Every insurance broker in India is required to comply with Schedule II (pre-sales solicitation) & Schedule III (post-sales solicitation) of insurance e-commerce guidelines. The following are the procedures, processes, and timelines.
The E-Quote for a customer is generated on Bima Buy App/web depending upon the Insurance type/ Insurance product selected. The customer needs to fill up the basic details like DOB, Gender, Smoker/non-smoker, Cover Amount, personal details – Name, mobile, email ID, car/vehicle details, coverage required at claim stage etc.
Upon E-Quote generation customer can check the Quotes from various insurance companies for the product selected (there are various products such as motor/health/life etc) and can select any insurance company’s plan that the customer wishes to purchase, he will then be redirected to product page for that insurer.
Underwriting of insurance proposal is done basis the disclosures by the 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 various sections which the
proposer/customer(s) is required to fill. It includes details depending upon the Insurance type
(Motor/ Health/Life etc.)
**Note – Information to be submitted would vary depending on the Insurance type selected by the Customer.
Customer is redirected to the payment gateway (PG) page and premium payment is made by him/her. Customer has various payment options to pay the initial premium at the time of application for example - through internet banking, debit card, credit card and wallets. These options are available on the payment page of the proposal form journey on our website. This might change from time to time. Apart from this, standing instruction option is also available to pay future renewal premiums. Once customer has made the payment online, he/she would be directed to complete the next steps i.e. Fill Proposal form, Upload Documents & Schedule Medical (if applicable).
Address Proof, Identity Proof, Age Proof /Income Proof as per the underwriting requirements of the Insurer should be submitted with the respective Insurer - For more details connect with your respective Insurer. Timelines from Pre-Post Sales Services are governed by IRDAI (Policyholder Protections Interest) Regulations, 2017. For more details contact your respective Insurer.
| S.No | Services | TAT |
|---|---|---|
| 1. | Refund in case of failed Transaction | Refund will be processed by the Insurers’ Payment Gateway on failure of transaction and will reflect in your account as per your provider’s policy – TAT will be between 2 hours – 7 Days depending on the provider |
| 2. | Refund in case of Cancellation of Policy by the Insurer | Respective Insurer – TAT as defined in IRDA regulations |
| 3. | Decision on Proposal (Respective Insurer) | 15 days from the date of receipt or any requirements called by the Insurer |
| 4. | Policy Document Post issuance | 3-7 days (Depending on Insurer) |
| 5. | Acknowledgement of Grievance | 24 Hours |
| 6. | Grievance Redressal | Upto 30 days (This has dependency on Insurer processes) |
A date and time are to be selected to schedule a medical test. It can be done at the customer’s residence or s/he may be required to visit the insurer’s regular diagnostic centre. This information is available on the medical page or will be informed to a customer accordingly. Policy underwriting and policy issuance is made by the insurer. After issuance, a policy pack will be sent to the customer’s communication address by the insurer. A soft copy will be sent to a customer’s email ID by the Insurer.
For more details connect with your respective Insurer.
The Turnaround Time: As specified by the insurer and as governed by IRDA regulations
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 customer can contact us at help@zoominsurancebrokers.com.
The Turnaround
Time: Varies from Insurer to Insurer might take 3 Days to 2 Weeks.
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:
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:
All the requests are forwarded to insurance company and insurer does the needful. Insurer informs the customer and us. For more details connect with your respective Insurer.
The Turnaround Time: Varies from Insurer to Insurer might take 3 Days to 2 Weeks.
For more details connect with your respective Insurer.
You can connect with us at help@zoominsurancebrokers.com.
Change of name:
In case of change of name, a policyholder needs to submit below mentioned documents:
In case of change of address, a policyholder needs to submit:
For more details connect with your respective Insurer.
The Turnaround Time:Varies from Insurer to Insurer might take 3 Days to 2 Weeks.
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.
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.
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:
For more details connect with your respective Insurer.
The Turnaround Time: Varies from Insurer to Insurer might take 3 Days to 2 Weeks.
