We know that policy of insurance is a specific type of contract, falls under provisions of Indian Contract Act, 1872. It is a contract between insurer and the insured through which an insured transfer his future risks to the insured by paying a small amount of premium.
source https://www.caclubindia.com/articles/legal-position-when-cheque-issued-for-payment-of-premium-dishonoured-45768.asp
source https://www.caclubindia.com/articles/legal-position-when-cheque-issued-for-payment-of-premium-dishonoured-45768.asp
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