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I do hereby declare that the above mentioned statements and answers are to the best of my knowledge and belief, true and complete, that they shall be the basis of the contract of the agency between me and the Life Insurance Corporation of India and that if any of the above mentioned statements or answers are untrue or incomplete the said contract shall stand automatically terminated from the date on which such knowledge comes to the Corporation. I also agree that all decisions of the Corporation shall be binding on me and that I fully understand the meaning of Section 41 of the Insurance Act, 1938 produced below:-
Section 41:- “(1) No persons shall allow or offer to allow, either directly or indirectly as inducement to any persons to take out or renew or continue an insurance in respect of any kind of risk relating to lives property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy nor shall any person taking out or renewing or continuing a policy accept any rebate except such rebate as may be allowed in accordance with published prospectus or tables of the insurer.
(2) Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to Five Hundred Rupees.”
I also agree to abide by this terms and conditions of the agency in force and advised to me from time to time and to conduct the agency, if granted, in a manner designed to promote the interest of the Corporation and its policyholders.