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Home Customer ServicesPolicyholder Servicing TAT

Policyholder Servicing TAT Prescribed by IRDA for General Insurance Companies

IRDAI’s regulations stipulate the Turnaround Times (TAT) for various services that an insurance company has to render to you, the consumer. These are part of the IRDA Protection of Policyholders’ Interests (PPHI) Regulations 2002.

Insurance companies are also required to have an effective Grievance Redressal Mechanism and IRDAI has created the guidelines for that too.

Here are the TATs for an insurance company to deal with various types of complaints

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
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
Greviances
Acknowledging a Grievance. 3 days
Resolving a Grivevance. 15 days
 

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