Service Parameter & TAT

SERVICE PARAMETERS AND TURNAROUND TIMES FOR VARIOUS SERVICES

 

The Company shall ensure timely delivery of the various services sought by its policyholders as a part of the policy contract within the ambit of the Applicable Laws and Regulations as per the below table:

 

Policyholder Servicing Matters

Service Parameters & Turnaround Times

prescribed by IRDAI

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Processing of Proposal and Communication of decisions including requirements/issue of Policy or a Cancellation

15 days from receipt of proposal form and/or related documents

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Free Look Cancellation

15 days from the date of request or last necessary document, failing which the Company shall pay penal interest at a rate, which is 2% above bank rate from the date of request or receipt of last necessary document if any whichever is later, from the insured/claimant.

Request for Surrender / Partial Withdrawal

Request for/Refund of proposal deposit/Refund of excess proposal deposit

Maturity Claim / Survival Benefit / Annuities

 

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Raising claim requirements after lodgment of claim

 

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15 days from the date of intimation

 

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Death claim settlement without any Investigation

30 days from the date of last requirement, failing which the Company shall pay penal interest at a rate, which is 2% above bank rate from the date of request or receipt of last necessary document if any whichever is later, from the insured/claimant

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Death claim settlement/repudiation with Investigation requirement

90 days for adjudication plus 30 days for payment, failing which the Company shall pay penal interest at a rate, which is 2% above bank rate from the date of request or receipt of last necessary document if any whichever is later, from the insured/ claimant.

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Health Claim with investigation

30 days from the date of receipt of last requirement

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Settlement of Health Claim

45 days from the date of receipt of last requirement, failing which the Company shall pay penal interest at a rate, which is 2% above bank rate from the date of request or receipt of last necessary document if any whichever is later, from the insured/claimant

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Grievance Acknowledgement

3 days from receipt of grievance

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Grievance Resolution

15 days from receipt of grievance

 

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