Procedures, processes and timelines for pre-sales solicitation of insurance policies
Post submission of required documents and medical test completion (if applicable), insurance proposal will be underwritten by the Company which may take below decisions depending on disclosed facts, medical reports, documents available against the proposal or earlier proposal, if any within 15 days of submission.
In addition to the above, the Company reserves a right to call for additional details, documents or medicals test(s) on case-to-case basis within 15 days from the date of submission of the proposal form and/or all documents, whichever is later. The customer is required to furnish these details within ___ days.
Further, the Company also reserves a right to revise the quote (shared earlier) on the basis of the information and documents submitted by the Customer. The Customer is required to accept such Counter offer (revised terms) including the additional premium, if applicable, for further processing of the proposal form. The Counter offer shall typically involve:
Risk acceptance is subject to acceptance of the proposal, realization of initial premium by the Company and meeting of underwriting norms.
Where a proposal is refundable under any circumstance(s), the same shall be refunded within 15 days from receipt of service request/complaint. The Company reserves the right to decide the mode of initiating refunds viz. as per initial premium payment method or as per Bank details given in the application.
Indicative list of documents required for processing is mentioned here. Where Aadhaar based e-KYC is opted, separate proof of identity and address is not applicable. If date of birth received basis e-KYC is complete, age proof is also not required.
Please note that the list is not exhaustive and is subject to Company discretion basis underwriting norms.
Nature of document
Name of the document
* annual premium taking into account premiums across existing and applied policies with the Company
^ as per extant Regulatory framework
The online platforms of the Company offers various online premium payment options like net banking, debit card, credit card etc. Cheque option is allowed for assisted sale. The Premium amount shared shall be excluding the GST and other central and state levies which shall be applicable as per extant regulations. Please note that the payment is only to be made from the account of the Proposer. Third party payments are not allowed.
The Customer can also avail the option of making standing instruction at their respective banks to pay necessary renewal premiums under the policy.
The Policy Contract is issued based on risk acceptance and any attached endorsement given at the time of issuing the Policy. The Policy, proposal for it, the Policy Information Page and any attached endorsement(s) constitute the entire contract. The same shall be dispatched to proposer’s communication address as mentioned in the application and a digital copy shall be sent to his/her registered email ID. Policy details will be credited to e-Insurance account (EIA) of the Insurance Repository chosen by the applicant/proposer under the policy.
All consumers are given access to Consumer Portal, where he/she can check policy particulars and initiate service requests for payment of renewal premium, life insurance premium certificate, change in address, update of nominee, update of Aadhaar, update of PAN etc.
In case of any clarification(s), consumers can get in touch with us through below helplines:
Please refer http://tataaia.com/customer-service/customer-service.html for details.
There is a dedicated Customer Portal (URL: https://myinsurance.tataaia.com/wps/portal/Customer/Customer/CustomerLoginPage/ ) as well which has a host of self-service and/or assisted service options.
If you are not satisfied with the terms and
conditions / features of the policy, you have the right to
cancel the Policy by providing written notice to the Company
stating objections / reasons and receive a refund of all
premiums paid without interest after deducting a) Proportionate
risk premium for the period on cover, b) Stamp duty and medical
examination costs and c) any applicable taxes, cesses and
levies, which have been incurred for issuing the Policy. Such
notice must be signed by you and received directly by the Company
within 15 days after you receive the Policy Document. The said
period of 15 days shall stand extended to 30 days, if the
policy is sourced through distance marketing or electronic mode
i.e. other than in person.
Please refer http://tataaia.com/customer-service/grievance-redressal.html for details.