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Policy Servicing Process

Policy Servicing process

This section provides information related to protection of policy holders interest.

Sourcing of Business

Every insurance agent shall explain to the prospect the nature of information required in the proposal form by the insurer, and also the importance of disclosure of material information in the purchase of an insurance contract.
An insurer or its agent or other intermediary shall provide all material information in respect of a proposed cover to the prospect to enable the prospect to decide on the best cover that would be in his or her interest.
Where the prospect depends upon the advice of the insurer or his agent or an insurance intermediary, such a person must advise the prospect dispassionately.
Where, for any reason, the proposal and other connected papers are not filled by the prospect, a certificate may be incorporated at the end of proposal form from the prospect that the contents of the form and documents have been fully explained to him and that he has fully understood the significance of the proposed contract.

Proposal for Insurance

It is the duty of an insurer to furnish to the insured free of charge, within 30 days of the acceptance of a proposal, a copy of the proposal form.
Proposals shall be processed by the insurer with speed and efficiency. All decisions thereof shall be communicated by the Insurer in writing within a reasonable period not exceeding 15 days from receipt of proposals by the insurer.
Wherever the benefit of nomination is available to the proposer, in terms of the Act or the conditions of policy, the insurer shall draw the attention of the proposer to it and encourage the prospect to avail the facility.
The policy document shall be dispatched via post/courier within 30 days of the date of receipt of the proposal/date of last document or communication received.
The delivery of the policy document shall depend upon the mode of dispatch. For Policy documents dispatch through Courier the expected delivery time shall be 10 days from date of decision by the Company and for Policy documents dispatch through post the expected time of delivery shall be 20 days from date of decision by the Company.

Freelook Period

The Insured has a period of 30 days from the date of receipt of the policy document to review the Terms and Conditions of the policy and where the Insured disagrees to any of those Terms or Conditions, he has the option to return the policy stating the reasons for his objection. In case the Insured opts for policy cancellation during the Freelook period i.e. within 30 days of receipt of his policy document, the Company shall return the premium paid subject to the following deductions:
Deduction of a proportionate risk premium for the period on cover
Insurance stamp duty on the Policy , if any
Any expenses borne by the Company on the medicals
In-case of Unit linked policy, Units will be repurchased and any fluctuations in the NAV will be on the Policyholder’s Account.
Process:
Submit freelook cancellation request by visiting nearest SUD Life branch office. Click here to know our list of branches
Please update the policy owner’s latest bank account details on policy, for faster & accurate processing.
Freelook value if any will be credited to the updated/active bank account via electronic mode within 7 days from date of request or last documents submission date whichever is later
In case of delay in processing a Freelook request (non-compliance to the defined regulatory TAT) Company shall pay interest on the freelook amount at a rate which is 2% above the bank rate prevalent at the beginning of the financial year.
Documents:
Original Policy Documents
Completely filled freelook cancellation form duly signed by Policy Owner.Click here to download freelook cancellation form
Latest Bank proof of the policy owner (in case of any change)

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

Death Claim Procedure

A life insurance policy shall state the primary documents which are normally required to be submitted by a claimant in support of a claim
A life insurance Company, upon receiving a claim, is required to process the claim without delay. Incase the Company requests for any additional documents, the requirements are required to be raised all at once within a period of 15 days of the receipt of the claim
A claim under a life policy shall be paid or be disputed giving all the relevant reasons, within 30 days from the date of receipt of all relevant papers and clarifications required.However, where the circumstances of a claim warrant an investigation in the opinion of the insurer, it shall initiate the same at the earliest and complete such investigation expeditiously, in any case not later than timelines defined in Turn Around Time (TAT) section
In case the claim is ready for payment but is not paid by the Company for identification of the payee, the Company shall hold the amount for benefit of the payee and shall pay interest at the savings bank interest rate. (effective from 30 days of submission of all relevant documents)
In case of delay in settling a claim (non compliance to the defined regulatory TAT) Company shall pay interest on the claim amount at a rate which is 2% above the bank rate prevalent at the beginning of the financial year.

Claim procedure for surrender of policy

Life insurance works best if you pay regularly and for the long term. However, in case of an emergency/contingency, you can surrender your policy anytime during the policy term, provided it has acquired Surrender Value

The surrender value of a policy is computed as per the surrender clause mentioned in the policy terms and conditions.
Process:
Submit surrender request by visiting nearest SUD Life branch office.Click here to know our list of branches
Update latest contact number, Email ID and residence status of policy owner on the policy.
Link Aadhar Number with PAN to avail tax benefit. The government made it necessary for people to link their Aadhaar with their PAN in order to simplify financial transactions, encourage tax transparency, and prevent tax evasion.
Please update the policy owner’s latest bank account details on policy, for faster & accurate processing.
Surrender value if any will be credited to the updated/active bank account via electronic mode within 15 days from date of request or last documents submission date.
In case of delay in settling a surrender claim (non-compliance to the defined regulatory TAT) Company shall pay interest on the surrender amount at a rate which is 2% above the bank rate prevalent at the beginning of the financial year.
Documents:
Original Policy Documents
Completely filled Surrender Form duly signed by Policy Owner.Click here to download Surrender Form
KYC Document of the policy owner
Latest Bank proof of the policy owner
Completely filled & duly signed Annuity Form for pension product by policy owner
NRI customer to submit FACTA/CRS form at any of the touch points, click on below link to know more about our touchpoints.
https://www.sudlife.in/customer-service/fatca or https://www.sudlife.in/contact-us

                 Note: Company reserve rights to call any additional documents if required

Claim procedure for Maturity of policy

On survival of the Life Insured till the end of the policy term provided the policy is in force, Maturity Benefit as mentioned in policy schedule will be payable

The contract will terminate on payment of Maturity Benefit.
Process:
SUD Life initiate the claim process by sending intimation sufficiently in advance starting T-180 days (T being Date of Maturity)
Update latest contact number, Email ID and residence status of policy owner on the policy
Link Aadhar Number with PAN to avail tax benefit. The government made it necessary for people to link their Aadhaar with their PAN in order to simplify financial transactions, encourage tax transparency, and prevent tax evasion.
Please update the policy owner’s latest bank account details on policy, for faster & accurate processing.
On the Date of Maturity of policy, maturity amount will be credited to the updated/active bank account of policy owner, via electronic mode.
For pension product, policy owner to submit annuity form to avail annuity benefit.
In case of delay in settling a Maturity claim (non-compliance to the defined regulatory TAT) Company shall pay interest on the Maturity amount at a rate which is 2% above the bank rate prevalent at the beginning of the financial year.
Documents:
KYC Document of the policy owner
Bank proof of the policy owner
Completely filled Annuity form duly signed by the policy owner
NRI customer to submit FACTA/CRS form at any of the touch point
https://www.sudlife.in/customer-service/fatca or https://www.sudlife.in/contact-us

                 Note: Company reserve rights to call any additional documents if required

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