The Sum Assured is normally payable to the beneficiary in the event of demise of
the Life Assured/Insured during the term as per the policy conditions. Details on the death/ or
Coverage Benefit (in case of other Insurance Products) benefits are mentioned on your respective
policy document. Policyholder can contact us on help@zoominsurancebrokers.com.
For more details
connect with your respective Insurer.
Loan against policy does not happen in term insurance. For more details connect with your respective Insurer.
Fund switching / Premium Redirection does not happen in term insurance. For more details connect with your respective Insurer.
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.
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. For more details connect with your respective Insurer.
Revival:
A life insurance policy moves into non-In-force status if the premium is not collected by the end of grace period. A policyholder can revive the policy by paying the outstanding premium(s) (inclusive of taxes and levies, interest and revival fee as applicable). The policy will become In-force once all the requirements raised as per the terms and conditions of the policy are fulfilled.
Cancellation:
In case Policyholder are not agreeable to the any policy terms and conditions of the Insurance policy, you have the option of returning the policy to the respective Insurer stating the reasons thereof, within 30 days from the date of receipt of the policy. On receipt of your letter along with the original policy documents, Insurer shall arrange to refund you the premium, subject to deduction of the proportionate risk premium for the period on cover, the expenses incurred by them on medical examination if any and stamp duty.
For more details connect with your respective Insurer.
In term insurance no transfer of policy happens. For more details connect with your respective Insurer.
Customer can contact us via email at help@zoominsurancebrokers.com or visit the branch of insurer.
To raise a claim request the policy holder can call the insurer at their customer service number or they can reach out to us on claims@zoominsurancebrokers.com for claims assistance. Our claim settlement 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.
For more details connect with your respective Insurer.
Turnaround time for the requests/escalations: As defined by the insurer subject to current IRDA regulations.
Life Insurance TATs
| S.No | Description | TAT |
|---|---|---|
| 1. | Medical Scheduling | The Customer relationship team will follow up on completion of proposal form – 7 Days |
| 2. | Endorsement Issuance | 3-15 days |
| 3. | Change in Policy terms & Details | 3-15 days |
| 4. | Receipt for renewal payment | Instantly on online payment – 15 days for offline |
| 5. | Change in name & address | 3-15 days |
| 6. | Duplicate policy issuance | 15 days |
| 7. | Escalation Request Revert | 3 days |
| 8. | Written communication of decisions on the proposal / raising additional requirements on the proposal | Within 7 days of last communication - will vary from insurer to insurer |
| 9. | Providing copy of accepted proposal form | Attached with the policy document |
| 10. | Refund of proposal deposit post cancellation of proposal | 15 days |
| 11. | Compliance of KYC norms | 7 days |
Turnaround time for the issuance of policy: within 7 days after receipt of the last requirement raised.
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 from the date of receipt of complete documents: 3 – 15 days
depending on the insurer
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:
Change of Name:
In case of change of name, a policyholder needs to submit below mentioned documents:
Change of Address:
In case of change of address, a policy holder need to submit below mentioned documents:
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:
For more details connect with your respective Insurer.
The turnaround time is
between 3-15 days depending on the insurer.
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:
For more details connect with your respective Insurer.
The turnaround time: As
per applicable terms of the insurer.
For more details connect with your respective Insurer.
The turnaround time:
Instantly in case of online and within 15 days in case of offline.
To raise a claim, request the policy holder can call the insurer at their customer service number or they can reach us at claims@zoominsurancebrokers.com for claims assistance. Our claim settlement 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.
Health Insurance Claim Documents/ Guidance
Cashless Claims:
Contact Respective Insurer to settle the claim as per policy terms & conditions.
Reimbursement Claim Process:
For more details connect with your respective Insurer or refer to Policy T&C.
Health Insurance: TATs
| S.No | Description | TAT |
|---|---|---|
| 1. | Issuance and crediting of the Policy document / Certificate of Insurance / Proposal form | Within 7 days of last requirement |
| 2. | Organising medical checkup | As per Insurer (3-7days) |
| 3. | Issuance of endorsement | 3-15 Days depending on the insurer |
| 4. | Change is policy terms/ details (DOB, Name, Address, nominee name etc) | 3-15 Days depending on the insurer |
| 5. | Policy Renewal Receipt Sending | Instantly for online and 15 days for Offline |
| 6. | Refund of proposal deposit post cancellation of proposal | Within 15 days |
| 7. | Requests for refund towards free look cancellation, surrender and withdrawal; refund of proposal deposit; refund of outstanding proposal deposit, if any | As per IRDA regulations |
| 8. | Compliance of KYC norms | Within 15 days |
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:
For more details connect with your respective Insurer.
