Aditya Birla Sun Life Insurance Company Limited
Policyholder Servicing Turnaround Time as prescribed by IRDA for Life Insurance companies.
Serial No. |
Service |
Description of Item of Service |
TAT |
1 |
New Business Proposal Processing |
Processing of Insurance Proposal and seeking further requirements for consideration of the proposal |
7 days
15 days
|
Decision on proposal from the date of receipt of proposal or from the date of receipt of additional requirement whichever is later | |||
Providing copy of the policy along with the proposal form | |||
2 |
Post Policy Service Request |
Post Policy Service Requests concerning mistakes / corrections in the Policy document |
7 days |
3 |
Free-Look Cancellation |
Free Look Cancellation & Refund from the date of receipt of request |
7 days |
4 |
Policy Servicing (from the date of receipt of request for the service specified) |
Change of Address (KYC Norms to be complied) |
7 days |
Registration /Change of Nomination, Assignment | |||
Inclusion of new member in case of group policy | |||
Alteration in Original Policy Conditions (where applicable) | |||
Policy loan | |||
Unit / Index Linked Insurance Policy Switch, Top-up, and other related Services | |||
Decision on Policy Revival after receipt of all requirements. | |||
Issue of Premium Payment Certificates (PPC) | |||
Issue of Duplicate Policy | |||
5 |
Death claims |
Death claims settlements (not requiring investigations) |
15 days |
Early claims or death claims requiring investigations - decision & payment |
45 days | ||
6 |
Survival, Maturity, annuity payments |
Settlement of Maturity Claims |
On due date |
Settlement of Survival Benefits | |||
Annuity payments/ Pension Payment | |||
Surrender or partial withdrawal of Policy |
7 days | ||
7 |
Auto Action |
Premium Due Intimation |
One month before due date |
Policy payments information (Survival Benefits, Maturity Benefits, etc.) | |||
8 |
Complaints |
Acknowledgement to complainant |
Immediately |
Action on Complaint & Intimation of Decision to the complainant |
14 days | ||
If complaint is not resolved by the ABSLI, communicate the details to the Policyholder of options including referring the complainant to Insurance Ombudsman/Consumer Court. |
14 days from original date of receipt of complaint |