The following terms and conditions (“Terms and Conditions”) will govern your appointment as a Point of Sales Person (“POSP”) for solicitation and servicing of Point of Sales products (“POSP Products”) with Policybazaar Insurance Brokers Private Limited (hereinafter referred to as “the Company” or “Policybazaar”) through its POSP website/mobile app www.pbpartners.com (“POSP Portal”) in any of its branches spread across various States in India. You acknowledge that you have read understood and accepted these Terms and Conditions and shall be bound by the same upon being appointed as POSP by the Company.
This document/ Terms and Conditions is an electronic legal contract/agreement between you and the Company in accordance with the provisions of Information Technology Act, 2000 and generated by a computer system and does not require any physical or digital signatures.
You shall strictly comply with the Insurance Act, 1938 (“Act”) and adhere to the Code of Conduct as prescribed by the Company as also the Code of Conduct as prescribed under relevant regulations/ circulars/instructions /directions issued by the Insurance Regulatory and Development Authority of India (“the Authority”) from time-to time. In addition to the above, you shall:
During the term of your appointment with the Company, you shall not directly or indirectly solicit, canvas or procure any insurance business in any capacity for any other insurance company and/or insurance intermediary in whatsoever manner.
You shall follow, adhere to and comply with the Code of Conduct prescribed by the Company and the Authority including any amendments made thereto from time to time (hereinafter referred to as the Code of Conduct). A copy of the Code of Conduct is displayed under your “POSP My Account - Dashboard” and we encourage you to read the Code of Conduct at regular time periods as these define the minimum standards of acceptable behaviour to the Company. This Code of Conduct shall help you understand how a POSP should act on a day to day basis in carrying out your duties and obligations.
You shall not offer directly or indirectly any rebates in the form of whole or part of the commission payable to any of your customers/prospective customers/prospects as an inducement to take or renew or continue insurance. Any default on your part in complying with the same shall attract a penalty as specified by the Authority under applicable statutes, laws, regulations, circulars etc. However, any Commission paid to you on the policies sourced for your own self shall not be considered as rebate during your term of appointment as a POSP with the Company.
Subject to you not being in breach and conducting your duties and obligations as per these Terms and Conditions, the Company agrees to pay you during the continuance of your appointment, commission on the business written as per the Company's schedule of commissions for various plans (“Commission”) which may be varied or revised from time to time subject, however, to the ceiling prescribed by the Authority and relevant statutes, guidelines and regulations in this regard, if applicable. The rates of Commission and their revisions from time to time shall be put up on your “POSP My Account - Dashboard” maintained by the Company and shall be deemed to have been communicated to you on the day it is put up on the POSP/Agent’s Portal maintained by the Company. The rates mentioned on the portal shall comprise of the commission payable and taxes in relation thereto. It shall be the sole responsibility of the POSP to visit the POSP’s portal maintained by the Company and get the details of the revision(s). The payment of Commission is also subject to deduction of:
The Company also reserves the right to recover the Commission already paid to you on account of, including but not limited to, any of the following:
If the Company is made to pay compensation, primarily due to mis-selling by you or due to any other act or omission attributable to you, such amount of compensation may be recovered from you. Additionally, the Company also reserves the right to recover such cost incurred. Further, you agree that the Company is entitled to set-off, adjust, recover, forfeit or otherwise withhold the sums payable to you, including, without limitation, all Commissions payable to you:
Provided further if you are not entitled to any further commission payments or GST due to non-provision/non-entitlement of commission as per these Terms and Conditions, due to which company is not able to adjust and recover the GST as per clause vi hereinabove then you hereby expressly agree and undertake to pay such amount of GST credit denied to the company along with interest and also hereby agree and undertake to abide by this conditions notwithstanding any legal provisions and limitations for payment of commission.
You shall not at any time during your appointment or after its termination/cancellation, without the prior consent of the Company in writing, divulge, directly or indirectly, any knowledge, information, customer database or documents acquired by you in the course of your appointment concerning the business or affairs of the Company or its associates/group companies or clients or its insurance partners and which are in the nature of a trade secret or secret in other respects the disclosure of which will cause harm to the Company, its associates and/or clients/insurance business partners. You shall also not share the Company’s customer database with any competitor or any third party and shall maintain strict confidentiality of the same. However, in the event of any breach or violation thereof, you shall be liable for the consequences and that you agree that you shall also fully indemnify the Company for any liability arising on account of your breach.
