Statement of Account: Meaning, Example and How It Works in India

What does Statement of Account mean?

A Statement of Account is provided by the provider on request, listing all premium payments, claim settlements, refunds and outstanding amounts under a policy. It is most relevant for commercial individual vehicle policies with regular endorsements and Declaration Policies.

For most Indian car owners, knowing Statement of Account matters at the moment of buying a policy or filing a claim. The term shows up on the policy schedule, on the claim form and on the renewal proposal, often in fine print that first-time buyers do not notice until something goes wrong.

HiZuno publishes this glossary so that customers and small-business owners can decode the language of motor insurance in plain English. As of 2026, every entry reflects current IRDAI and MoRTH rules and the prevailing practice across providers in India.

How Statement of Account applies in India

IRDAI rules require providers to share statement of account on customer request within 7 working days. For private car policies, this is rarely needed since premium is paid in lump sum and claims are discrete events.

A real-world example

A Delhi fleet operator running 50 trucks on a Declaration Policy requests a year-end Statement of Account showing 12 monthly premium adjustments, 8 claim settlements and the closing balance owed.

Common misconceptions

Why Statement of Account matters for the consumer

For business owners, the Statement of Account is the financial record of the insurance relationship. It is needed for audit, tax and reconciliation.

How to handle Statement of Account in practice

A simple, repeatable approach helps you stay in control whenever Statement of Account shows up in your policy paperwork or claim conversation.

• Confirm the basics: verify that Statement of Account is reflected correctly on the policy schedule before you pay premium.
• Cross-check with IRDAI norms: the regulator publishes the framework that governs Statement of Account, so compare what your provider has filed.
• Read the policy wording: the binding contract spells out limits, exclusions and conditions in detail beyond the marketing summary.
• Document everything: keep digital copies of the policy, RC, driving licence and KYC, since most disputes turn on documentation.
• Ask before you assume: a 60-second call to the provider clarifies whether Statement of Account applies to your specific situation.

Related glossary terms

Frequently asked questions about Statement of Account