of all intellectual property rights related to the platform, including content, logos, designs, software, trademarks
3. Indemnification
3.1 Indemnity Clause: Customers agree to indemnify and hold ASL, its employees, directors, affiliates, and partners harmless from any claims, liabilities, damages, or costs arising from their use of the platform, including:
4. Limitation of Liability
4.1 Exclusion of Liability: ASL will not be held liable for any direct, indirect, incidental, consequential, or punitive damages arising out of the use or inability to use the platform.
4.2 Third-Party Claims: ASL is not responsible for third-party claims related to the insurance products provided by the Insurers, including claim denials, disputes, payment failures in case of third party applications or failures to provide coverage.
4.3 Force Majeure: ASL will not be held liable for any failure or delay in performance due to circumstances beyond its reasonable control, including but not limited to natural disasters, technical failures, government restrictions, or other unforeseen events.
5. Customer Obligations and Misuse
5.1 Prohibited Actions: Customers shall not engage in fraudulent, illegal, or unethical conduct while using the platform. Actions such as providing false information, using the platform for money laundering, reverse engineering or unauthorized access to customer accounts will result in termination of services and lead to legal actions and repercussions.
5.2 Account Security: Customers are responsible for keeping their login credentials secure and notifying ASL immediately of any unauthorized use or potential breaches.
6. Dispute Resolution
6.1 Arbitration: Any dispute arising from the use of the platform or these T&C, including claims regarding the insurance products or services, must be resolved through binding arbitration in accordance with the Arbitration and Conciliation Act, 1996, or as may be amended or replaced from time to time.
6.2 Jurisdiction: Any and all disputes will be resolved by reference to Arbitratral Tribunal, Arbitral Tribunal shall consist of three Arbitrators, one shall be appointed by each Party and third one, who shall act as Chairman of Arbitral Tribunal, shall be appointed by both the appointed Arbitrators as per the provisions of Arbitration and Conciliation Act 1996. If either of the Parties fails to appoint its respective arbitrator upon the notice/ request by the other party then the same shall be completed as per the relevant provisions of the Arbitration and Conciliation Act, 1996 at the cost of the party failing to make such appointment.
The Arbitration proceedings shall be governed The Arbitration shall be conducted in English language and the venue of such Arbitration shall be in Mumbai.
7. Changes and Amendments
7.1 Right to Amend: ASL reserves the right to amend or modify these T&C at its sole discretion, with updates posted on the platform. Customers will be notified of significant changes via email, and continued use of the platform after such changes will constitute acceptance of such changes.
7.2 Effective Date: The updated T&C will take effect from the date of notification.
Information Security (InfoSec) Points in the Terms and Conditions
1.1 Sensitive Personal Data: ASL collects personal information (as classified by IRDAI and/or SEBI and/or any such regulatory authorities) which is included but not limited to name, date of birth, place of residence, photographs, contact details, financial data, and medical history (where applicable) necessary for processing insurance applications. ASL is committed to maintaining the confidentiality of this information.
1.2 Privacy Policy: The Customer agrees to the Privacy Policy of ASL, which governs the collection, use and storage of personal data. This policy is available for review and is incorporated into these T&C by reference.
1.3 Data Minimization: ASL will only collect personal information necessary to facilitate insurance policy purchases and to comply with legal obligations.
2.1 Encryption: ASL implements industry-standard encryption technologies to protect sensitive personal data during transmission and storage, ensuring that all data transferred through the platform is securely encrypted.
2.2 Access Control: ASL uses access controls to limit access to customer data to authorized personnel only. Data access is restricted based on job roles and responsibilities, and proper authentication measures are in place to safeguard against unauthorized access.
3.1 Incident Response: In the event of a security breach, ASL will promptly notify customers of any data breach that affects their personal data in accordance with applicable data protection laws.
3.2 Breach Notification: In case of a breach, ASL will take all necessary steps to inform customers about the nature of the breach, the steps taken to remedy it, and any actions the customer should take to protect themselves.
4.1 Retention Period: ASL will retain customer data only for 8 years to fulfill the purposes for which it was collected, including compliance with legal or regulatory requirements.
4.2 Data Deletion: Upon request or after the expiration of the retention period, ASL will securely delete or anonymize the customer’s data, unless otherwise required.
