PolicyX.Com : ISNP

Service TAT

1. Service TAT - Health

PolicyX.com Insurance Web Aggregator Private Limited follows the below-mentioned service TATs as an ISNP according to Schedule I of the Insurance eCommerce regulations released by IRDAI on 9th March 2017 for selling online Health Insurance policies:

The following table shows the turnaround timings for different services provided by the company to its policyholders:
Service Criteria Maximum Turnaround Time (TAT in Calendar Days) Service TAT Estimate (From the Given Date)
Written communication on acceptance/rejection of the proposal OR Request for additional requirements on the proposal 15 days Date of receipt of the proposal OR the date of receipt of any other requirement, whichever is later
Providing a copy of the accepted proposal form 5 days Date of acceptance of the proposal
Refund of proposal deposit post-cancellation of proposal 15 days Date of case decision/date of receipt of last necessary document/date of receipt of the cancellation request of the proposal, whichever is later
Requests for refund towards free-look cancellation, surrender and withdrawal; refund of proposal deposit; refund of outstanding proposal deposit, if any 10 days Date of receipt of a request/last necessary document, whichever is later
Acknowledgement of grievance 5 days Date of receipt of grievance
Resolution of grievance 30 days Date of receipt of grievance
Compliance of KYC norms - KYC is not required up to the premium payment of Rs. 50,000. However, for a premium above Rs. 50,000, PAN Card Number is required

2. Service TAT - Life

PolicyX.com Insurance Web Aggregator Private Limited follows the below-mentioned service TATs as an ISNP according to Schedule I of the Insurance eCommerce regulations released by IRDAI on 9th March 2017 for selling online Life Insurance policies:

The following table shows the turnaround timings for different services provided by the company to its policyholders:
Service Criteria Maximum Turnaround Time (TAT in Calendar Days) Service TAT Estimate (From the Given Date)
Written communication on acceptance/rejection of the proposal OR Request for additional requirements on the proposal 15 days Date of receipt of the proposal or the date of receipt of any other requirement, whichever is later
Providing a copy of the accepted proposal form 5 days Date of acceptance of the proposal
Refund of proposal deposit post-cancellation of proposal 15 days Date of case decision/date of receipt of last necessary document/date of receipt of the cancellation request of the proposal, whichever is later
Requests for refund towards free-look cancellation, surrender and withdrawal; refund of proposal deposit; refund of outstanding proposal deposit, if any 10 days Date of receipt of a request/last necessary document, whichever is later
Acknowledgement of grievance 5 days Date of receipt of grievance
Resolution of grievance 30 days Date of receipt of grievance
Compliance of KYC norms 45 days Date of the transaction in the website

3. Service TAT - Motor, Two Wheeler & Travel

PolicyX.com Insurance Web Aggregator Private Limited follows the below-mentioned service TATs as an ISNP according to Schedule I of the Insurance eCommerce regulations released by IRDAI on 9th March 2017 for selling online General Insurance policies - Motor, Two Wheeler & Travel:

The following table shows the turnaround timings for different services provided by the company to its policyholders:
Service Criteria Maximum Turnaround Time (TAT in Calendar Days) Service TAT Estimate (From the Given Date)
Written communication of decisions on the proposal/raising additional requirements on the proposal 15 days Date of receipt of the proposal or the date of receipt of any other requirement, whichever is later
Providing a copy of the accepted proposal form 5 days Date of acceptance of the proposal
Refund of proposal deposit post-cancellation of proposal 10 days Date of case decision/date of receipt of last necessary document/date of receipt of the cancellation request of the proposal, whichever is later
Requests for refund towards free-look cancellation, surrender and withdrawal; refund of proposal deposit; refund of outstanding proposal deposit, if any 10 days Date of receipt of a request/last necessary document, whichever is later
Acknowledgement of grievance 5 days Date of receipt of grievance
Resolution of grievance 30 days Date of receipt of grievance
Compliance of KYC norms - KYC is not required up to the premium payment of Rs. 50,000. However, for a premium above Rs. 50,000, PAN Card Number is required

Procedure & Processes

HEALTH INSURANCE: Procedures, Processes & Timelines of Post-sales Servicing (As per Schedule III of Insurance e-commerce guidelines)

The following document contains complete details on the procedures, processes and timelines for post-sales servicing. To avail any of these services, you can directly send your request from your registered email id to us at helpdesk@policyx.com

Issuance and crediting of the Policy document/Certificate of Insurance/Proposal form

Turnaround time is 15 calendar days from the date of receipt of complete documents.

Organizing medical checkup and submission of medical reports

As per the opted plan by the customer, the insurer may ask for medical check-ups. In case a medical check-up is required, the customer has to follow the next steps i.e. Schedule Medical (if applicable) after making the payment of the recently purchased online plan.

