ISNP Permission Ref: IRDAI/INT/ISNP/2021/97 Dated: 02/07/2021
As per Schedule I of the Insurance e-commerce guidelines IRDA/INT/GDL/ECM/055/03/2017 given by IRDAI on 9th March 2017, Wealth Junction Private Limited, as an ISNP follows the accompanying service TAT's for online sale of Life Insurance products:
|Service parameters||Maximum turnaround time (calendar days)||Turnaround time to be calculated from|
|Written correspondence of decisions on the proposal/raising extra prerequisites on the proposal||15 days||Date of receipt of the proposal or the date of receipt of any necessity called for, whichever is later|
|Giving a copy of the accepted proposal form||5 days||Date of acknowledgement of the proposal|
|Refund of proposal deposit after the cancellation of proposal||10 days||Date of case decision/date of receipt of last essential document/date of receipt of the request for cancellation of the proposal, whichever is later|
|Request for refund towards free look cancellation, surrender and withdrawal; discount of proposal deposit; refund of outstanding proposal deposit, if any||10 days||Date of receipt of request/last essential record, whichever is later|
|Acknowledgement of Grievance||5 days||Date of receipt of Grievance|
|Resolution of Grievance||30 days||Date of receipt of Grievance|
|Compliance with KYC standards||45 days||Date of transaction of the Website.|
LIFE INSURANCE: Procedures, processes and timelines for Pre- Sales solicitation of insurance policies.
E-Quote generation on the digital platform:
The E-Quote for a customer is generated once he/she fills up the basic details like DOB, Gender, Smoker/non-smoker, Cover Amount, personal details – Name, mobile, email ID.
Plan determination and redirection to the Product page:
Upon E-Quote generation customer can check the Quotes from different insurance agencies and select any insurance agency's plan that the customer wishes to buy, he/she will then, at that point be diverted to the product page for that insurer which records down every one of the details of the plan chose and offers an alternative to choose riders.
Redirection to Payment Gateway:
The customer is diverted to the payment gateway (PG) page and a premium instalment is made by him/her. The customer has different payment alternatives to pay the underlying premium at the hour of utilization for instance - through internet banking, debit card, credit card and wallets. These alternatives are accessible on the payment page of the proposal form on our site. This may change now and then. Aside from this, the standing instruction option is likewise accessible to pay future renewal premiums. Whenever a customer has made the payment online, he/she would be coordinated to finish the subsequent stages for example Fill Proposal structure, Upload Documents and Schedule Medical (if applicable)
For any sales related queries, the customer can write us a mail on email@example.com
Filling up the proposal form:
Underwriting of insurance proposals 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 payment and proposal form filling, a copy of the proposal form (PDF) along with payment acknowledgement will be sent to the customer’s registered email ID.
The proposal form journey consists of the below sections:
Personal Details – This section contains details like name, contact details, education, and nationality Employment details– This section contains details like employment like salaried/self-employed, name of employer, designation, income
Address Details – This section contains details like Address, City & Pin Code.
Insurance history – This section contains details on any other insurance cover.
Nominee details – This section contains details on nomination like name, relation.
Lifestyle & well-being – This section contains details like height, weight, travel & adventure.
OTP (One-time password) authentication – Customer needs to enter the OTP to authenticate the details provided in the proposal form. OTP is sent on the customer’s mobile & 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.
In the upload documents section, the customer has to upload a self-attested copy of the below-mentioned documents:
Address proof (communication & permanent address)
In the schedule medical section, the customer needs to choose a preferred date and time for medicals. The medicals can either be at the customer's home or he/she will be needed to visit the insurer's empanelled diagnostic centres. Details of these are accessible on the schedule medical page and in the event of any changes, the customer will be informed appropriately.
Policy endorsing and choice of Policy issuance is made by the insurer. When the approach is given, the policy pack will be shipped off to a customer at his/her correspondence address as chosen on the proposal structure by the insurer however the soft copy of the provided Policy will be sent off to the customer's email ID.
Change of Policy Terms and Conditions/Details Change
Correction of Date of birth: Change of DOB request means a change or correction in the Date of Birth of the policyholder, the life insured or nominee.
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
Turnaround time is 10 days from the date of receipt of complete documents
Collection of renewal premiums and remittance to insurers:
Select the insurer for which you wish to pay the renewal premium.
Input policy number for which premium is due.
Enter DOB of the life insured.
Pay amount due on the Payment Gateway through internet banking, debit card, credit card
Receipt for renewal payment will be sent to customer’s registered Email Id in 2 days from date of transaction.
For any service related queries, customers can Email us at firstname.lastname@example.org
|Filling up of proposal form||45 days|
|The electronic copy of the proposal form and payment acknowledgement||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 the underwriting|