Registration

POINT OF SALES AGREEMENT

This Point Of Sales Agreement (hereinafter referred to as “The Agreement”) is made and executed on …………………at………………..for a period of ………………,

BETWEEN

M/s VELOCITY INSURANCE BROKING SERVICES PRIVATE LIMITED, a company registered under the Companies Act, 1956 (bearing CIN U67200RJ2010PTC030778) having its registered Corporate office at ‘3rd Floor, Maker Tower, Beside Gopalpura Pulia, Tonk Road, Jaipur - 302015, (hereinafter referred to as “the Company” which expression shall unless repugnant to the context or meaning thereof include its successors, permitted assigns and legal representatives)

AND

………………………………………………………………………………………………………

……………………………………………… (Hereinafter referred to as “The POS”)

WHEREAS the Company is engaged in the business of providing Insurance Broking in India for both Life and general Insurance.

WHEREAS the Point Of Sales has confirmed that he/she has complied with all the formalities under the IRDA (Appointment of Point Of Sales) Regulations, 2015 (“the Regulations”) and possesses required qualifications ( and is duly authorized to be appointed as a Point Of Sales in terms of the Regulations and has expressed his/her desire and willingness to procure both General & Life Insurance business for and on behalf of the Company .

WHEREAS the Point Of Sales hereby undertakes to act as a POS and co-operate with the Company and work under the directions of the Company to transact such business as usually pertains to a Point Of Sales and adhere to the code of conduct mentioned in the agreement.

WHEREAS the Company hereby appoints the Point Of Sales as its POS and authorizes the POS to procure and market only certain pre underwritten products approved by the authority as specified in Annexure 1_ annexed to this agreement within the territory subject to and upon the following terms and conditions.

NOW THEREFORE THIS AGREEMENT WTNESSETH AS FOLLOWS:

1.                    DEFINITION

1.1.1.           “Act” shall mean the Insurance Act, 1938.

1.1.2.           “Authority” mean the Insurance Regulatory and Development Authority of India established under section 3 of the Insurance Regulatory and Development Authority Act, 1999.

1.1.3.           “Point Of Sales” means who possess the minimum qualifications, has under gone training and pass the examination as specified in the guidelines and solicits and market only certain pre -underwritten products approved by the authority.

1.1.4.               “Agreement” means the Agreement entered into by the Company and the Point Of Sales

1.1.5.           “Business” means the business of effecting contracts of insurance in respect of general insurance business as specified in annexure 1.

1.1.6.           “POS Letter” means a letter of appointment issued by M/s Velocity Insurance Broking Services Pvt. Ltd. to a person capable of being engaged as represented to act as a Point Of Sales.

1.1.7.           “Centralized list of POSs” of POSs maintained by the IIB, which contains all details of POSs appointed by all insurers.

1.1.8.           “Designated official” means an officer authorized by the Insurer to make Appointment of an individual as an Point Of Sales .

1.1.9.       “We/Our/us/Company” It means M/s Velocity Insurance Broking Services Pvt. Ltd.

1.1.10.        “Cluser” is also called as Branch offices of the company at various locations.

1.1.11.        “Applicant /Candidate” An Individual person seeking appointment to become an Point Of Sales .

1.1.12.         “Processing fees” there is no fee charged from the applicant to appoint him/her as an Point Of Sales.

2.                    APPOINTMENT OF THE POINT OF SALES

The company hereby appoints the above said Point Of Sales and the Point Of Sales accepts the appointment as one of the Point Of Sales to market only certain pre underwritten products approved by the authority.

3.                    POINT OF SALES ’S OBLIGATIONS

A.       The POS possesses the requisite qualifications and online practical training and online examinations has passed as per the IRDAI circular (IRDA/INT/GDL/PSP/058/03/2017).

B.    The details have been agreed & signed as per the annexure attached hereto.

By agreeing to abide by the terms of this Agreement the Point Of Sales shall:

3.1                 Solicit market and sell only certain pre underwritten products approved by the authority as specified in Annexure 1 of the Agreement, for and on behalf of the Company.

