Not Insurance Disclosure
Last updated: February 22, 2026
⚠️ Important Legal Disclosure: This document clarifies that NeedSpace rental guarantees are NOT insurance products under the Insurance Act, 1938 or IRDAI regulations.
1. What NeedSpace Offers
NeedSpace provides a managed rental guarantee service — a structured risk-sharing arrangement between property owners and verified tenants. This is fundamentally different from insurance.
2. What We Are NOT
- We are NOT an insurance company registered with IRDAI
- We do NOT issue insurance policies
- We do NOT charge insurance premiums
- We do NOT perform actuarial underwriting
- We are NOT regulated by the Insurance Regulatory and Development Authority of India (IRDAI)
3. How Our Guarantee Differs from Insurance
Insurance: A contract of indemnity between an insurer and insured, regulated by IRDAI, involving premium payments and actuarial risk pooling.
NeedSpace Guarantee: A managed service fee arrangement where verified tenants and/or owners pay a service fee in exchange for rental default protection. Risk is assessed through our proprietary scoring model, not actuarial tables. Coverage is tied to specific verified rental transactions, not general risk pooling.
4. Terminology We Use
We use: Rental protection, managed guarantee, risk-sharing service, service fee, coverage period
We do NOT use: Insurance, premium, policy, underwriting, claim, insured, insurer
5. Regulatory Position
NeedSpace AI Systems Private Limited operates as a technology service company registered under the Companies Act, 2013. Our rental guarantee product is structured as a service agreement, not an insurance contract. We continuously monitor regulatory developments and will adjust our offerings to remain compliant with all applicable laws.
6. Questions
If you have questions about this disclosure, contact us at needspaceaisystems@gmail.com.