Insurance Form Honesty: Avoid Big Losses, Legal Trouble

• Providing false or incomplete information on insurance forms can lead to claim rejection, policy cancellation, and legal penalties.
• Under IRDAI rules, proven fraud results in claim rejection, policy cancellation, and no premium refund.
• Legal penalties for misrepresentation can include up to 3 years in jail or a 10 lakh rupee fine; even small lies can fall under Section 420.
• Insurance companies now use digital verification and medical records, making misrepresentation riskier than ever.
• Always honestly disclose medical history, smoking habits, alcohol consumption, and any pre-existing illnesses.

Why It Matters: Honesty on insurance forms is crucial to secure claims and avoid severe financial and legal repercussions.