3.2                 Observe and comply with the provisions of the Insurance Act 1938, the general or specific orders or the directions of the Authority, the Regulations and all other applicable rules, laws, orders etc. in the performance and discharge of Point Of Sales’s obligations under this Agreement.

3.3                 Obey the Company’s directions and instructions and, in the absence of any such directions and instructions in relation to any particular matter, to act in the best interests of the Company.

3.4                 Submit applications for both General & Life Insurance Business solicited by him to the Company for its approval. The Point Of Sales upon receipt of any new application of insurance, notices of alterations and/or cancellation of policies shall immediately forward the same to the Company.

3.5                 Use the literature including promotional literature as authorized in writing by the Company.

3.6                 Not solicit, market or sell to the customers, within the prescribed territory any other insurance policy of the Company, except those as specified in Annexure_1     

3.7                 Not alter or modify or offer or agree to alter or modify in any way or manner the terms of the Policies or any form or document prescribed or issued by the Company without its prior express consent in writing.

3.8                 Not make any representations to customers or give any warranties or other commitments other than those contained in any standard terms and conditions prescribed by the Company from time to time.

3.9                 Not collect in his name or for his account any sum, whether on account of premium or otherwise, from any customer or policyholder.

3.10              Supply to the company monthly reports, returns and accounts in respect of discharge, performance and observance of its obligations if asked by the company.

3.11              Permit the Company or its representative’s at all reasonable times to inspect all things material to the business or the performance, observance and discharge of its work and obligations under this Agreement.

3.12              Not issue personal cheques on behalf of the insured or not accept cheques of any other person, other than that of the customer, towards the premium payable by the customers on the policies issued.

3.13              Not assign charge or otherwise deal with this Agreement in any way or manner.

3.14              Directly or indirectly not be engaged in selling policies relating to both General & Life Insurance Business of any other Insurance Company.

3.15              Not pledge the credit of the Company in any manner.

3.16              Not negotiate or enter into any contract(s) and/or agreement(s) of any nature whatsoever on behalf of the Company and the Company shall not be bound by any contract and/or agreement made by the Point Of Sales.

3.17              Be held responsible for the misuse/loss of any Cover note/any other online portal issued to him/her and any liability arising there from shall be entirely to his/her account. (A more elaborate description of the POS’s liability vis-à-vis Cover note/any other online portal is given in Annexure 3of the Agreement)

3.18              Declare that no relative of his, at the time of entering into the Agreement, is employed with the Company in any capacity whatsoever.

3.19              Adhere to the Company’s Anti Money Laundering (AML) Policy and the Know Your C ustomers (KYC) Norms, as provided in Annexure 2.

4.                    PREMIUM COLLECTION

The Point Of Sales shall collect premium amount from the insured in accordance with the terms of the policies sold by the Point Of Sales pursuant to this Agreement. The Point Of Sales as per the insurance regulations shall remit and send to the Company the amount of premium collected by him/her on behalf of the company within 24 hours of receipt of the same from the insured. In the event the remittance is tendered to the Company by the Point Of Sales by way of payment other than cash, the Company’s official receipt shall not be valid until such remittance is honored on presentation for payment. The Company shall notwithstanding any other remedies be entitled to set-off or deduct such monies owed to the company from the Commission payable to the Point Of Sales. Notwithstanding the foregoing should the Company institute or initiate any proceedings for recovery of amount due from the Point Of Sales , then the commission earned shall be forfeited and the full amount of premium including the legal cost and such other incidental expenses shall be payable to the Company by the Point Of Sales.

