Common use of Declaration of the Correct Age and Gender Clause in Contracts

Declaration of the Correct Age and Gender. 8.3.1. Declaration of the correct Age and gender of the Life Insured is important for Our underwriting process, before issuance of the Policy. The Premiums are calculated on the basis of the Age and gender of the Life Insured. If the Age and/or gender declared in the Proposal Form is found to be incorrect at any time during the Policy Term or at the time of claim, We may: i. revise the Premium and/or applicable benefits payable under the Policy in accordance with the premium and benefits that would have been payable if the correct Age and gender of the Life Insured would have made him eligible to be covered under this Policy on the Effective Date; or ii. cancel the Policy, subject to Section 45 of the Insurance Act, if the correct Age and gender of the Life Insured would have made him ineligible to be covered under this Policy on the Effective Date. In such a case, all the Premiums received will be refunded by Us after deducting applicable charges.