1

New Business Proposal Processing 

Processing of Insurance Proposal and seeking further requirements for consideration of the proposal

7 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

15 days

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

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

7 days

5

Death claims

Death claims settlements (Not requiring investigations

15 days

Early 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 of Policy

7 days

7

Auto Action by the Insurer

Premium Due Intimation

One month before due date

Policy payments information (SB etc.)

Policy payments information (Maturity)

8

Complaints

Acknowledge to complaint

Immediately 

Action on Complaint & Intimation of Decision to the complainant

14 days

If complaint is NOT resolved by the Insurer, 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.