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Procedures, processes and timelines for Post Sales servicing of insurance policies

LIFE INSURANCE

Issuance and crediting of the Policy Document / Certificate of Insurance /Proposal Form / Medical Reports, etc.

Filling up the Proposal Form

Underwriting of insurance proposal is done basis the disclosures by the life insured/proposer in the proposal form, hence it is mandatory to verify the details filled in the proposal form and authenticate them through OTP (One-time password) authentication. On completion of proposal form filling and payment, a copy of proposal form in PDF along with payment acknowledgment will be sent to the customer’s registered E-mail ID.

The proposal form has the following sections which the proposer is required to fill:

  1. Customer Details – This section contains details like Basic Information, Contact Details, Address Details and Plan Details.
  2. Redirection to Insurer’s website – As soon the basic details are filled in our portal the customer gets redirected to insurer’s portal wherein he again has to fill the required details.
  3. Review & Acceptance – This section contains details of all the information filled up in previous sections for easy review and acceptance of proposal by the customer.
  4. Pay – Customer has to make the payment for policy purchased. Customer may be required to make the payment & then fill the complete form or he may complete filling the form and then make the payment.

Document Upload

In upload documents section, customer has to upload self-attested copy of below mentioned documents:

  1. Photograph.
  2. Address proof (Communication & Permanent address).
  3. Identity proof
  4. Income proof

Organising medical check-ups and submission of medical reports

Here, the medical is arranged if required after the payment has been done by the customer. The customer needs to select a preferred date and time for medical checkup. The medical checkup can be either at customer’s residence or he / she will be required to visit the insurer’s empaneled diagnostic centers. Details of these are available on schedule medical page and in case of any changes, customer will be informed accordingly.

Policy underwriting and decision of policy issuance is made by the insurer. Once the policy is issued, policy pack will be sent to customer at his / her communication address as selected on the proposal form by the insurer but the soft copy of the issued policy shall be sent to customer’s email id by the insurer.

Issuance of Endorsement

An endorsement is issued to the policyholder whenever any contractual changes (permitted by the plan/policy) are requested by the policyholder, accepted by the Insurer and made in the policy. The turnaround time is 2 to 3 working days from the date of receipt of complete documents. The customer can contact us on +919900279300 or Email us at team@devanshinsurance.com.

Change of Policy Terms and Conditions/Details Change

1. Correction of Date of birth:

Change of DOB request means a change or correction in the Date of Birth of the policyholder, life insured or nominee/trustee. Customer needs to fill & submit below mentioned documents:

  • Email from register email id or Request letter duly signed by the policyholder.
  • Date of Birth Proof.
  • Additional Premium (wherever applicable due to change of DOB).
  • Revised Illustration duly signed (wherever applicable due to change of DOB).

2. Change of nomination:

As per policy contract, policyholder may nominate any other person, to whom the money secured under the policy shall be paid in the event of death of the policyholder. If in case, a customer wants to place a request for change of nominee he / she need to submit below mentioned documents:

  • Email from register email id or Request letter duly signed by the policyholder, mentioning new nominee name, DOB & Relation with insured along with the supporting documents.
  • In case nominee is a minor then Email from register email id or Request letter duly signed by the policyholder, mentioning appointee name, DOB & Relation with nominee along with the supporting documents.
  • All the requests are forwarded to insurance company and insurer does the needful. Insurer informs the customer and us. The Turnaround time is 2 to 3 working days from the date of receipt of complete documents for such changes to be made.

Collection of renewal premiums and remittance to insurers

Customer has to directly go to insurer’s website and pay the renewal premium. Customer can input policy number for which premium is due and enter the DOB of the life insured. Pay the amount due on the Payment Gateway through internet banking, debit card, credit card. Receipt for renewal payment will be sent to register E-mail Id immediately after the payment. For any service related queries, customer can contact us on +919900279300 or Email us at team@devanshinsurance.com.

Change of Name / Address

1. Change of name:

  1. In case of change of name, a policyholder needs to submit below mentioned documents:
  2. Email from register email id or Request letter duly signed by the policyholder.
    A valid name change proof (on which customer’s DOB should match with our records)
    Name Change affidavit (as per state value) in case of after marriage name change and religion change.