The turnaround time: for issuance and crediting from the date of receipt of complete documents: 7 days of receipt of the last requirement.
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). For more details connect with your respective Insurer.
An endorsement is issued to the policyholder whenever any contractual changes are accepted and made in the policy. For more details connect with your respective Insurer.
Vehicles details change: In case of vehicle detail change, the policyholder needs to submit below mentioned documents:
Risk start date change: As per contract risk start date can be changed on the basis of below mentioned documents:
Change of name: In case of change of name, a policyholder needs to submit below mentioned documents:
Change of address: In case of change of address, a policyholder needs to submit below mentioned documents:
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:
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:
Hypothecation: In case of Hypothecation a policyholder needs to submit below mentioned documents:
Make, Model and Variant: In case of these changes a policyholder needs to submit below mentioned documents:
Ownership Transfer: In case of ownership transfer a policyholder needs to submit below mentioned documents:
For more details connect with your respective Insurer.
The turnaround time: 3-15 Days depending on the insurer
For more details connect with your respective Insurer.
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.
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.
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.
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.
To raise a claim request the policy holder can call the insurer at their customer service number or they can reach us at claims@zoominsurancebrokers.com for claims assistance. Our claim settlement 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.
General Insurance Claim Documents/Guidance
For more details contact your respective Insurer and Policy T&C.
Car & Two-Wheeler-Insurance- TATs
| S.No | Description | TAT |
|---|---|---|
| 1. | Written communication of decisions on the proposal / raising additional requirements on the proposal | Instantly as online |
| 2. | Providing copy of accepted proposal form | Depending on the insurer sent with the policy document |
| 3. | Refund of proposal deposit post cancellation of proposal | Within 15 Days |
| 4. | Requests for refund towards free look cancellation, surrender and withdrawal; refund of proposal deposit; refund of outstanding proposal deposit, if any | Within 15 Days |
| 5. | Compliance of KYC norms | 7 Days |
| 6. | Issuance of Policy Document | Within 7 Days of last requirement |
| 7. | Issuance of Endorsement (change in vehicle details) | 3-15 Days depending on the insurer |
| 8. | Issuance of Payment Receipt | Instantly for online 15 days for Offline |
| 9. | Generation of inspection report | 1-2 Days |
| 10. | Submission of survery report | 2 Days |
Claim Settlement TATs
Life Insurance
| S.No | Description (For Respective Insurer) – Life | TAT |
|---|---|---|
| 1. | For Query Requirement or Additional Requirements | Within 15 days of the receipt of Claim by the Insurer |
| 2. | Claims Settlement (life) | Within 30 days from the date of receipt of all relevant papers and required clarifications. However, where the circumstances of a claim warrant an investigation in the opinion of the insurer, it shall initiate the same at the earliest and complete such investigation expeditiously, in any case not later than 90 days from the date of receipt of claim intimation and the claim shall be settled within 30 days thereafter |
Health Insurance
| S.No | Description | TAT |
|---|---|---|
| 1. | Claim Settlement | within 30 days from the date of receipt of last necessary document in accordance with the provisions of Regulation 27 of IRDAI (Health Insurance) Regulations, 2016 |
Vehicle Insurance
| S.No | Description | TAT |
|---|---|---|
| 1. | Insurer to inform the insured / claimant of the essential documents and other requirements that the claimant should submit in support of the claim | Within 7 days of the claim Intimation/td> |
| 2. | surveyor shall start the survey | within 48 hours of Appointment of Surveyor |
| 3. | Physical details of Loss shall be recorded and forwarded to Insurer | 15 days from the date of first visit of Surveyor |
| 4. | Claim Settlement | 30 days of receipt of final survey report and/or the last relevant and necessary document as the case may be |