Our ISNP | Paytm Insurance

PRE SALE

Procedure

Filling up the proposal form

Customer must fill up the basic details for buying insurance policy from the portal/App. Depending on the Insurance type / category opted /selected, Customer needs to provide Personal details like Gender, DOB, Smoker/nonsmoker, income, occupation type, education level, Car/motor details and lumpsum coverage required at claim stage, etc.

Payment for the policy

After 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. Customer would get a copy of the insurance policy through email to your registered email ID after policy Issuance

POST SALE

Procedure

The processes and timelines for post sales servicing activities have been mentioned below in tabular format. If in case, Customer wants to take benefit of any of these services, he/she may do so by Logging into Paytm website/Application and raising policing servicing request.

Service TAT – Life/ General / Health Insurance :

In accordance with Schedule II of the Insurance e-commerce guidelines issued on 9th March 2017 and the Protection of Policyholder’s Interest, Operations and Allied Matters of Insurers Regulations issued on 20th March 2024 by Insurance Regulatory and Development Authority of India, Paytm Insurance Broking Private Limited as an ISNP follows the following service TAT’s for online sale of Insurance products:

LIFE BUSINESS
BASIC SERVICE STANDARDS

Sr. No.	SERVICE	DESCRIPTION OF ITEM OF SERVICE	Regulatory Turnaround Time
1	New Business Proposal Processing	Processing of Insurance Proposal and seeking further requirements for consideration of the proposal	7 Days
		Decision on proposal from the date of receipt of proposal or from the date of receipt of additional requirement whichever is later
		Providing copy of the Policy along with the proposal form	15 Days
2	Post Policy Service Request	Post Policy Service Requests concerning mistakes / corrections in the Policy document	7 days
3	Free-Look Cancellation	Free Look Cancellation & Refund from the date of receipt of request
4	Policy Servicing (from the date of receipt of request for the service specified)	Change of Address (KYC Norms to be complied)	7 days
		Registration / Change of Nomination, Assignment.
		Inclusion of new member in case of group policy
		Alteration in ORIGINAL POLICY CONDITIONS (where applicable)
		Policy loan
		Unit / Index Linked Insurance Policy Switch, Top-up, and other related Services.	7 Days
		Decision on Policy Revival after receipt of all requirements
		Issue of Premium Payment Certificates (PPC)
		Issue of Duplicate Policy	7 Days
5	Death claims	Death claims settlements (not requiring investigations)	15 Days
		Early death claims requiring investigations - decision & payment	45 Days
6	Survival, Maturity, annuity Payments	Settlement of Maturity Claims	On due date
		Settlement of Survival Benefits
		Annuity payments/ Pension Payment
		Surrender or partial withdrawal of Policy	7 Days
7	Auto Action by the Insurer	Premium Due Intimation	One month before due date
		Policy payments information (Survival before due date Benefits, Maturity Benefits, etc.)
8	Complaints	Acknowledgement to complainant	Immediately
		Action on Complaint & Intimation of Decision to the complaint	14 Days
		If complaint is NOT resolved by the Insurer, communicate the details to the Policyholder of options including referring the complainant to Insurance Ombudsman / Consumer Court	14 Days from original date of receipt of complaint*

*(The policyholder may approach the Insurance Ombudsman if his / her complaint is not resolved within 30 days or if the decision of the company is not acceptable to the policyholder.)

GENERAL BUSINESS
BASIC SERVICE STANDARDS

Sr. No	SERVICE	DESCRIPTION OF ITEM OF SERVICE	Regulatory Turnaround Time
1	New Business Proposal Processing	Processing of Insurance Proposal and seeking further requirements for consideration of the proposal.	7 Days
		Decision on proposal from the date of receipt of proposal or from the date of receipt of additional requirement whichever is later.	7 Days
		Providing copy of the policy along with the proposal form	15 Days
2	Post Policy Service Request	Post Policy Service Requests concerning mistakes I corrections in the Policy document	7 Days
3	Policy Servicing (from the date of receipt of request for the service specified)	Change of Address (KYC Norms to be complied)	7 Days
		Registration /Change of Nomination, Assignment.
		Alteration in Original Policy conditions (where applicable)
		Change of location of risk
		Inclusion of new member in case of group policies
		Any other non-claim related changes
		Cancellation of policy and refund of premium
		Appointment of Surveyors (through Tech based solution)	24 hours
4	Claims	Submission of final report after receiving Insurer's request	15 days
4	Claims	Communicating acceptance or rejection of the claim	7 days
5	Auto Action by the Insurer	Premium Due Intimation	One month before due date
6	Complaints	Acknowledgement to complainant	Immediately
		Action on Complaint & Intimation of Decision to the complainant	14 days
		If complaint is NOT resolved by the Insurer, communicate the details to the Policyholder of options including referring the Complainant to Insurance Ombudsman / Consumer Court.	14 days from original date of receipt of the complaint*

*(The policyholder may approach the Insurance Ombudsman if his/ her complaint is not resolved within 30 days or if the decision of the company is not acceptable to the policyholder).

HEALTH BUSINESS
BASIC SERVICE STANDARDS

Sr. No	SERVICE	DESCRIPTION OF ITEM OF SERVICE	Regulatory Turnaround Time
1	New Business Proposal Processing	Processing of Insurance Proposal and seeking	7 days
		Decision on proposal from the date of receipt of proposal or from the date of receipt of additional requirement whichever is later	7 days
		Providing copy of the policy along with the proposal form	15 Days
		Free look cancellation and refund of deposit from the date of receipt of the request	7 Days
2	Post Policy Service Request	Post Policy Service Requests concerning mistakes/ corrections in the Policy document	7 Days
3	Policy Servicing (from the date of receipt of request for the service specified)	Change of Address (KYC Norms to be complied)	7 Days
		Registration /Change of Nomination, Assignment.
		Alteration in Original Policy Conditions (where applicable)
		Issuance of duplicate policy
		Inclusion of new member in case of group policies
		Any other non-claim related changes
		Cancellation of policy and refund of premium
4	Claims	Acceptance of cashless claims by TPA /company to Hospital and communicate to them	1 Hour
		TPA's offer of settlement to the Insurer I Hospital after submission of document	3 Hours
		Settlement of claims (other than cashless)	15 days
5	Auto Action by the Insurer	Premium Due Intimation	One month before due date
6	Complaints	Acknowledge to complaint	Immediately
		Action on Complaint & Intimation of Decision to the complainant	14 Days
		If complaint is NOT resolved by the Insurer, communicate the details to the Policyholder of options including referring the complainant to Insurance Ombudsman/ Consumer Court	14 Days from Original date of receipt of complaint *

*(The policyholder may approach the Insurance Ombudsman if his/ her complaint is not resolved within 30 days or if the decision of the company is not acceptable to the policyholder)

Please note that Turn Around Time mentioned above will be calculated from the date of receipt of all documents as required by the Insurance Companies.