PROCEDURES, PROCESSES AND TIMELINES FOR PRE-SALES SOLICITATION AND POST-SALES SERVICINGIn accordance with Schedule II & III of the Insurance e-commerce guidelines issued by IRDAI on 9th March 2017, Tata Fintech Private Limited as an ISNP follows the following procedures, processes and timelines for pre-sales solicitation and post-sales servicing for online sale of Insurance products:PRE SALEProcedureFilling up the proposal formCustomer must fill up the basic details for buying insurance policy from the portal/App. Depending on the Insurance type / category opted /selected, Customer need to provide Personal details like Gender, DOB, Car/motor details, Smoker/nonsmoker, income, occupation type, education level, etc.Payment for the policy & issuance of policiesAfter filling all the necessary information as per the application/ proposal, Customer would be redirected to the payment gateway and would be required to choose a payment mode using one of the following payment options: Credit Card, Debit Card, Internet banking, UPI or e-wallet etc. After choosing the payment mode, Customer would need to enter the payment details and proceed to make the payment. Upon successful completion of the payment, Customer would be redirected to a payment confirmation page. Acceptance or rejection of a proposal shall be at the sole discretion of the Partner Insurer. Customer would get a copy of the insurance policy through email to registered email ID after policy issuance.Compliance of KYC normsCompliance to the KYC norms will be as per the requirements of the Insurer. The customer may need to provide required KYC documents based on specific requirements from partner insurer(s). The partner insurer reserves the right to reject or seek additional KYC document for the purpose of compliance to applicable law.Service TAT – General Insurance/ Motor & Two-WheelerIn accordance with Schedule II of the Insurance e-commerce guidelines issued by IRDAI on 9th March 2017, Tata Fintech Private Limited as an ISNP follows the following service TAT’s for online sale of Insurance products:Client servicing turnaround times are as follows:
Written communication on policy decision on the proposal/application or raising extra requirements on the proposal to be shared by the Insurer – Within 15 day from the date of receipt of the proposal /application or the date of receipt of any requirement called for, whichever is later
Refund of proposal/ application/premium amount post rejection or cancellation of proposal, refund of outstanding amount, if any – Within 15 days from the date of cancellation approval from the Insurer
POST SALEProcedureThis section has information on the processes and timelines for post sales servicing activities. In case of claims or any other servicing requests (e.g. if Customer wishes to modify any of the information after buying the policy or cancel the policy), Customer can follow following steps: (1) Customer can either call the Insurer or can write an email to the Insurer or can login into Insurer’s app/website for self-serve options. (2) In addition, Customer can go to “My Plans” on the ISNP app/website. In “My Plans”, Customer will find the details on the process and contact the Insurer.Pre inspection of risksVehicle inspection may be required by the Insurer on a case-to-case basis. Insurer will directly coordinate with Customer to complete the Vehicle inspection.ClaimsIn case of claims, Customer should notify and disclose all material facts including any subsequent changes promptly. If Customer want to file a claim, can follow following steps: (1) Customer can either call the Insurer or can write an email to the Insurer or can login into Insurer’s website/app for self-serve options. (2) In addition, Customer can go to “My Plans” on the ISNP app/website. In “My Plans”, Customer will find the details on how to claim and contact the Insurer.Acceptance or rejection of claim and settlement and payment of claims shall be at the sole discretion of the Partner Insurer.Appointment of surveyors/advocatesAppointment of the surveyor will be done by the Insurer and appointment of the advocates as required will be done by Customer.Endorsements, cancellations, other servicing requestsIf Customer wish to modify any of the information after buying the policy or cancel the policy, Customer can follow following steps: (1) Customer can either call the Insurer or can write an email to the Insurer or can login into Insurer’s app/website for self-serve options. (2) In addition, Customer can go to “My Plans” on the ISNP app/website. In “My Plans”, Customer will find the details on the process and contact the Insurer.Service TAT – General Insurance/ Motor & Two-WheelerIn accordance with Schedule III of the Insurance e-commerce guidelines issued by IRDAI on 9th March 2017, Tata Fintech Private Limited as an ISNP follows the following service TAT’s for online sale of Motor & Two-Wheeler Insurance products:Issuance of Certificate of Insurance or Policy document – Within 15 days from the date of receipt of complete documents by the InsurerIssuance of endorsement or any other policy details change requests – Within 15 days from the date of receipt of complete documents (and additional premium payment, if required) as per Insurer’s requirementClaim Settlement – Within 30 days from the date of receipt of complete documents by the InsurerPlease note that the responsibility of settlement and payment of claims is responsibility of partner insurer. We, at Tata Fintech, shall endeavour to extend all possible help and cooperation to the Customer and the partner insurer in completion of all formalities and documentation in the event of a claim.
