Mumbai: Insurance Food Safety Regulatory and Development Authority of India (I'm sorry) has tightened the timelines for various services. Insurance Companywith the aim of increasing accountability customer service,
In InsuranceDeath claims that do not require investigation should be settled within 15 days, down from 30 days earlier. For early death claims that require investigation, the settlement period is now 45 days, while earlier it was “not exceeding 90 days”. Maturity claims, survival benefits and annuity payments should be settled on their due dates, and policy surrenders or partial withdrawals should be processed within seven days, IRDA said in its master circular. Policyholders' interests.
'Insurance companies should allow 30 days free checkup for life and health insurance plans'
Insurers are also required to send premium due notices and information related to policy payouts, such as maturity or survival benefits, at least one month before the due date. If companies fail to meet the deadline, customers can approach the ombudsman, which has the power to issue directions to insurers, the regulator has said.
For new business proposals, insurance companies are required to process them and seek any additional information within seven days. A copy of the policy, along with the proposal form, must be provided to the policyholder within 15 days.
in the matter of health insuranceThe regulator has reiterated that cashless claims should be settled within three hours and non-cashless claims within 15 days. New business proposals should be processed within seven days and policy documents issued in a fortnight. For customers to exercise their right of free-look cancellation, insurers have to process refunds within seven days of receiving the request. Services related to policy loans and changes to the original policy terms are also bound by a seven-day timeline.
In unit-linked insurance policies (ULIPs), services such as switch and top-up requests must be completed within seven days. In case of customer complaints, the insurer must acknowledge the complaint immediately and initiate action within 14 days. If the issue is not resolved within this period, the insurer must notify the complainant within 14 days from the original complaint date.
The key features of the master circular include providing necessary information at various stages of an insurance contract and making a customer information sheet (CIS) mandatory along with policy details. Additionally, insurers must submit the proposal form and CIS in regional languages and provide a 30-day time. free observation period For life and health insurance policies.
In InsuranceDeath claims that do not require investigation should be settled within 15 days, down from 30 days earlier. For early death claims that require investigation, the settlement period is now 45 days, while earlier it was “not exceeding 90 days”. Maturity claims, survival benefits and annuity payments should be settled on their due dates, and policy surrenders or partial withdrawals should be processed within seven days, IRDA said in its master circular. Policyholders' interests.
'Insurance companies should allow 30 days free checkup for life and health insurance plans'
Insurers are also required to send premium due notices and information related to policy payouts, such as maturity or survival benefits, at least one month before the due date. If companies fail to meet the deadline, customers can approach the ombudsman, which has the power to issue directions to insurers, the regulator has said.
For new business proposals, insurance companies are required to process them and seek any additional information within seven days. A copy of the policy, along with the proposal form, must be provided to the policyholder within 15 days.
in the matter of health insuranceThe regulator has reiterated that cashless claims should be settled within three hours and non-cashless claims within 15 days. New business proposals should be processed within seven days and policy documents issued in a fortnight. For customers to exercise their right of free-look cancellation, insurers have to process refunds within seven days of receiving the request. Services related to policy loans and changes to the original policy terms are also bound by a seven-day timeline.
In unit-linked insurance policies (ULIPs), services such as switch and top-up requests must be completed within seven days. In case of customer complaints, the insurer must acknowledge the complaint immediately and initiate action within 14 days. If the issue is not resolved within this period, the insurer must notify the complainant within 14 days from the original complaint date.
The key features of the master circular include providing necessary information at various stages of an insurance contract and making a customer information sheet (CIS) mandatory along with policy details. Additionally, insurers must submit the proposal form and CIS in regional languages and provide a 30-day time. free observation period For life and health insurance policies.