| Turnaround Times as prescribed by IRDAI for Policyholder Servicing |
Maximum Turnaround Time |
|---|
| General |
| Processing of proposal and communication of decisions including requirements/issue of policy/cancellations |
15 days |
| Obtaining copy of the proposal |
30 days |
| Post policy issue service requests concerning mistakes/refund of proposal deposit |
15 days |
| Non-Claim related service requests |
10 days |
| Life Insurance |
| Surrender processing |
15 days |
| Maturity claims for non-linked participating plans |
Processing on due date
Payment TAT: 1 day (all bank working days) |
| Maturity claims for non-linked non-participating plans |
On due date or last document received date |
| Maturity claims for linked plans |
Processing on due date
Payment TAT: 2 days (all market NAV days) |
| Survival benefit |
On due date |
| Deferred Annuity processing |
2 days (all bank working days) |
| Immediate Annuity processing |
On due date or last document received date |
| Penal interest not paid |
15 days |
| Raising claim requirements after lodging the claim |
15 days from date of claim intimation |
| Death claim settlement/repudiation |
30 days from Investigation closure/ last document or requirement received date |
| Death claim investigation |
90 days from the date of claim intimation |
| Grievances |
| Acknowledge a grievance |
3 days |
| Resolve a grievance |
15 days |