All intellectual property rights (in the nature of trademark or copyright or any other right) in the brand name, product names, logos, designs, colour schemes, names, marks, designs, drawings, colour, artistic work / manner etc. (hereafter collectively referred as "Marks") shall vest exclusively and at all times with the Company or its business partners, as the case may be, and that you agree and undertakes not to set up an adverse claim at any time either during the term of his appointment as a POSP with the Company or at any time thereafter. You also agree and undertakes that it shall not allow the usage of Marks by any other third party. You may be permitted to use only such Marks in the course of providing services during your engagement with the Company as agreed to by the Company in writing. Where any such permission is given for use of one or more Marks, such permission will operate as a limited, revocable and non- exclusive permission for usage of such marks and shall be subject to conditions, limitations and restrictions as may be specified. The permissions granted or to be granted will not include the permission/right to assign, copy, modify merge, or transfer the Marks or any of them. You agree and undertake not to alter or modify any Marks or add any content to the Marks. You further agree not to remove, conceal or obliterate any copyright, credit line, dateline or other proprietary notice included in any document, Material, or other matter of Company or that belonging to the business partner of the Company. Any goodwill generated through your use of the Marks shall inure solely to the benefit of Company or its insurance business partners, as the case may be.
You understand that the Company provides certain information specific to you/ POSP on the POSP Portal. Company will provide, but without any obligation, a login ID and password to you to access contents specific to you/POSP on the POSP Portal. You agree that you shall be fully responsible for any action taken through the POSP Portal by using your login ID and password. In the event there is any unauthorized usage or access noticed by you, you shall immediately bring the same to the notice of the Company. Company will not be obliged to provide or pay for the cost of any internet connectivity, hardware and software that you may require for access to the POSP Portal and the same has to be borne by you. You further agree, confirm and undertake not to use the POSP Portal for any purpose other than the permitted purpose mentioned under these Terms and Conditions, and not permit any other person to access the POSP Portal through your own login ID and password.
13.1 Your appointment as a POSP may be terminated by the Company at any point of time by giving 7 days’ notice including but not limited on the following grounds:
13.2 The Company may terminate the appointment at any time without any prior notice:
13.3 The relationship between Company and you shall terminate immediately on the death of the POSP, however, in case of happening of any such event, the Commission due and payable to you in relation to the insurance products sourced by you prior to the event of death, shall be transferred to the registered bank account with our Company..
13.4 Not with standing anything contained hereinabove, Company may terminate your appointment with or without assigning any reason.
13.5 Upon cessation of your appointment in any manner whatsoever, you shall cease to carry on the activities as a POSP of the Company and the ancillary activities that you were authorized to do under these Terms and Conditions and shall not represent the Company in any manner. You shall, forthwith return to the Company all sales/publicity/communication materials and confidential information pertaining to the Company or its customers/policyholders (including any copies thereof), identity card etc. which are in your possession.
Subject to the applicable laws and the terms and conditions set out herein you may surrender your POSP appointment, by giving 30 days’ written notice to the authorized person/SPOC of the Company. In case of surrender of your appointment, Commission towards the services rendered by you prior to surrender, shall be payable subject to deduction of all applicable taxes, any recovery and/or penalty amounts.
You hereby agrees that he shall at your own cost and expense indemnify, defend and hold harmless Company and its officers, directors, representatives, its insurance business partners, from and against any and all expenses, costs, causes of action, proceedings, claims, demands, liabilities and damages, including reasonable attorney’s fees, resulting from any unauthorized acts, or transaction or any negligent act, misrepresentation, misconduct, for breach of any intellectual property rights and confidentiality provisions of the Company, or of any third party which commences an action or makes a claim against the Company and such breach is attributable to the acts of omission/ commission by the insurance business partner of the Company, non-performance of these Terms and Conditions by you. Under no circumstances shall the Company be liable to you for any indirect, incidental, consequential, special or exemplary damages in connection herewith. You shall be responsible for ensuring full compliance with all applicable laws and shall indemnify and keep indemnified the Company from all actions, proceedings, claims, losses, damages costs and expenses which may be brought against or suffered or incurred by Company in connection with any failure by you in complying with applicable Laws. You shall be subject to such penalty as prescribed under Section 102 of the Insurance Act or any other Applicable Laws for any misconduct or any act or omissions on your part. The indemnities as aforesaid shall continue notwithstanding the termination of the relationship between you/POSP and the Company.