5.                    CLAIMS

The Point Of Sales hereby agrees that the Point Of Sales shall not adjust or pay any claims whatsoever or any commitments with reference to the claims on Policies issued by the Company. Upon intimation of any claim by an insured or the insured’s representatives the Point Of Sales shall immediately inform the company particularly the Company’s claim department in writing about the said claim and simultaneously arrange for the insured or Insured’s representative to complete the necessary formalities pertaining to his/her/its/their claim for the Company’s immediate attention. Under no circumstances the Point Of Sales shall pay or settle any claim, nor admit any liability or institute legal proceedings or represent the Company in legal proceedings in connection with any matter relating to the claims or the business of the Company.

6.                    COMMISSION

The Company shall pay to the Point Of Sales commission for his/her services under this agreement at the rates prescribed by IRDA on new or renewed insurance business secured and effected by the Point Of Sales and accepted by the Company provided that the premium amounts are actually received by the Company relating to such Policies. It is expressly agreed to between the Parties hereto that upon any premium refunded, cancellation of policy or otherwise the commission payable to the Point Of Sales on such policy shall be reduced proportionately. It is further agreed to by the Point Of Sales that in respect of any business where the Company deems it necessary the Company may reduce or increase the commission payable to the Point Of Sales (subject to the maximum limit prescribed under the Act and by IRDA, from time to time) and the Company is at liberty to amend, vary or revoke the rate of Commission payable at any time by giving 7 (seven) days written notice to the Point Of Sales.

7.                    POINT OF SALES TO ACT IN TRUST AND FAITH

All amounts, properties or securities received by the Point Of Sales, either from or for and behalf of the Company shall be held by it in a fiduciary capacity on behalf of the Company. The Point Of Sales shall not use, appropriate and/or in any manner whatsoever dispose off such monies/amounts, properties or securities received by it on behalf of and belonging to the Company but shall immediately and promptly report to the Company of the fact of the receipt and immediately handover to the Company all such monies, properties or securities in its possession.

8.                    EXCLUSIVITY

8.1.               The Company reserves the right to appoint other POSs, other than the Point Of Sales in the Territory, for its business at any time at its discretion.

8.2.               The Point Of Sales agrees to not to represent directly or indirectly any other general insurance company, other than Standalone Health Insurance companies, or to canvass or to procure insurance business for and on behalf of any other general insurance companies, other than Standalone Health Insurance companies, during the currency of this agreement. The Point Of Sales commits himself/herself to offer any policy renewal or new business solely and exclusively to the Company.

9.                    NO ADVERTISING OR PUBLICATION BY POINT OF SALES

The Point Of Sales shall not publish or cause to be published in any media, print and or electronic, any advertisement concerning the Company or its business and policies, without the prior written approval and authority of the Company and further such matter to be published or caused to be published in any media, print or electronic shall be approved in writing by the Company. The Point Of Sales shall not distribute any circular or writing concerning the Company and/or; its business including policies without the prior written approval of the Company. Any such matter to be published or caused to be published in any type of media whatsoever or any such circular or writing concerning the Company shall be in compliance with the IRDA  (Insurance Advertisements & Disclosures) Regulations, 2000.

If any law suit shall be brought against the Company as a consequence of any unauthorized action or publication or statement of the Point Of Sales in any media, print, electronic or in any other form or for such any action caused by the Point Of Sales all cost, loss or damages arising there from shall be borne by the Point Of Sales.

10.                 RETURN OF DOCUMENTS

The Point Of Sales shall unconditionally, upon a demand made by the Company or on the termination of the Agreement, by the operation of Clauses specified under Termination of the Agreement as the case may be, return to the Company all documents amounts, properties or securities, in possession of the Point Of Sales directly or indirectly pertaining to the Company including but not restricted to unpaid or uncollected policies and premium debit notes or receipts in his possession belonging to or pertaining to the Company. In the event the Point Of Sales fails to comply with this provision he/she shall be wholly and solely responsible to the Company for any loss, damages, liabilities and consequences arising thereof.

