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Policyholder Servicing Turnaround Time as prescribed by IRDA for Life Insurance companies.
| Service | Maximum Turnaround Time |
|---|---|
| Pre-Issuance | |
| Processing of Proposal and Decision on the policy issuance | 15 days |
| Obtaining copy of the proposal | 30 days |
| Post Issuance |
|
| Request for Policy Bond | 30 days |
| Non Financial Request | 10 days |
| Policy Withdrawal and Surrender | Within 15 days from the date of receipt of complete requests and requirements |
| Claims |
|
| Raising claim requirement after receiving claim request | 15 days |
| Maturity Claims, Survival Benefits and Annuities | On or before the due date |
| Death Claims - settlement/repudiation with investigation | Effective from 1st July'17, 90 days for investigation and additional 30 days for closure of case |
| Death Claims - settlement without investigation | 30 days |
| Grievance | |
| Acknowledgement of grievance |
48 hours |
| Resolution of grievance |
15 days |
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