Finzoomers Services Pvt. Ltd (“Company”), is a registered Corporate Agent with Insurance Regulatory and Development Authority of India(“IRDAI”), bearing registration number: CA0744.
The below mentioned process and timelines are framed as per the requirements laid down under Clause 15(4) read with Schedule II and Clause 15(9) read with Schedule III of Guidelines on Insurance e-commerce.
In terms of Clause 15(4) read with Schedule II of the Guideline on Insurance e-commerce issued by IRDAI on 09th March 2017, Company follows the following service Turn-around-time (“TATs”) for online sale of Health and Life Insurance Products.
HEALTH & LIFE
| Sr. No | Service | Procedure | TAT |
|---|---|---|---|
| 1 | Filling up the Proposal Form and Payment of Premium | The users willing to purchase insurance from INDmoney can do so by navigating to Health/Life Insurance section. Life: The user is asked to fill his basic details such as (DOB; Annual Income; Expense and Life Goals). The user is then redirected to Life Insurance E-Quotes page, wherein the quote of best suited products of different insurance companies with their basic product features are generated and displayed for comparison. Customer can check the Quotes from different available insurance companies and select any insurance company’s plan that the customer wishes to purchase. Post comparing and selecting the policy, the user is asked to fill in the basic details (such as Annual Income; Date of Birth; Educational Qualification etc.), then the user will be directed to the payments page, wherein the user is required to choose the payment mode from available options. On Successful payment, the user is redirected to respective Insurance Company’s page for filling proposal form wherein, the user is required to fill and submit the details as required by the selected insurance company for underwriting the policy. Health: The user selects the members for whom he/she wishes to take the coverage and provide their age. The user provides confirmation on his/her pre-existing disease. The user is moved to e- quotes page, wherein the quote of best suited products of different insurance companies with their basic product features are generated and displayed for comparison. Upon E-Quote generation customer can check the Quotes from various insurance companies and select any insurance company’s plan that the customer wishes to purchase, Post comparing and selecting the policy, the user will be directed to the payments page, wherein the user is required to choose the payment mode from available options. On Successful payment, the user is redirected to the respective Insurance Company’s page for filling proposal form next page wherein, the user is required to fill and submit the details as required by the selected insurance company for underwriting the policy. | Real- Time basis |
| 2 | Compliance with KYC norms | If required, the team will coordinate with the user for providing the same. It is covered as part of on-boarding journey | Real- Time basis |
| 3 | Written communication of decisions on the proposal / raising additional requirements on the proposal | Post making the payment, the proposal form is shared with respective Insurance Companies for their evaluation and decision i.e either acceptance; or rejection or raising additional requirements. Post receipt of decisions or advice of insurance company, the same is communicated with the user via registered email id or registered mobile number. | Within 7 working days of receipt of information from Insurance company |
| 4 | Medical examination | Post making the payment, the proposal form is shared with respective Insurance Companies for their evaluation and decision i.e either acceptance; or rejection or raising additional requirements. Post receipt of decisions or advice of insurance company, the same is communicated with the user via registered email id or registered mobile number. | Within 7 working days of receipt of information from Insurance company |
| 5 | Refund of premium amount post cancellation/rejection of proposal | In case, the proposal gets rejected by the respective Insurance Company, the deposit shall be refunded to the user within the prescribed timelines | Within 7-10 working days |
In terms of Clause 15(9) read with Schedule III of the Guideline on Insurance e-commerce issued by IRDAI on 09th March 2017, Company follows the following service Turn-around-time (“TATs”) for online sale of Health and Life Insurance Products.
LIFE
| Sr. No | Service | Procedure | TAT |
|---|---|---|---|
| 1 | Issuance and crediting of the Policy document / Certificate of Insurance / Proposal form | The same is being delivered by the respective Insurance companies | Within 15-20 days of Issuance of Policy |
| 2 | Organizing medical check-up and submission of medical reports | Medical check-ups are required by the Insurers as per the plan that the customer has procured. In case the plan requires a medical check-up, the same gets scheduled accordingly | Within 15 working days |
| 3 | Issuance of endorsement/Change in policy terms and conditions/Change of nomination | In case of any change in the policy the customer may write to us at insurancesupport@indmoney.com . In case of the financial endorsement, the customer is being assisted for the payment of additional premium. There are 2 types of endorsement 1. Financial Endorsement (add more coverage, add add-on, or change in scope of policy; increase of premium due to change in DOB etc) 2. Non-Financial Endorsement (Address, Mobile Number, change in nominee details etc) | The endorsement requests are forwarded to Insurance Companies on real time basis. The customers are kept updated of actions on their request. |
| 4 | Collection of renewal premiums and remittance to insurers | The premiums of the renewed policies shall be collected post submission of the proposal form with the required details. The premium so collected shall be transferred to respective Insurance company | Within 24 hours |
| 5 | Requests for refund towards free look cancellation, surrender and withdrawal; refund of proposal deposit; refund of outstanding proposal deposit, if any | In case the customer wants to get his/her policy cancelled, they can raise the request for the same either through us by writing us to insurancesupport@indmoney.com or they can directly raise the request with respective insurance company. | Within 30 days of raising of request |
| 6 | Grievance redressal | In case of any issue/any grievance, the customer can reach to our customer service section and raise their grievances. | All the grievances would be acknowledged within 14 days of receipt of the grievance. |
| 7 | Death/Maturity Claims | Company directly is not involved in the claim settlement process, this decision is purely taken by respective insurance companies. In case, customer raises any request for claim assistance with the Company, the company shall provide all the required and possible assistance to the customer | Within 30 working days |
HEALTH
| Sr. No | Service | Procedure | TAT |
|---|---|---|---|
| 1 | Acceptance of the proposal form and Issuance and crediting of the Policy document | Post acceptance of proposal form by respective Insurance company, the policy gets issued to the Customer and copy of the same gets delivered to the customer (hard copy to registered address and soft copies to registered email id) | The soft copy of the policy is being shared within 1 working day. The hard copy of the policy is delivered by Insurance Company within 15-20 days. |
| 2 | Issuance of endorsement/Change in policy terms and conditions | In case of any change in the policy the customer may write to us at insurancesupport@indmoney.com. In case of the financial endorsement, the customer is being assisted for the payment of additional premium. There are 2 types of endorsement 1. Financial Endorsement (add more coverage, add add-on, or change in scope of policy; increase of premium due to change in DOB etc) 2. Non-Financial Endorsement (Address, Mobile Number, change in nominee details etc) | The endorsement requests are forwarded to Insurance Companies on real time basis. The customers are kept updated of actions on their request. |
| 3 | Collection of renewal premiums and remittance to insurers | The premiums of the renewed policies shall be collected post submission of the proposal form with the required details. The premium so collected shall be transferred to respective Insurance company | Within 24 hours |
| 4 | Grievance redressal | In case of any issue/any grievance, the customer can reach to our customer service section and raise their grievances. | All the grievances would be acknowledged within 14 days of receipt of the grievance |
| 5 | Death/Maturity Claims | Company directly is not involved in the claim settlement process, this decision is purely taken by respective insurance companies. In case, customer raises any request for claim assistance with the Company, the company shall provide all the required and possible assistance to the customer. | Within 30 working days |