Procedures, Processes And Timelines For Post-Sales Servicing Of Insurance Policies
In accordance with Schedule I of the Insurance ecommerce guidelines issued by IRDAI on 9th March 2017, Square Insurance Brokers Private Limited as an ISNP follows the following service TAT’s for online sale of Health Insurance products:
| 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 | 5 days | Date of acceptance of the proposal | |||||||||
| Refund of proposal deposit post cancellation of proposal | 10 days | Date of case decision/date of receipt of last necessary document /date of receipt of request for cancellation of proposal, whichever is later | |||||||||
| Requests for refund towards free look cancellation, surrender and withdrawal; refund of proposal deposit; refund of outstanding proposal deposit, if any | 10 days | Date of receipt of request/last necessary document, whichever is later | |||||||||
| Acknowledgement of Grievance | 5 days | Date of receipt of Grievance | |||||||||
| Resolution of Grievance | 30 days | Date of receipt of Grievance | |||||||||
| Compliance of KYC norms | --- | KYC is not required upto premium payment of 50K. However for premium above 50K PAN Number is required. | |||||||||
| The General Insurance Policy (Including Health Insurance) Servicing Details May Include The Process And Timelines For: | |||||||||||
| Process | Timeline | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Filling up of proposal form | 45 Days | ||||||||||
| Electronic copy of proposal form and payment acknowledgement | 5 days | ||||||||||
| One Time Password (OTP) for authentication of details mentioned in proposal form | 10 Mins | ||||||||||
| KYC documentation | The Customer relationship team will follow up on completion of proposal form | ||||||||||
| Medical scheduling | The Customer relationship team will follow up on completion of proposal form | ||||||||||
| Acceptance of proposal form | 15 days post completion of documentation & medicals, if any | ||||||||||
| Refund | 15 days from the date of underwriting | ||||||||||
In accordance with Schedule I of the Insurance ecommerce guidelines issued by IRDAI on 9th March 2017, Square Insurance Brokers Private Limited (formerly known as square Insurance Web Aggregator Private Limited), as an ISNP follows the following service TAT’s for online sale of Life Insurance products:
| 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 | 5 days | Date of acceptance of the proposal | |||||||||
| Refund of proposal deposit post cancellation of proposal | 10 days | Date of case decision/date of receipt of last necessary document /date of receipt of request for cancellation of proposal, whichever is later | |||||||||
| Requests for refund towards free look cancellation, surrender and withdrawal; refund of proposal deposit; refund of outstanding proposal deposit, if any | 10 days | Date of receipt of request/last necessary document, whichever is later | |||||||||
| Acknowledgement of Grievance | 5 days | Date of receipt of Grievance | |||||||||
| Resolution of Grievance | 30 days | Date of receipt of Grievance | |||||||||
| Compliance of KYC norms | 45 days | Date of transaction of the Website. | |||||||||
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