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Services Parameters and Turn Around Time*
| Service | Maximum Turnaround Time |
|---|---|
| Processing of proposals and communication of decisions including requirements/Issuance of Policy/Cancellations | Within 15 days from the receipt of the proposal or any requirements called for |
| Furnishing a copy of the policy proposal to the policyholder | Within 30 days of acceptance of a proposal |
| Post policy issue service requests regarding errors in the policy document after the policy has been issued/Service requests not related to claims | Within 10 days from the date of request |
| Refund of Proposal Deposits | 15 days from the date of the underwriting decision on the proposal |
| Request for 1) Free-look cancellation 2) Surrender 3) Withdrawal 4) Refund of proposal deposit 5) Outstanding proposal deposit |
Within 15 days from the date of the request or the last necessary document |
| Processing of: 1) Maturity Claim 2) Survival Benefit 3) Annuities |
On or before the due date |
Death Claims |
|
| Raising claim requirements after filing the claim | Within 15 days of receipt of the claim |
| Settlement (Paid, Rejected or Repudiated) of Death Claims for which further investigation is not required | Within 30 days from the date of the receipt of the last necessary document |
| Settlement or Rejection of Death Claims for which investigation is required |
The investigation should be completed not later than 90 days from the date of the receipt of the claim intimation and the claim shall be settled within 30 days thereafter |
Health Claims |
|
| Settlement of Health Claims for which further investigation is not required | 30 days from the date of receipt of last necessary document |
| Settlement or Rejection of Health Claims for which investigation is required |
The investigation should be completed not later than 30 days from the date of receipt of the last necessary document and the claim shall be settled within 45 days from the date of receipt of the last necessary document |
Grievance Redressal |
|
| Acknowledge a Grievance | 3 business days |
| Resolve a Grievance | 15 days |
| Closure of the Grievance | A complaint shall be considered as disposed of and closed when:
|
* TAT as prescribed under the Protection of Policyholders’ Interests, Regulation 2017 issued by the Insurance Regulatory and Development Authority of India (IRDAI). COMP/DOC/Mar/2021/23/5409.