11.                 ALTERATIONS ON DOCUMENTS

The Point Of Sales shall not under any circumstances make any alterations, additions or deletions on any of the documents belonging to the Company, which may from time to time be in the possession of the Point Of Sales. In case of any such case of alteration, additions or deletions made by the POS on any of the Company’s documents, which is brought to the notice of the Company or has been discovered by the Company, the Company shall be well within its rights to initiate civil action or criminal action or both against POS.

12.                 DISCLOSURE AND INDEMNITY

12.1.            It shall be the duty of the Point Of Sales , at all times and under all circumstances, to disclose to the Company every fact and circumstances within his/her knowledge which may be directly or indirectly relevant to the acceptance of the risk by the Company in respect of the business procured and canvassed by the Point Of Sales on behalf of the company and shall accurately relate to the Company every such fact disclosed to the Point Of Sales and such other information or facts which  may come to the knowledge of the Point Of Sales, directly or indirectly.

12.2.            The Point Of Sales shall indemnify and keep indemnified the Company against all losses incurred by the Company arising out of and in connection with the Point Of Sales ’s failure to disclose to the Company such facts within the knowledge of the Point Of Sales and breach of its obligations under this Agreement.

13.                 CONDUCT AND COMPLIANCE

13.1.            The Point Of Sales shall always conduct his/her obligations and duties in relation to Insurance Business with  integrity and honesty placing the interest of the Company and the customers before his/her own interest, make full and adequate disclosure of all facts necessary for the Company and its customers, continue to provide all assistance and service to its customers, their beneficiaries and observe and comply with all laws, regulations and statutory requirement including the Regulations and IRDA (Insurance Advertisements & Disclosures) Regulations, 2000 and amendments thereto.

14.                 RIGHT OF THE COMPANY TO ADVERTISE

The Point Of Sales hereby agrees that upon his/her ceasing to be an Point Of Sales of the Company, the Company shall be entitled to publish notice in newspapers etc. notifying the policy holders and the general public that the Point Of Sales has ceased to be an Point Of Sales of the Company and is not authorized to solicit and insurance business on behalf of the Company.

15.                 NON-DISCLOSURE

15.1 For the purpose of procuring Insurance business for the Company, the Company may furnish confidential information, materials, documents and policies regarding their various policies which inter alia may contain innovative policies and further the Company may also be required to furnish various details regarding marketing, pricing etc. in respect of such policies. Considering the confidentiality to be maintained the Point Of Sales has expressly agreed to maintain complete confidentiality of all such confidential information, documents, policies, etc. as may be submitted to him/her by the Company.

The term “Confidential Information” does not include information which

(i)                   Is already in the Point Of Sales’s possession or

(ii)                 becomes available to the public other than as a result of a disclosure by Point Of Sales , or

(iii)                becomes available to Point Of Sales on a non-confidential basis from a source other than the Company provided such source is not known by Point Of Sales to be bound by a confidentiality agreement with or other obligation of secrecy to the Company or another party.

Point Of Sales’s obligations with respect to confidentiality shall survive the termination of this Agreement.

16.                 TERMINATION AND RESIGNATION:-

16.1 Cancellation/Termination of Appointment of a POS:

1)    The appointment of an POS may be cancelled or terminated after due notice of 15 days---- after giving Him/her a reasonable opportunity of being heard if he/she:-

a)    Violates the provisions of the Insurance Act, 1938, Insurance Regulatory and Development Authority Act, 1999 or rules or regulations, made there under as amended from time to time.

b)    Violates any of the qualifications mentioned in POS agreement.

c)    Fails to comply with the code of conduct specified in the POS agreement and directions issued by the Authority from time to time.

d)    Violates terms of appointment.

e)    Fails to furnish any information relating to his/her activities as an POS as required by the Insurer or the Authority.

f)    Fails to comply with the directions issued by the Authority.

g)    Furnishes wrong or false information; or conceals or fails to disclose material facts in the application submitted for appointment of Point Of Sales or during the period of its validity.

h)    Does not submit periodical returns as required by the Insurer/Authority.

i)   Does not co-operate with any inspection or enquiry conducted by the Authority.

j)   Fails to resolve the complaints of the policyholders or fails to give a satisfactory reply to the authority in this behalf.

k)    Either directly or indirectly involves in embezzlement of premiums / cash collected from Policyholders/prospects on behalf of insurer. However this proviso does not permit an POS to collect cash/premium without specific authorisation by the insurer.

