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 |