2. Change of address:

  1. In case of change of address, a policyholder needs to submit:
  2. Email from register email id or Request letter duly signed by the policyholder.
    Valid address Proof of new address.
  3. The Turnaround is 2 to 3 working days from the date of receipt of complete documents.

Registration of Assignment / Nomination / Change of Nomination

1. For Assignment:

As per policy contract, policyholder may nominate any other person, to whom the money secured under the policy shall be paid in the event of death of the policyholder. The assignment is done in the policies when nominee is below 18 years of age or minor. The assignee details like Name, DOB and relation between nominee & assignee is required.

2. For nomination:

As per policy contract, policyholder may nominate any other person, to whom the money secured under the policy shall be paid in the event of death of the policyholder. The nominee details like Name, DOB and relation between insured & nominee is required.

3. For change of nomination:

As per policy contract, policyholder may nominate any other person, to whom the money secured under the policy shall be paid in the event of death of the policyholder. If in case, a customer wants to place a request for change of nominee he / she needs to submit below mentioned documents:

Email from register email id or Request letter duly signed by the policyholder, mentioning new nominee name, DOB & Relation with insured along with the supporting documents.

In case nominee is a minor then Email from register email id or Request letter duly signed by the policyholder, mentioning appointee name, DOB & Relation with nominee along with the supporting documents.

The Turnaround is 2 to 3 working days from the date of receipt of complete details/documents.

Surrender, Maturity, Withdrawals, Free look Cancellations, Return Benefit Payouts

1. Surrender

Every policy plan has got a surrender value which generates in 2 years or 3 years depending upon the company and product chosen. For receiving the surrender value customer has to surrender the policy before the maturity of the policy term. Customer can contact us on +919900279300 or Email us at team@devanshinsurance.com or visit the branch of insurer.

2. Maturity

No maturity benefit is available in term plan.

3. Withdrawal

No withdrawal is available in term plan.

4. Free look cancellation

Customer can contact us on +919900279300 or email us at team@devanshinsurance.com or visit the branch of insurer.

5. Return Benefit Payout

There are some term plans which have Return Benefit payout option available with the policy plan. Here, once the policy matures the insured if has chosen Return Benefit payout option can get the net premium paid during the policy term. The premium amount is paid back to the insured as return benefit excluding GST amount.

Loan Against Policy

Loan against policy does not happen in term insurance.

Fund Switching / Premium Redirection

Fund switching / Premium Redirection does not happen in term insurance.

Declarations Update

In most of the cases the life insurance proposal forms require the person taking the policy to declare the existing life insurance policies due to financial underwriting. Insurers want to ensure that the aggregate sum assured of an individual is not out proportion with his /her annual income. Financial underwriting is more important in case of term insurance than in case of endowment or ULIP policies. The declaration can be made while taking the policy.

Extension of Cover

In term insurance the insured can choose the extension of cover option. This option can be taken by the insured in the plan when he/she is single or before marriage.

Revival/ Cancellation of Policy

1. Revival

Insured can revive the policy by paying the renewal amount along with penalty charges.

2. Cancellation

Insured can cancel the term policy if he crosses the eligibility amount of cover of one policy from an insurer.

Transfer of Policy

In term insurance no transfer of policy happens.

Duplicate Policy

Customer can contact us on +919900279300 or email us at team@devanshinsurance.com or visit the branch of insurer.

Death / Maturity Claims

For placing a claim request the policy holder can call to insurer at their customer service number or they can call us on our claim service number +91 97392 21309 or write to us at claims@devanshinsurance.com. Our team will connect you to the insurer. The claim is settled and paid by the insurance company directly to the customer’s account. If the customer does not receive the satisfactory service or have any other escalations, he/she can use the same e-mail id and phone no. to get the concerns resolved. Depending upon the requests/ escalations the TAT is 15 to 30 working days.

Other Service Operations as may be specific for the product

Not Applicable.

HEALTH INSURANCE

Offer and Acceptance of the Proposal Form

1. Filling up the proposal form:

Underwriting of insurance proposal is done basis the disclosures by the insured/proposer in the proposal form, hence it is mandatory to verify the details filled in the proposal form and authenticate them through OTP (One-time password) authentication.