Effect of termination/cancellation of POS appointment.—

1)    On and from the date of suspension or cancellation, the Point Of Sales, shall cease to act as a Point Of Sales.

a)    The Company shall recover the POS letter from the POS whose appointment has been cancelled as per the agreement within 7 days of issuance of final order effecting cancellation/termination of appointment.

17 Procedure to be followed in respect of resignation and surrender of POS letter by an insurance POS:

1)    In case a Point Of Sales appointed by the Company wishes to surrender his agency within, he/she shall surrender his POS letter to the designated official of the Company with whom he/she is currently holding agency.

2)    The Company shall issue the NOC within a period of 30 days from the date of resignation and surrender of POS letter.

18.      ARBITRATION

In case of any dispute or difference arising between the parties out of or in relation to this Agreement, both parties hereby agree to settle the said dispute or difference amicably among themselves in the first instance. If the said dispute or difference is not settled amicably between the parties within 30 days from the date on which the said dispute or difference first arose, the same shall be referred to a Sole Arbitrator to be appointed by the Company in accordance with the provisions of Arbitration and Conciliation Act, 1996 as amended or re-enactment thereto. The cost of the arbitration shall be borne equally by both the parties, and the proceedings of arbitration shall be conducted in English language. The Arbitration Tribunal shall be governed by the provisions of the Arbitration and Conciliation Act, 1996 and the venue for the arbitration shall be at Jaipur ( as decided by the Competent Authority of the Company).

19.   MISCELLANEOUS

19.1.1. This Agreement contains the entire Agreement and understanding with respect to the subject matter hereof and supersedes all prior Agreements, proposals, letters of intent or other correspondence, whether written or oral  relating to rights and obligations of the parties as envisaged in this agreement.

19.1.2. Each of the parties warrants that it is competent to enter into this Agreement and has obtained all necessary approvals to do so.

19.1.3. Both parties will be released from the respective obligations in the event of national emergency, war, prohibitive governmental regulation or if any other cause beyond the control of the Parties or either of them renders the performance of the Agreement impossible whereon upon:

19.1.4. All monies due under this Agreement shall be paid immediately and

19.1.5. The POS shall forthwith cease carrying on any work under this Agreement

19.1.6. If any part or portion of the Agreement is rendered void, the same would not affect the entire Agreement, and the remaining part of the Agreement shall be given effect to by the parties i.e. the terms other than those which have been rendered void.

19.1.7. No change, waiver or discharge thereof shall be valid unless made in writing and signed by the duly authorized representatives of the parties. No delay or omission by either party thereto exercise any right or power occurring upon any compliance default by the other party with respect to any of the terms of this Agreement shall impair any such right or power to be construed to be a waiver thereof. A waiver by either of the parties of any provision of breach shall not be a waiver of any other provision or breach.

1.        To the Company

M/s VELOCITY INSURANCE BROKING SERVICE PVT. LTD,

3^RD FLOOR MAKER TOWER, BESDIE GOPALPURA PULIA, TONK ROAD, JAPUR, (302015).

2.        To the Point Of Sales (Address shall be in full)

19.5              Each party shall give notice to the other of the change or acquisition of any address at the earliest possible opportunity.

19.6              This Agreement has been executed at                       JAIPUR and as such             JAIPUR Courts shall have jurisdiction.

