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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 2017.

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

General Insurance Companies 
ServiceMaximum Turn Around Time
General 
Processing of Proposal and Communication of decision including requirements/ issue of Policy/ Cancellations15 Days
Obtaining copy of the Proposal30 Days
Post Policy issue service requests concerning mistakes/ Refund of proposal deposit and also Non- Claim related service requests10 Days
General Insurance 
Survey report submission30 Days
Insurer seeking addendum report15 Days
Offer of Settlement/ Rejection of Claim after receiving first/ addendum survey report30 Days
Grievances 
Acknowledging a Grievance3 Days
Resolving a Grievance15 Days
TAT  
(i)APPOITNMENT OF SURVERYOR-in any case within 72 hours of the receipt of intimation from the insured
(ii)DOCUMENTS IN SUPPORT OF CLAIMS FROM THE INSURED*-The insurer / surveyor shall within 7 days of the claim intimation, inform the insured / claimant of the essential documents and other requirements that the claimant. (*Where documents are available in public domain or with a public authority, the surveyor/insurer shall obtain them.)
(iii)CONDUCTING SURVEY- WITHIN 48 HOURS OF APPOINTMENT -(*unless there is a contingency that delays immediate survey the time period shall remain the same)
(iv)INTERIM REPORT-NOT LATER than 15 days from the date of first visit of the surveyor.( copy of the interim report shall be furnished by the insurer to the insured/claimant, if he so desires.)
(v)FINAL SURVEY REPORT-SUBMIT TO THE INSURER WITHIN 30 DAYS OF HIS APPOINTMENT. (In case of Commercial Claims- SUBMISSION TO THE INSURER WITHIN 90 DAYS OF HIS APPOINTMENT)
(vi)SETTLEMENT OF CLAIMS-WITHIN 30 DAYS OF RECEIPT OF FINAL SURVEY REPORT.