The proposal form has various sections which the proposer is required to fill. Below are the sections:

  1. Proposer Details – This section contains details like proposer name, marital status, DOB, occupation contact details and nominee details.
  2.  Insured Member*– This section contains details of Insured member/s. The details are name, DOB, gender, height, weight and nominee details.
  3. Medical History – This section contains details on medical history of the insured and any toxic substance consumption.
  4.  Other Details – This section contains Customer Declaration and Acceptance by the insured/proposer.

2. Review and Pay:

Here, customer receives an OTP in their given mobile number. The Customer needs to enter the OTP to authenticate the details provided in the proposal form. The OTP is sent on customer’s mobile. Once the customer enters the OTP then he can make the payment by himself/herself or the link can be sent by the POS to the customer.

3. Organizing medical checkup and submission of medical reports:

Medical checkups are required by the Insurers per the plan that the customer has procured. If the plan requires a medical checkup – once customer has made the payment of the recently purchased online plan, he/she would be routed to complete the next steps i.e. Schedule Medical (if applicable).

Issuance of the policy

  1. The policy is issued immediately if the policy plan does not require a medical assessment of the proposer/insured.
  2. In case where the medical examination/assessment is involved and underwriter’s approval is required. The policy issuance takes time of 7 working days from the date of receipt of complete documents and details.

Issuance of endorsement

An endorsement is issued to the policyholder whenever any contractual changes (permitted by the plan/policy) are requested by the policyholder, accepted by the Insurer and made in the policy. The turnaround time is 7 working days from the date of receipt of complete documents.

Change of Policy Terms and Conditions/Details Change

1. Correction of Date of Birth:

Change of DOB request means a change or correction in the Date of Birth of the policyholder, life insured or nominee/trustee. Customer needs to submit below mentioned documents:

  • Email from register email id or Request letter duly signed by the policyholder.
  • Date of Birth Proof.
    Additional Premium (wherever applicable due to change of DOB).
  • The turnaround time is 7 working days from the date of receipt of complete documents.

2. Change of Name:

  • In case of change of name, a policyholder needs to submit below mentioned documents:
  • Email from register email id or Request letter duly signed by the policyholder.
    A valid name change proof (on which customer’s DOB should match with our records).
    Name Change affidavit (as per state value) in case of after marriage name change and religion change.

3. Change of address:

In case of change of address, a policy holder need to submit below mentioned documents:

Email from register email id or Request letter duly signed by the policyholder.
Valid address Proof of new address.

4. Change of nomination:

As per policy contract, policyholder may nominate any other person, to whom the money secured under the policy shall be paid in the event of death of the policyholder. If in case, a customer wants to place a request for change of nominee he / she needs to submit below mentioned documents:

Email from register email id or Request letter duly signed by the policyholder, mentioning new nominee name, DOB & Relation with insured along with the supporting documents.

In case nominee is a minor then Email from register email id or Request letter duly signed by the policyholder, mentioning appointee name, DOB & Relation with nominee along with the supporting documents.

The turnaround time is 7 working days from the date of receipt of complete documents by the Insurer.

5. Increase in sum assured / Decrease in Sum assured:

As per policy contract, this transaction is allowed only at the time of renewal. This request can be processed after customer submits below mentioned documents:

  • Email from register email id or Request letter duly signed by the policyholder
  • Change Request form (wherever applicable)
  • Additional Premium (wherever applicable)
  • Medicals (wherever applicable).

The turnaround time is 10 working days from the date of receipt of complete documents.

Collection of renewal premiums and remittance to insurers

Customer has to directly go to insurer’s website and pay the renewal premium. Customer can input policy number for which premium is due and enter the DOB of the life insured. Pay the amount due on the Payment Gateway through internet banking, debit card, credit card. Receipt for renewal payment will be sent to register E-mail Id immediately after the payment. For any service related queries, customer can contact us on +919900279300 or Email us at team@devanshinsurance.com.

Settlement and payment of claims

For placing a claim request the policy holder can call to insurer at their customer service number or they can call us on our claim service number +91 97392 21309 or write to us at claims@devanshinsurance.com. Our team will connect you to the insurer. The claim is settled and paid by the insurance company directly to the customer’s account. If the customer does not receive the satisfactory service or have any other escalations, he/she can use the same e-mail id and phone no. to get the concerns resolved. Depending upon the requests/ escalations the TAT is 15 to 30 working days.

Other service operation as may be specific for the products

Not Applicable.