20. Code of Conduct.

1)    Every POS shall adhere to the code of conduct specified below:-

a)    Every Point Of Sales shall, ---

i)    Identify himself and the insurer of whom he is an Point Of Sales.

ii)    Show the POS Certificate to the prospect on demand.

iii)     Disseminate the requisite information in respect of insurance products offered for sale by his insurer and take into account the needs of the prospect while recommending a specific insurance plan.

iv)     Disclose the scales of commission in respect of the insurance product offered for sale, if Asked by the prospect.

v)    Indicate the premium to be charged by the insurer for the insurance product offered for sale.

vi)     Explain to the prospect the nature of information required in the proposal form by the Insurer, and also the importance of disclosure of material information in the purchase of an Insurance contract.

vii)     Bring to the notice of the insurer every fact about the prospect relevant to insurance underwriting, including any adverse habits or income inconsistency of the prospect, within the knowledge of the POS and any Material fact that may adversely affect the underwriting decision of the insurer as regards. Acceptance of the proposal, by making all reasonable enquiries about the prospect.

viii)      Obtain the requisite documents at the time of filing the proposal form with the insurer; and other documents subsequently asked for by the insurer for completion of the proposal.

ix)     Advise every prospect to effect nomination under the policy

x)    Inform promptly the prospect about the acceptance or rejection of the proposal by the insurer;

xi)     Render necessary assistance and advice to every policyholder introduced through him/her On all policy servicing matters including assignment of policy, change of address or   Exercise of options under the policy or any other policy service, wherever necessary.

xii)     Render necessary assistance to the policyholders or claimants or beneficiaries in complying with the requirements for settlement of claims by the insurer.

2)    No Point Of Sales shall,----

a)    Solicit or procure insurance business without being appointed to act as such by the insurer

b)    Induce the prospect to omit any material information in the proposal form.

c)    Induce the prospect to submit wrong information in the proposal form or documents submitted to the insurer for acceptance of the proposal.

d)    Behave in a discourteous manner with the prospect.

e)    Interfere with any proposal introduced by any other Point Of Sales.

g)    Offer different rates, advantages, terms and conditions other than those offered by his insurer.

h)    Demand or receive a share of proceeds from the beneficiary under an insurance contract.

i)    Force a policyholder to terminate the existing policy and to effect a new policy from him within three years from the date of such termination of the earlier policy.

3)    Every Point Of Sales shall, with a view to conserve the insurance business already procured through him, make every attempt to ensure remittance of the premiums by the policyholders within the stipulated time, by giving notice to the policyholder orally and in writing.

4)    The insurer shall be responsible for all acts and omissions of its POSs including violation of code of conduct specified under these Regulations.

1)      ELIGIBILITY CONDITIONS FOR APPOINTMENT OF POINT OF SALES

A)     Age - Above 18 years but not more than 75 years, candidate above 75 years will have to provide fitness certificate by at least MBBS doctor.

B)     Educational Qualifications -Minimum qualification is 10th Pass or any equivalent examination from a recognized board/institute.

C)     Pan Card and Aadhar Card-Candidate must be having a PAN and Aadhar card and shall attach the same to the Application.

D)     POS Agreement -The applicant is required to sign an agreement containing all the terms & condition and provisions under the act.

E)     Candidate is required to undergo Pre-Recruitment Training & Examination.

2)      PRE-RECRUITMENT TRAINING AND EXAMINATION:-

A candidate is required to undergo following trainings before his appointment as POS:

A)     Pre Recruitment Training - Candidate is required to undergo Pre-Recruitment Training. Company shall provide minimum 15 Hours training to each new candidate. This training shall be imparted at Cluster level by a company employee. Training will impart basic knowledge as per the syllabus prescribed by the authority required for appointment as an Point Of Sales.

Training completion certificate will be also issued by the Cluster to all new POSs, which will be become a part of the POS agreement.

B)     Insurance exam of the POS - Each new candidate shall have to go through an insurance exam, which shall be conducted by the Insurer, subject to the syllabus prescribed by the Authority to be eligible for appointment as an POS.

The applicant who has successfully passed the Insurance exam will obtain a pass certificate issued by Insurer & they shall be eligible to be considered for appointment as POSs.

