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 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 date of request or 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 claim
Settlement (Paid, Rejected or Repudiated) of Death Claims for which further investigation is not required Within 30 days from the date of receipt of last necessary document
Settlement or Rejection of Death Claims for which investigation is required
Investigation should be completed not later than 90 days from the date of receipt of 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
Investigation should be completed not later than 30 days from the date of receipt of last necessary document and the claim shall be settled within 45 days from the date of receipt of 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:
  • Request of the complainant has been fully acceded or,
  • Where the complainant has indicated in writing, acceptance of the response of the Company or,
  • Where the complainant has not responded to the Company within 8 weeks of the Company’s written response
* TAT as prescribed under Protection of Policyholders’ Interests, Regulation 2017 issued by the Insurance Regulatory and Development Authority of India (IRDAI). COMP/DOC/Mar/2021/23/5409.
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