This appointment shall not create any employee-employer relationship between you and the Company, in any manner whatsoever. Nothing in this appointment will be construed as creating any relationship such as joint venture, partnership, association of persons, employer-employee, principal-agent or franchisor-franchisee.
These Terms and Conditions shall be construed, interpreted and governed by and in accordance with the laws of India. All disputes arising out of these Terms and Conditions and any document related hereto shall be subject to the jurisdiction of the courts of Gurgaon, Haryana. Company may, however in its absolute discretion commence any legal action or proceedings arising out of the terms in any other court, tribunal or other appropriate forum and you hereby consent to such jurisdiction where the Company carries on its business.
(a) Variation and Waiver: No variation or modification of any of these Terms and Conditions shall be valid unless the same shall have been made in writing by the Company. No waiver by either party hereto of a breach of any one or more of the provisions of these Terms and Conditions shall operate or be construed as a waiver of a previous or a subsequent breach whether of the same or of a different provision/s. A waiver by the Company shall not be valid unless it is in writing and is signed by the authorised officials of the Company. No failure or delay by the parties hereto in exercising any power or right hereunder shall operate as a waiver thereof nor shall any single or partial exercise of such power or right preclude any other further exercise thereof.
(b) Further Assurances: In connection with these Terms and Conditions, as well as all transactions contemplated by Terms and Conditions, you agree to execute and deliver such additional documents and to perform such additional actions as may be necessary, appropriate or reasonably requested to carry out or evidence the transactions contemplated hereby.
(c) Notices: Operational, routine and business communications under these Terms and Conditions can be provided sent by email, in writing or by posting on the POSP Portal. Other notices, writing and communications under these Terms and Conditions may be delivered by hand, registered/speed post, or courier service to the addresses of the parties as available on the POSP Portal/registered with the Company (in case of POSP). Notice will be deemed to be delivered:
(d) Severability: Any provision of these Terms and Conditions which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction be ineffective to the extent of prohibition or unenforceability but shall not invalidate the remaining provisions of the Terms and Conditions or affect such provision in any other jurisdiction.
(e) The rights granted in these Terms and Conditions are personal. You shall not assign, sub-license or otherwise transfer any of your rights under these conditions.
I, as a POSP appointed by the Policybazaar Insurance Brokers Pvt. Ltd (Company), accept all the Appointment Terms and Conditions, including the Code of Conduct and I undertake to comply with the same in letter and spirit. I also hereby declare that a copy of the Appointment Terms and Conditions has been made available to me under POSP My Account – Dashboard on the POSP Portal of the Company.
I hereby declare that all information has been voluntarily furnished and is true, correct and complete in nature. I shall not hold Company or its employees, representatives responsible in case of any incorrect information provided by me.
I agree to notify the Company promptly of any changes to the information provided above. I shall be abide by the Company’s policy and decision with respect to the amount payable to me. I agree that the Company reserves right to change the payouts/commission with or without any prior notice. I hereby authorise the Company to deduct applicable TDS from the payout/commission.
I further submit voluntarily at my own discretion, my identity proof (s) to the Company, for the purposes of establishing my identity and empanelment as a Point of Sale Person(POSP) in accordance with the applicable legal framework.
Disclaimer: The Company reserves the right to change/ modify this Code of Conduct from time to time.
I hereby confirm and agree to the following for using the brand name, logo and other trademarks of PBPartners a brand under Policybazaar Insurance Brokers Private Limited (Formerly known as Policybazaar Insurance Web Aggregator Private Limited) and Policybazaar Insurance Brokers Private Limited.
By using the Policybazaar.com and/or registering yourself at www.policybazaar.com and any other domain owned by the Company, you authorize Policybazaar Insurance Brokers Private Limited (formerly known as Policybazaar Insurance Web Aggregator Private Limited) (including its representatives, affiliates, and its business partners) (Policybazaar/Company) to contact you via email or phone call or sms and offer you our services for the product you have opted for, imparting product knowledge, offer promotional offers running on the Website and offers by its business partners and associated third parties, for which reasons your information may be collected in the manner as detailed under this Policy. You hereby agree that you authorize Policybazaar.com to contact you for the above mentioned purposes even if you have registered yourself under DND or DNC or NCPR service(s). Your authorization, in this regard, shall be valid as long as your account is not deactivated by either you or us.