MOTOR & TWO WHEELER

Offer and Acceptance of the Proposal Form

1. Filling of the Proposal Form:

The customer can fill the form in portal. The proposal form has various sections which the proposer is required to fill. Below are the sections:

  • Owner Details– This section contains details like owner name, gender, marital status, DOB, occupation and contact details.
  • Vehicle Details– This section contains details Registration No. & Date, Engine No, Chassis No. and Hypothecation details.
  • Other Details – This section contains details like nominee details, previous policy details and customer Declaration.

2. Review and Pay:

Here, customer receives an OTP in their given mobile number. The Customer needs to enter the OTP to authenticate the details provided in the proposal form. The OTP is sent on customer’s mobile and e-mail id. Once the customer enters the OTP then he can make the payment by himself/herself or the link can be sent by the POS to the customer.

3. Organizing inspection and submission of video inspection report:

Once customer has made the payment of the purchased online plan, he/she would be routed to complete the next steps i.e. Schedule an Inspection (if applicable).

Issuance of the policy

  1. The policy is issued immediately.
  2. In case where inspection is required for the vehicle the policy issuance takes time of 7 working days from the date of receipt of complete documents.

Issuance of endorsement

An endorsement is issued to the policyholder whenever any contractual changes are accepted and made in the policy. Please refer to below sections of this document for types of changes and their respective documentation. The turnaround time is 7 working days from the date of receipt of complete documents by the Insurer.

1. Vehicles details change:

In case of vehicle detail change, the policyholder needs to submit below mentioned documents:

  • Email from register email id or Request letter duly signed by the policyholder.
  • Registration Certificate (RC).
  • Additional Premium (wherever applicable due to change in NCB, IDV, Ownership transfer, CC Fuel type, CNG addition, MFG year, Legal liability for paid driver & model and variant).

2. Risk start date change:

  • As per contract risk start date can be changed on the basis of below mentioned documents:
  • Email from register email id or Request letter duly signed by the policyholder.
    Previous year policy.

3. Change of name:

  • In case of change of name, a policyholder needs to submit below mentioned documents:
  • Email from register email id or Request letter duly signed by the policyholder.
    RC Copy.
    Previous year policy copy (wherever applicable).

4. Change of address:

  • In case of change of address, a policy holder need to submit below mentioned documents:
  • Email from register email id or Request letter duly signed by the policyholder.
    Valid address Proof of new address.

5. Change of nomination:

  • As per policy contract, policyholder may nominate any other person, to whom the money secured under the policy shall be paid in the event of death of the policyholder. If in case, a customer wants to place a request for change of nominee he / she need to submit below mentioned:
  • Email from register email id or Request letter duly signed by the policyholder, mentioning new nominee name, DOB & Relation with insured along with the supporting documents.

6. Correction in Registration Date, Manufacturing Date, Registration No.,Engine No.,Chassis No., Cubic Capacity, GVW, Fuel type and NCB:

  • In case of above mentioned changes a policyholder needs to submit below mentioned documents:
  • Email from register email id or Request letter duly signed by the policyholder.
    RC Copy.

7. Hypothecation:

  • In case of Hypothecation a policyholder needs to submit below mentioned documents:
  • Email from register email id or Request letter duly signed by the policyholder.
    RC copy where hypothecation details are already available.
    Invoice copy or finance company letter for new vehicle.

8. Make, Model and Variant:

  • In case of these changes a policyholder needs to submit below mentioned documents:
  • Email from register email id or Request letter duly signed by the policyholder.
    RC Copy.

9. Ownership Transfer:

  • In case of ownership transfer a policyholder needs to submit below mentioned documents:
  • Email from register email id or Request letter duly signed by the policyholder.
    Supporting documents depending upon insurer to insurer.

Collection of renewal premiums and remittance to insurers

Customer has to directly go to insurer’s website and pay the renewal premium. Customer can input policy number for which premium is due and enter the DOB of the life insured. Pay the amount due on the Payment Gateway through internet banking, debit card, credit card. Receipt for renewal payment will be sent to register E-mail Id immediately after the payment. For any service related queries, customer can contact us on +919900279300 or Email us at team@devanshinsurance.com.

Pre-inspection of risks

The pre-inspection of risks is done for the all the motor policies except two wheelers. The inspection is required where there are Break-in policies. There are two ways of the vehicle inspection.

