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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 |
Cancellation of proposal and/or refund of proposal deposit |
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 |
3 working days |
Date of receipt of Grievance |
Resolution of Grievance |
14 days |
Date of receipt of Grievance |
Loan Interest Rates applicable as on date:
Date |
Interest Rate |
Till 20-Sep-16 |
11% |
21-Sep-16 |
9.90% |
1-Apr-20 |
7.65% |
1-July-23 |
Current - 9.75% |
Note: The Interest rate is applicable for all Plans where loan feature is applicable
