Section 27(1) in The Life Insurance Corporation of India (Agents) Regulations, 2017
(1)Every insurance agent shall. -(a)identify himself as an insurance agent of the Corporation;(b)show the agency identity card to the prospect, and also disclose the agency appointment letter to the prospect on demand;(c)disseminate the requisite information in respect of insurance products offered for sale by the Corporation and take into account the needs of the prospect while recommending a specific insurance plan;(d)disclose the scales of commission in respect of the insurance product offered for sale, if asked by the prospect;(e)indicate the premium to be charged by the Corporation for the insurance product offered for sale;(f)explain to the prospect the nature of information required in the proposal form by the Corporation, and also the importance of disclosure of material information in an insurance contract;(g)bring to the notice of the Corporation every fact about the prospect relevant to the insurance underwriting, including any adverse habits or income inconsistency of the prospect, within the knowledge of the agent, in the form of a report called "Insurance Agent's Confidential Report" along with every proposal submitted to the Corporation, and any material fact that may adversely affect the underwriting decision of the Corporation as regards acceptance of the proposal, by making all reasonable enquiries about the prospect;(h)obtain the requisite documents at the time of submitting the proposal papers to the Corporation, and other documents subsequently called for by the Corporation for completion of the proposal.(i)advise every prospect to effect nomination under the policy;(j)inform promptly the prospect about the acceptance or rejection of the proposal by the Corporation;(k)render necessary assistance and advice to every policyholders 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;(l)render necessary assistance to the policyholders or claimants or beneficiaries in complying with the requirements for settlement of claims by the Corporation.
