Do you agree that the policyholders should be informed about all the provisions through a prospectus?

Yes, policyholders/prospects should be informed about all the provisions of proposed policy through prospectus. The basic contents of the prospectus should be as under: the scope of benefits the extent of insurance cover warranties, exclusions/exceptions and conditions of the insurance cover along with explanations a description of the contingency or contingencies to be covered by insurance the class or classes of lives or property eligible for insurance under the terms of such prospectus a full statement of the circumstances, if any, in which rebates of the premiums quoted in the prospectus or table shall be allowed on the effecting or renewal of a policy, together with the rates of rebate applicable to each case the allowable riders or add-on covers on the insurance products shall be clearly spelt out with regard to their scope of benefits in case of life insurance, whether the product is participating (with-profits) or nonparticipating (without-profits).