IN      WITHESS WHEREOF, THE PARTIES HEREUNTO HAVE SIGNED THIS AGREEMENT ON THE DAY, MONTH, YEAR & PLACE FIRST MENTIONED ABOVE.

For VELOCITY INSURANCE BROKING

SERVICES PVT. LTD.

Authorized Signatory                                                                          Signature of the POS

Witness:                                                                                   Witness:

1.                                                                                      1.

2.                                                                                      2.

 - ANNEXURE -

LIABILITY AND OBLIGATIONS OF POS vis-à-vis PDF POLICY ISSUED ONLINE/ANY OTHER ONLINE PORTAL(S)

By signing the Agreement, it is expressly agreed between the parties that:

1.        The POS understands and declares that the Cover note/any other online portal(s)/PDF policy issued online/any other online portal Book(s) is/are a property rightfully belonging to the Company and that the POS is merely a custodian/trustee of the Cover note/any other online portal(s)/ PDF policy issued online/any other online portal Book(s) issued to him/her.

2.        The POS shall properly account for all the Cover note/any other online portal(s)/ PDF policy issued online/any other online portal Book(s) issued to him/her by the Company, at all times as and when demanded by the Company.

3 The POS shall not misuse, in any manner whatsoever, the Cover note/any other online portal(s) / PDF policy issued online/any other online portal Book(s) issued to him/her by the Company. The POS shall not, at any point of time, issue Cover note/any other online portal(s) on a back date nor shall he/she issue PDF policy issued online/any other online portal(s) with a POS Code different from the POS Code issued to him/her by the Company and on the basis of which the Cover note/any other online portal Book(s) have been issued to him/her by the Company.

4.        The POS shall exercise extreme care and caution while dealing with the Cover note/any other online portal(s)/ PDF policy issued online/any other online portal Book(s) in his/her custody. Where Cover note/any other online portal(s)/ PDF policy issued online /any other online portal Book(s) is/are lost or misplaced, with or without his/her negligence, he/she should use all the means available at his/her disposal to track/trace and recover the lost/misplaced Cover note/any other online portal(s) / PDF policy issued online/any other online portal Book(s).

5.        Where the POS is not in a position to track/trace and recover the lost/misplaced Cover note/any other online portal(s) / PDF policy issued online/any other online portal Book(s) within 48 hours of such loss/misplacement, he/she shall report such loss/misplacement to the Company, along with all the particulars of the lost/misplaced Cover note/any other online portal(s) / PDF policy issued online/any other online portal Book(s) and shall seek the instructions from the Company on the further course of action to be adopted by him/her in this regard.

6.        Where the POS, after failing to track/trace and recover the lost/misplaced Cover note/any other online portal(s) / PDF policy issued online/any other online portal Book(s), does not report such loss or misplacement to the Company; or if, after reporting such loss or misplacement to the Company and is instructed by the Company to act in a certain manner, but fails to act accordingly, then such POS shall be liable to indemnify the Company for any/all liability which may be fastened on the Company either by law or under any Statute(s) in operation for the time being within the territory of India, on account of the wrongful/fraudulent use of the lost or misplaced Cover note/any other online portal(s) / PDF policy issued online/any other online portal Book(s). Notwithstanding such indemnity, where the Company establishes that the Cover note/any other online portal(s) / PDF policy issued online/any other online portal Book(s) was/were lost or misplaced on account of the negligence of the POS, the Company may proceed under Civil law or Criminal law or both, as the case may be, against the POS with respect to the lost/misplaced Cover note/any other online portal(s) / PDF policy issued online/any other online portal Book(s) and any subsequent liability attached to the Company as a result of such loss or misplacement.

7.The processing of payments or authorization is solely in accordance with these third parties’ policies, terms and conditions and VIBS are not in any manner responsible or liable to you or any third party for any delay or failure at their end in processing the payments. By accepting these terms and conditions You are giving consent to such third party service providers to use your information to provide services.

Signature of the POS                                                                    Authorized Signatory