Policyholder’s Servicing
An Insurer carrying on Life Insurance Business, as the case may be, shall at all times, respond within 10 days of the receipt of any communication from its policyholders in all matters, such as:
Recording change of address
Noting a new nomination or change of nomination under a policy
Noting an assignment on the policy
Providing information on the current status of a policy indicating matters, such as, accrued bonus, surrender value and entitlement to a loan
Processing papers and disbursal of a loan on security of policy
Issuance of duplicate policy
Issuance of an endorsement under the policy; noting a change of interest or sum assured or perils insured, financial interest of a bank and other interests
Guidance on the procedure for registering a claim and early settlement thereof
Providing receipt for the premium paid towards the policy and statement of account (unit statement for ULIP). Any policy level changes like increase/decrease in sum assured/premium/rider sum assured. Etc
Annuity servicing/registration (pension policies)
Renewal premium payment and policy reinstatement related