Life Insurances

Overview

Insurance Regulatory and Development Authority of India (IRDAI) vide its guidelines under IRDAI Regulations 2015 permitted entry of Banks into insurance business. As per IRDAI regulations 2015, our Bank had registered as corporate agent vide Certificate of Registration No: CA0204. Our Bank acts as Corporate Agent of the Insurer – Life Insurance Corporation of India for the purpose of soliciting and distributing insurance policies being offered by the insurer.

Premium

Branches will collect the applicable premium from the policy holders and it will be remitted to the respective LIC office.
No amount collected from the insured towards premium will be retained by branches. It will be forth with transmitted to the insurer.
In the solicitation of business, we will not unilaterally represent rates of premium different from those fixed or instructed by the LIC.

Policies

We will follow up with the insurer for issuance of policies and hand them over to the Policyholders.
Policy holders is advised to scrutinize the policies for which we will assist, to identify any errors or discrepancies and it will be immediately brought to the notice of the insurer for necessary action.
No correction, alternation or modification will be made by our Bank in the policies issued by the LIC.

Claims

Any intimation of claim received by us will be immediately forwarded to the respective LIC office to facilitate commencement of claim process and handling.
The Claims will be considered for settlement strictly in accordance with the terms and conditions of the policy.
We will guide our policy holders, of claim procedures under a policy including prompt intimation of loss, submission of claim forms and documentations to establish the claim, disclosure of all material facts and compliance with requirements that may be raised by the insurer or Surveyors/investigators.
We will not charge any fee or remuneration for providing assistance related to the settlement of claims to the Policy holders.

Grievances Redressal

We accept complaints over phone or in writing or through electronic mail and/or other modes of valid communications, as the case may be from our Policy Holders.
The policy holders can register their complaints either in the “compliant register” available with branch heads or drop their complaints in the “compliant drop box” available in branches.
We will take necessary steps for redressal of grievances of our policy holders within 14 days of receipt of such complaint after providing acknowledgement of the same.

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Overview

Premium

Policies

Claims

Grievances Redressal