Service parameters and turnaround times

Policyholder servicing turnaround times are as follows: 

Service parameters

Maximum turnaround time (calendar days)

Turnaround time to be calculated from

Written communication of decisions on the proposal / raising additional requirements on the proposal

15 days

Date of receipt of the proposal or the date of receipt of any requirement called for, whichever is later

Providing copy of accepted proposal form

30 days

Date of acceptance of the proposal

Refund of proposal deposit post cancellation of proposal

15 days

Date of case decision/date of receipt of last necessary document /date of receipt of request for cancellation of proposal, whichever is later

Non-claim related service requests

10 days

Date of receipt of request or the date of receipt of last necessary document, whichever is later

Requests for refund towards free look cancellation, surrender and withdrawal; refund of proposal deposit; refund of outstanding proposal deposit, if any

15 days

Date of receipt of request/last necessary document, whichever is later

Processing of maturity /survival benefit claim/ annuities

On or before the due date

Due date

Raising claim requirements after receipt of death claim

15 days

Date of receipt of death claim

Settlement (paid, rejected or repudiated) of death claims (when investigation is not required)

30 days

Date of receipt of all relevant papers and clarifications under death claim

Investigation of death claims when required

90 days

Date of receipt of claim intimation

Death claim settlement/repudiation (when investigation is required)

30 days

Date of completion of investigation of death claim

Settlement of health claims (when investigation is not required)

30 days

Date of receipt of last necessary document

Investigation of health claims when required

30 days

Date of receipt of last necessary document

Settlement of health claims (when investigation is required)

45 days

Date of receipt of last necessary document

Acknowledgement of Grievance

5 days

Date of receipt of Grievance

Resolution of Grievance

15 days

Date of receipt of Grievance