1. Self-inspection:

In self-inspection the customer after filling the required details online receives the link for the inspection after which he / she is required to download the mobile application for further inspection. After customer does the needful he receives an e-mail of the inspection report and a message on the recommendation/ non-recommendation of vehicle for policy issuance. The time taken to generate the report ranges from 3 to 4 hours. After the inspection of the risk the customer receives a payment link.

2. Inspection by Agency:

In inspection by agency the agency is involved. The insurer’s agency does the inspection and sends the report to us simultaneously customer also receives a message on the recommendation/ non-recommendation of vehicle for policy issuance. The time taken to generate the report ranges from 3 to 4 hours. After the inspection of the risk the customer receives a payment link.

Appointment of surveyors/ advocates

The surveyor is appointed when the customer chooses inspection by agency. The surveyor is the inspection agency of the risk. The surveyors/advocates are appointed during claim as well.

Submission of survey reports

Submission of survey report/s happen/s at the time of inspection and claim both.

Settlement and payment of claims

For placing a claim request the policy holder can call to insurer at their customer service number or they can call us on our claim service number +91 97392 21309 or write to us at claims@devanshinsurance.com. Our team will connect you to the insurer. The claim is settled and paid by the insurance company directly to the customer’s account. If the customer does not receive the satisfactory service or have any other escalations, he/she can use the same e-mail id and phone no. to get the concerns resolved. Depending upon the requests/ escalations the TAT is 10 to 15 working days.

Other service operation as may be specific for the products

Not Applicable.

NON-MOTOR (SME)

Offer and Acceptance of the Proposal

  1. The E-Quotes are given to the customer depending upon his requirement and after that the customer chooses one company to buy insurance. He fills the required details online in the portal after which the payment options are given to him. Once the customer makes the payment the policy is issued and given to customer in PDF format in mail and WhatsApp.
  2. The E-Quotes are given to the customer depending upon his requirement and after that the customer can choose one company to buy insurance. Once the customer chooses the company he can fill the required online in the portal along with stamp and self-attested E-Quote copy. Once all the details are filled the payment options are given to the customer and customer makes the payment. The policy is issued and given in PDF format in mail and WhatsApp.

Issuance of the policy

  1. The policy is issued directly for some products and policy in PDF format is given to the customer.
  2. Some companies take 2 to 3 working days to issue the policy so the issuance of policy takes some days to get issued.

Issuance of endorsement

An endorsement is issued to the policyholder whenever any contractual changes (permitted by the plan/policy) are requested by the policyholder, accepted by the Insurer and made in the policy. The turnaround time is 7 working days from the date of receipt of complete documents. The request is handled Offline.

Collection of renewal premiums and remittance to insurers

Customer has to directly go to insurer’s website and pay the renewal premium. Customer can input policy number for which premium is due and enter the DOB of the life insured. Pay the amount due on the Payment Gateway through internet banking, debit card, credit card. Receipt for renewal payment will be sent to register E-mail Id immediately after the payment. For any service related queries, customer can contact us on +919900279300 or Email us at team@devanshinsurance.com.

Pre-inspection of risks

The occupancies which require pre-inspection for policy issuance cannot be issued through online.

Appointment of surveyors/ advocates

The surveyors/advocates are appointed only during claim.

Submission of survey reports

Submission of survey report/s happen/s at the time of claim.

Settlement and payment of claims

As we are an intermediary, insured intimate to us if there is a claim then details are sent to insurer. The list of requirements which insurer needs is given to insured. After which the surveyor assesses and finalizes the claim amount. In some cases, advocate is appointed for assessment and decision on final settlement amount. The claim amount is credited in customer’s account.

For placing a claim request the policy holder can call to insurer at their customer service number or they can call us on our claim service number <a href=”tel:+91 97392 21309″>+91 97392 21309</a> or write to us at <a href=”mailto:claims@devanshinsurance.com”>claims@devanshinsurance.com</a>. Our team will connect you to the insurer. The claim is settled and paid by the insurance company directly to the customer’s account. If the customer does not receive the satisfactory service or have any other escalations, he/she can use the same e-mail id and phone no. to get the concerns resolved. Depending upon the requests/ escalations the TAT is 15 to 30 working days.