Service Parameters & TAT - Edelweiss Tokio

Know Our Service Parameters & TAT

Here are the Service Parameters & Turnaround Times for Various Services of Ours

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