Issuance of endorsement

If the customer requests for any contractual changes (authorised by the plan/policy), an endorsement is issued to the customer approved by the insurer and made in the policy. To know about the types of changes and documents required, please refer to below sections of this page.

The turnaround time is 15 business days from the date of receipt of complete documents.

Change of Policy Terms & Conditions/Details Change

Correction in Date of Birth (DOB): Correction in DOB implies a change or correction in the Date of Birth of the policyholder/life insured or nominee/beneficiary(s). To proceed with the request, the following documents need to be submitted to the insurer:

  • Date of Birth Proof
  • Additional Premium (wherever applicable for changes in DOB)

The turnaround time is 15 business days from the date of receipt of complete documents.

Increase in Sum Assured/Decrease in Sum Assured: In accordance with the policy contract, this request is permitted only at the time of renewing the policy. The following documents are required to process the request:

  • Change Request form (wherever applicable)
  • Premium (wherever applicable)
  • Medicals (wherever applicable)

The turnaround time is 15 business days from the date of receipt of complete documents.

Correction of Gender: Correction of Gender means updating correct Gender in customer’s policy. Documents required for the process are as follows:

  • ID Proof in which DOB should match with the company’s records.
  • Premium (wherever applicable due to change of Gender).

The turnaround time is 15 business days from the date of receipt of complete documents.

Change of Name/Address

Change of name: If the policyholder wishes to change or correct his/her name in the policy, then (s)he can place a request by submitting the following documents.

  • A valid name change proof (where the customer's DOB should match with the company’s records and DOB Proof should be in DD-MM-YY order).
  • Name Change Affidavit (as per state value) attested by a first-class magistrate.

The turnaround time is 15 business days from the date of receipt of complete documents.

Change of address: If the policyholder wants to change or correct his/her address in the policy, then (s)he can place a request by submitting the following documents:

  • Self-Attested valid address
  • Proof of new address

The turnaround time is 15 business days from the date of receipt of complete documents.

LIFE INSURANCE: Procedures, Processes & Timelines for Pre-sales Solicitation of Insurance Policies

E-Quote generation on the digital platform: Once the customer fills up the basic details like DOB, gender, smoker/non-smoker category, cover amount and personal details — name, mobile and email ID, the E-Quote will be generated on the screen.

Plan selection & redirection to the product page: After the E-Quote generation, the customer can check and compare quotes from various insurance providers. Now, he/she can choose a plan as per insurance needs. The customer will then be redirected to the product page of the insurance company where he/she can go through all the details of the chosen plan and select riders accordingly.

Redirection to payment gateway: Customer is redirected to the payment gateway (PG) page to make the premium payment. Various payment options are available to pay the premiums of the policy, for example, via internet banking, debit card, credit card and e-wallets. One can also opt for an option to pay future renewal premiums available during the payment process. Upon successful payment, the customer is redirected to complete the next steps i.e. Fill Proposal form, Upload Documents & Schedule Medical (if applicable).

For any queries related to sales, the customer can call us on 1800-4200-269.

LIFE INSURANCE: Procedures, Processes & Timelines for Post-sales Servicing of Insurance Policies

Filling up the proposal form: Underwriting of insurance proposals is done on the basis of disclosures by the policyholder/proposer in the proposal form. Therefore, the verification of details and authentication via OTP (One-time password) is mandatory in the proposal form.

Once the completion of payment and filling of the proposal form is done, a copy of the proposal form (PDF) along with the receipt of payment will be sent to the customer's registered email ID.

The proposal form journey consists of below sections:

  • Personal Details: This section contains details like name, contact details, education and nationality.
  • Employment details: This section contains details of employment like salaried/self-employed, name of the employer, designation, income.
  • Address Details: This section contains details like Address, City and Pin Code.
  • Insurance history: This section contains details of any other insurance coverage.
  • Nominee details: This section contains details of the nominee/beneficiary like name and relation.
  • Lifestyle & well-being: This section contains details like height, weight, travel and adventure.
  • Health: This section contains details regarding medical disclosure on any previous investigations, diagnosis or treatment.
  • OTP (One-time password) authentication: Customer needs to enter the OTP to authenticate the details provided in the proposal form. OTP is sent on a customer's mobile and email with a validity of 30 minutes.
  • Review & acceptance: This section contains details of all the information filled up in previous sections for easy review and acceptance of the proposal by the customer.

Document Upload

In ‘Upload Documents’ section, the customer needs to upload a self-attested copy of the following documents:

  • Photograph
  • Address proof (communication & permanent address)
  • Identity proof
  • Income proof

Schedule Medicals

In ‘Schedule Medicals’ section, the customer is required to select a preferred date and time for medical check-ups. The medical check-ups can either be at the customer's residence or he/she will be required to visit the insurer’s empanelled diagnostic centres. Details of these are available on the ‘Schedule Medical’ page and in case of any changes, the customer will be informed accordingly.

Policy underwriting and the decision of policy issuance are made by the insurer. On issuance of the policy, policy papers will be sent to the customer at his/her registered communication address in the proposal form. Also, the soft copy of the issued policy will be sent to the customer's email ID by PolicyX.com

Change of Policy Terms and Conditions/Details Change

Correction of Date of birth: Correction of DOB means a change or correction in the Date of Birth of the policyholder or nominee(s).

Documents required

  • DOB change form (for all policy numbers).
  • Self-attested Date of Birth Proof.
  • Premium (wherever applicable due to change of DOB).
  • Revised Illustration duly signed.

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

Collection of renewal premiums and remittance to insurers

  • Visit the official website of PolicyX.com and click on ‘Renew’ given at the bottom of the page.
  • Enter the basic details like name, email, phone and city.
  • Choose the insurance company and click on ‘Submit’.
  • The policy details will appear in front of you.
  • Make the due payment with the help of different online modes like internet banking, debit/credit card and e-wallets.
  • On successful transaction, a renewal payment receipt will be sent to your registered email address.

**For any service related queries, customer can contact us on 1800-4200-269 or Email us at helpdesk@policyx.com

Process Timelines
Process Timeline
Filling up of proposal form 45 Days
An electronic copy of proposal form and payment acknowledgement 5 Days
One Time Password (OTP) for authentication of details mentioned in the proposal form 10 Mins
KYC documentation The Customer relationship team will follow upon completion of the proposal form
Medical scheduling The Customer relationship team will follow upon completion of the proposal form
Acceptance of proposal form 15 days post completion of documentation & medicals, if any
Refund 15 days from the date of cancellation

MOTOR & TWO WHEELER: Procedures, Processes & Timelines of Post-sales Servicing

The following document contains complete details on the procedures, processes and timelines for post-sales servicing. To avail any of these services, you can directly send your request from your registered email id to us at helpdesk@policyx.com

Issuance and crediting of the Policy document/Certificate of Insurance/Proposal form : The turnaround time for issuance and crediting of policy is 7 calendar days from the date of receipt of complete documents by the insurer.

Organizing inspection and submission of video inspection report: As per the opted plan by the customer, the insurer may ask for medical check-ups. In case a medical check-up is required, the customer has to follow the next steps i.e. Schedule Medical (if applicable) after making the payment of the recently purchased online plan.

Issuance of endorsement: If the customer requests for any contractual changes (authorised by the plan/policy), an endorsement is issued to the customer approved by the insurer and made in the policy. To know about the types of changes and documents required, please refer to below sections of this page.

The turnaround time is 15 business days from the date of receipt of complete documents.

Change of Policy Terms and Conditions/Details

Change/Correction of Date of Birth (DOB): Change/Correction of DOB means a change or correction in the Date of Birth of the policyholder or nominee/beneficiary.

Documents required:

  • DOB change form (for all policy numbers).
  • Self-attested Date of Birth Proof.
  • Premium (wherever applicable due to change of DOB).
  • Revised Illustration duly signed.

The turnaround time is 15 business days from the date of receipt of complete documents.

Vehicles Details Change: Registration Certificate (RC) Premium (wherever applicable due to change in NCB, IDV, Ownership transfer, CC Fuel type, CNG addition, MFG year. Legal liability for the paid driver along with model and variant).

The turnaround time is 15 calendar days from the date of receipt of complete documents by the Insurer.

Change in Effective Date of Coverage: As per the policy contract, a customer can change the effective date of coverage on the basis of the previous policy year.

Documents required:

  • Previous year policy papers.

The turnaround time is 15 calendar days from the date of receipt of complete documents.

Change of Name/Address

Change of Name: If the policyholder wishes to change or correct his/her name in the policy, then (s)he can place a request by submitting the following documents:

Documents:

  • RC Copy Previous year policy copy.

The turnaround time is 15 business days from the date of receipt of complete documents.

Change of Address: If the policyholder wishes to change or correct his/her address in the policy, then (s)he can place a request by submitting the following documents:

Documents:

  • Self-Attested valid address Proof of new address.

The turnaround time is 15 business days from the date of receipt of complete documents.

Change of Nomination: As per the policy contract, the policyholder may nominate any other person to whom the money secured under the policy shall be paid in the event of the death of the policyholder.

If the policyholder wishes to change the nominee(s) in the policy, then (s)he can place a request by submitting the following documents:

Documents required:

  • A request letter duly signed by the policyholder mentioning the new nominee name.
  • Email from registered email id stating the name of nominee and relation.

The turnaround time is 15 calendar days from the date of receipt of complete documents by the Insurer.