In accordance with Section 45 of the Insurance Act, 1938, «No policy of life insurance effected before the commencement of this Act shall after the
expiry of two years from the
date of commencement of this Act and no policy of life insurance effected after the coming into force of this Act shall, after the
expiry of two years from the
date on which it was effected be called in question by an insurer on the ground that statement made in the proposal or in any
report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policy - holder and that the policy - holder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose: