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Services Parameters and Turn Around Time*
| Service | Maximum Turnaround Time |
|---|---|
| Decision of proposals and communication of decisions including requirements / Issuance of Policy | Within 7 days from the receipt of the proposal or any requirements called for |
| Furnishing a copy of the policy proposal to the policyholder | Within 15 days of acceptance of a proposal |
| Post Policy Service Requests concerning mistakes / corrections in the policy document and other policy requests | Within 7 days from date of receipt of last necessary document |
| Premium Due Intimation and Policy payments information (Survival Benefits, Maturity Benefits, etc) | One month before due date |
| Refund of Proposal deposit | Within 7 days from the date of underwriting decision on the proposal |
| Free look refund | Within 7 days from date of request or last necessary document |
| Request for 1) Surrender 2) Partial Withdrawal |
Within 7 days from date of request or last necessary document |
| Processing of: 1) Maturity Claim 2) Survival benefit 3) Annuities |
On due date |
Death Claims |
|
| Decision of Death Claims for which further investigation is not required | Within 15 days from the date of intimation of claim |
| Decision of Death Claims for which investigation is required | Within 45 days from the date of intimation of claim |
Health Claims |
|
| Initial approval for cashless claim | One hour from receipt of request |
| Final approval for cashless claim | Three hours from receipt of discharge authorization request from the hospital |
| Decision of Claims (other than cashless) | 15 days from the submission of claim |
Grievance Redressal (from date of registration of the grievance) |
|
| Acknowledge a grievance | Immediately |
| Resolve a grievance | Within two weeks |
| Closure of the grievance | A complaint shall be considered as disposed of and closed when
|
* TAT as prescribed under the Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers Regulations, 2024 issued by the Insurance Regulatory and Development Authority of India (IRDAI). COMP/DOC/Oct/2024/2510/7485.
