Page 7 - Life Insurance Today March 2018

registering the complaint. Policy holder receives the Grievance Flowchart:
confirmation email after registering the complaint along IRDAI has stipulated that each insurance company should
with IRDA token no which will be used by IRDA and codify and make public the way it will deal with consumer
Insurance Company for tracking of the complaint through complaints and resolve them. The Regulator has provided
IGMS. A complaint registered through IGMS flows to the links to the Grievance Redressal Policies of all the Life
insurer's system as well as the IRDA repository.
insurance Companies and Non-Life Insurance Companies
To enable effective monitoring of Policyholder protection
The Redressal Framework: Regulations and Grievance Guidelines and Turnaround
IRDAI's regulations stipulate the Turnaround Times (TAT) times thereby mandated, as well as to create a central
for various services that an insurance company has to repository of industry-wide insurance grievances' data,
render to you, the consumer. These are part of the IRDA IRDA has implemented IGMS which is a comprehensive
Protection of Policyholders' Interests (PPHI) Regulations solution, not only has the ability to provide a centralized
2002. Insurance companies are also required to have an and online access to the policyholder but complete access
effective Grievance Redressal Mechanism and IRDAI has and control to IRDA for monitoring market conduct issues
created the guidelines for that too. Here are the TATs for of which policyholder grievances are the main indicators.
an insurance company to deal with various types of It uses Web interface to ensure that it is accessible at all
complaints: places and is on real time.

Life Insurance Companies General Insurance Companies

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

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