CRM Department, Central Office. 5th Floor (Link), “Yogakshema”, Jeevan Bima Marg, P.O.Box No.19953, Mumbai – 400 021. Tel : 66598353, Fax : 22825829 E-mail [email protected] ---------------------------------------------------------------------------------------------------------------------Ref: CO/CRM/848/23 November 25, 2011 To, All Zonal Managers, All Regional Managers (CRM) All Sr/Divisional Managers, M.D.C., ZTC, Audit & Inspection Re: IRDA Guidelines for Policy and Claim servicing- NEW BENCHMARKS The revised Citizen Charter was released on 1/9/2003. This charter has reflected our vision, our mission, our commitments towards our community and policyholders. This has also defined standards for policy servicing and claim settlement. We have now received a communication from IRDA which has defined the time frame for some policy and claim servicing operations as per regulations for protection of policyholders’ interest. Other policy servicing aspects, as per in our circular Ref: CO/ Mktg/CRM/509/23 dt. 14/8/2003 will continue. The complete chart showing the benchmarks for various policy and claim operations is given below:LIFE INSURANCE CORPORATION OF INDIA Benchmarks for policy and claim servicing as per IRDA’s Policyholder’s protection regulations Description of service

Maximum days of time limit 10 days 15 days 15 days 30 days 6 months

Surrender value/annuity/pension processing Maturity claim/Survival Benefit/ Penal Interest not paid Raising claim requirements after lodging the claim Death claim settlement without investigation requirement Death claim settlement /repudiation with Investigation requirement OTHER POLICY SERVICING ASPECTS Issuance of policy document after acceptance of the proposal 5 days Registration of nomination/ Assignment/ Re-assignment and return of 3 days policy document Effecting revival/ alteration/issue of duplicate policy on receipt of all 2 days requirements Loan settlement after receipt of all requirements 3 days Intimation of status of SSS policies Once a year along with Bonus information Effecting change of address/ transfer In-Out and other enquiries under the Same day policies GRIEVANCES/ COMPLAINTS Acknowledge a grievance 3 days Resolve a grievance 15 days

The following instructions are issued for adopting the above Benchmarks:•

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The benchmarks for policy and claim servicing as stated above must be displayed prominently inside of all our Branch offices, Satellite offices, customer zones, Divisional offices. The benchmarks for policy and claim servicing state the maximum time limit and each operating branch office should try to render the service with minimum number of days (turn around time). Each operating office should strive to achieve and excel the benchmarks as stated above. The supervisory offices should coordinate and help the operating offices to achieve the benchmarks in policy and claim servicing operations. The board displaying the above benchmarks should be prepared in Regional, Hindi and English language. Immediate steps should be taken by each Divisional office to replace the present boards in Branches, displaying earlier benchmarks of policy servicing. This work should be completed before 15th December 2011 and report to this effect should be submitted by each Division to Zonal office. In turn, Zonal Office will submit the report to Central office before 20th December 2011. As per IRDA guidelines, it is required that our policyholders should be kept informed about their rights in terms of time frames prescribed for servicing. Hence, our Branch and Divisional Offices should give the information about time frames for various servicing standards for education of policyholders in customer meets, Insurance Week celebrations, paying Authority meets, policyholder council meeting , Agents and Development offices meeting etc. Zonal offices should give wide publicity for these policy and claim servicing benchmarks. While printing the pre-printed stationary for premium notices, lapse/ default notices and other communication to policyholder; Divisional Office has to include the information on above benchmarks. The information about policy and claim servicing time frames as stated above should be included in training sessions conducted for our administrative staff, agents and Development officers. However, all our operating offices will be assessed only as per our internal benchmarks for various policy and claim servicing standards which have been stated in Audit and Inspection questionnaire as our internal benchmarks are more customers friendly.

All our offices are instructed to ensure immediate implementation of this circular and issue proper instructions to all offices under your jurisdiction, to adhere to the benchmarks of policy and claim servicing.

EXECUTIVE DIRECTOR (CRM)