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The Framework, IRDA’s regulations stipulate the Turnaround Times (TAT)

The Framework-Turnaround Times (TAT)



To deal with various types of complaints under IRDA Protection of Policyholders Interests (PPHI) Regulations 2002. Insurance companies are also required to have an effective Grievance Redressal Mechanism and IRDA has created the guidelines for that too. Here are the TATs for an insurance company to deal with various types of complaints

Life Insurance Companies

Service Maximum Turn Around Time
General
Processing of Proposal and Communication of decisions including requirements/issue of policy/Cancellations 15 Days
Obtaining copy of the Proposal 30 Days
Post Policy issue service requests concerning mistakes/Refund of proposal deposit and also Non- Claim related service requests 10 days
Life Insurance
Surrender value/ Annuity/ Pension processing 10 Days
Maturity claim/ Survival benefit/ Penal interest not paid 15 Days
Raising claim requirements after lodging the Claim 15 Days
Death Claim settlement without Investigation requirement 30 Days
Death Claim settlement/ Repudiation with Investigation requirement 6 Months
Grievances
Acknowledging a Grievance 3 Days
Resolving a Grievance 15 Days

General Insurance Companies

Service Maximum Turn Around Time
General
Processing of Proposal and Communication of decision including requirements/ issue of Policy/ Cancellations 15 Days
Obtaining copy of the Proposal 30 Days
Post Policy issue service requests concerning mistakes/ Refund of proposal deposit and also Non- Claim related service requests 10 Days
General Insurance
Survey report submission 30 Days
Insurer seeking addendum report 15 Days
Offer of Settlement/ Rejection of Claim after receiving first/ addendum survey report 30 Days
Grievances
Acknowledging a Grievance 3 Days
Resolving a Grievance 15 Days