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

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

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.

· In respect of Maturity, Survival Benefit

claims and Annuities, the Life Insurer shall

initiate the claim process by sending

intimation sufficiently in advance or send

post-dated cheque or give direct credit to the

bank account of claimant through any

electronic mode approved by RBI, so as to

pay the claim on or before the due date. In

case of any delay on the part of the Insurer in

settling the claim on due date, the life insurer

shall pay interest at a rate, which is 2% above

bank rate from the due date of payment or

date of receipt of last necessary document

from the insured/claimant, whichever is later

Request for Surrender / Partial

Withdrawal

Request for/Refund of proposal

deposit/Refund of excess proposal

deposit

Maturity Claim / Survival Benefit /

Annuities

Raising claim requirements after

lodgment of claim

15 days from the date of intimation

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. Except in the case of claims where an application is made under section 47 of the Act to the court, if a claim is ready for payment but the payment cannot be made due to any reasons of

proper identification of the payee, the life insurer shall pay interest on the claim amount at the bank rate from the date on which claim is ready for payment.

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. Except in the case of claims where an application is made under section 47 of the Act to the court, if a claim is ready for payment

but the payment cannot be made due to any reasons of proper identification of the payee, the life insurer shall pay interest on the claim amount at the bank rate from the date on which claim is ready for payment.

Settlement of Health Claim

30 days from the date of receipt of last

requirement

Health Claim with investigation

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

Grievance Acknowledgement

3 days from receipt of grievance

Grievance Resolution

15 days from receipt of grievance

 

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