Services parameters and Turn-Around-Time*

Service Maximum Turnaround Time
Decision of proposals and communication of decisions including requirements / Issuance of Policy 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 issuance service requests regarding errors in the policy document / Service requests not related to claims Within 10 days of acceptance of a request
Refund of Proposal deposit Within 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
* TAT as prescribed under Protection of Policyholders’ Interests, Regulation 2017 issued by the Insurance Regulatory and Development Authority of India (IRDAI). Comp/doc/Jan/2018/0771.
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