The correct answer is: The policy document has to be signed by a competent authority and should be stamped according to the Indian Stamp Act.
The Indian Stamp Act is a law that governs the use of stamps in India. It was enacted in 1899 and has been amended several times since then. The Act requires that certain documents, such as insurance policies, be stamped in order to be valid. The purpose of the Stamp Act is to raise revenue for the government and to prevent fraud.
The policy document is a document that sets out the terms and conditions of an insurance policy. It is important that the policy document is signed by a competent authority, such as an insurance company representative, in order to be valid. The policy document should also be stamped according to the Indian Stamp Act. The stamp duty payable on an insurance policy will vary depending on the value of the policy.
If the policy document is not signed by a competent authority or is not stamped according to the Indian Stamp Act, it may not be valid. This could mean that the insured person may not be able to claim on the policy if they suffer a loss.
It is important to note that the Indian Stamp Act is a complex law and there are many exceptions to the rules. If you are unsure about whether or not your policy document needs to be stamped, you should consult with an insurance professional.