Your personal data will be stored and collected by Policybazaar Insurance Brokers Private Limited (formerly known as Policybazaar Insurance Web Aggregator Private Limited).
Policybazaar.com collects your information when you register for an account, when you use its products or services, visit its Website's pages or when an employer organization shares its employee information. When you register with Policybazaar.com, you are asked for submitting certain information which may be personal to you such as first name, last name, state and city of residence, email address, mobile number, date of birth,etc. Once you register at the Website and sign in you are not anonymous to us. Also, you are asked for your contact number during registration and may be sent SMSs, notifications about our services to your wireless device. Hence, by registering you authorize the Policybazaar.com to send texts and email alerts to you with your login details and any other service requirements, including promotional mails and SMSs.
Some features of this Website or our Services will require you to furnish your personally identifiable information as provided by you under your account section on our Website.
We may share your Information submitted on the Website to any third party/service provider/business partner without obtaining your prior consent in the following limited circumstances:
A cookie is a piece of data stored on the user's computer tied to information about the user. We may use both session ID cookies and persistent cookies. For session ID cookies, once you close your browser or log out, the cookie terminates and is erased. A persistent cookie is a small text file stored on your computer’s hard drive for an extended period of time. Session ID cookies may be used by PRP to track user preferences while the user is visiting the website. They also help to minimize load times and save on server processing. Persistent cookies may be used by PRP to store whether, for example, you want your password remembered or not, and other information. Cookies used on the PRP website do not contain personally identifiable information.
Like most standard websites, we use log files. This information may include internet protocol (IP) addresses, browser type, internet service provider (ISP), referring/exit pages, platform type, date/time stamp, and number of clicks to analyze trends, administer the site, track user's movement in the aggregate, and gather broad demographic information for aggregate use. We may combine this automatically collected log information with other information we collect about you. We do this to improve services we offer to you, to improve marketing, analytics or site functionality.
If you are no longer interested in receiving e-mail announcements and other marketing information from us, please e-mail your request at: email@example.com. Please note that it may take about 10 days to process your request.
We employ appropriate technical and organizational security measures at all times to protect the information we collect from you. We use multiple electronic, procedural, and physical security measures to protect against unauthorized or unlawful use or alteration of information, and against any accidental loss, destruction, or damage to information. However, no method of transmission over the Internet, or method of electronic storage, is 100% secure. Therefore, we cannot guarantee its absolute security. Further, you are responsible for maintaining the confidentiality and security of your login id and password, and may not provide these credentials to any third party.
We may use third-party advertising companies and/or ad agencies to serve ads when you visit our Website. These companies may use information (excluding your name, address, email address, or telephone number) about your visits to this Website in order to provide advertisements on this Website and other third party websites about goods and services that may be of interest to you.
We use third-party service providers to serve ads on our behalf across the internet and sometimes on this Website. They may collect anonymous information about your visits to Website, and your interaction with our products and services. They may also use information about your visits to this and other Websites for targeted advertisements for goods and services. This anonymous information is collected through the use of a pixel tag, which is industry standard technology used by most major Websites. No personally identifiable information is collected or used in this process.
ISO/IEC 27001:2013 is the international standard for management of information security and provides a systematic approach to keep sensitive company information secure. Getting the ISO 27001:2013 certificate is a reassurance for our customers that Policybazaar.com complies with the highest standards regarding information security. Policybazaar is ISO/IEC 27001:2013 certified company.. We have implemented the ISO/IEC 27001: 2013 standard for all processes supporting the development and delivery of services by Policybazaar.com. Policybazaar.com understands that the confidentiality, integrity, and availability of your information are vital to our business operations and our own success.
There might be affiliates or other sites linked to Policybazaar.com and other domains owned by the Company. Personal information that you provide to those sites are not our property. These affiliated sites may have different privacy practices and we encourage you to read their privacy policies of these website when you visit them.
In case you have any grievances with respect to in accordance with applicable law on Information Technology and rules made there under, the name and contact details of the Grievance Officer are provided below:
Mr. Saurabh TiwariPolicybazaar.com
Plot No. 119 Sector-44, Gurgaon-122001, Haryana Tel - 0124 - 6900099 Email : firstname.lastname@example.org,