Section 13 in The Insurance Regulatory And Development Authority (Insurance Advertisements And Disclosure) Regulations, 2000
13. Statutory warning .-(1) Every proposal for an insurance product shall carry the following stipulation as prescribed in section 41 of the Insurance Act, 1938 (4 of 1938):-
"No person shall allow or offer to allow, either directly or indirectly as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate or 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 the published prospectus or tables of the insurer".(2)If any person fails to comply with sub-regulation (1) above, he shall be liable to payment of fine which may extend to rupees five hundred.
