1. Introduction

Timely redressal of grievances is crucial for enhancing customer confidence in the insurance industry. The grievance redressal mechanism and compliance requirements for insurers are stipulated in the IRDAI (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024, alongside the IRDAI Master Circular on Operations and Allied Matters of Insurers 2024.

In response, the Company has decided to establish an effective and robust grievance redressal system. This shall include enabling online submission of grievances, establishing mechanisms to register all grievances received through various channels such as telephone calls, emails, physical posts, in-person complaints of the Company. The Company shall also undertake extensive publicity of these arrangements.

In light of the aforementioned statutory provisions and obligations, this policy has been formulated. 

2. Definitions

Following terms for the purpose of this policy shall carry the meaning as mentioned below:

3. Applicability

This Policy shall be applicable to all the policyholders of the Company, or prospect or nominee or assignee or any beneficiary of any insurance policy of the Company.

4. Obligations of the Company under this Policy

The Company shall:

4.1 have an appropriate system, including IT systems, and a procedure for receiving, registering and disposing of grievances in each of its offices. Every insurer shall publicize its grievance redressal procedure and ensure that it is specifically made available on its website;

4.2 have in place robust procedures and effective mechanisms to resolve grievances of policyholders and/ or claimants efficiently, effectively and in a timely manner;

4.3 not prohibit, bar or discourage any policyholder or claimant from lodging any grievance to the Authority;

4.4 establish adequate Grievance Redressal Procedure in accordance with the prevalent regulatory prescriptions;

4.5 widely publish the availability of option to the complainant for taking up grievance with Insurance Ombudsman, in case the grievance is not resolved to the satisfaction of the complainant.

5. Grievance redressal procedures

5.1 The Company shall establish and maintain a centralized complaint process and complaint handling process aimed at achieving "Total Customer Satisfaction." This centralized system will ensure that all customer complaints, regardless of their nature or origin, are efficiently managed and resolved to the satisfaction of the complainant. By centralizing this process, the Company aims to streamline communication channels, minimize response times, and enhance overall customer experience.

5.2 The Company shall utilize advanced technology to facilitate grievance redressal swiftly and effectively. The Company shall implement robust processes and procedures to ensure that complaints are addressed within specified turnaround times. This includes leveraging automated systems for complaint tracking, escalation, and resolution

5.3 The complaint handling process shall acknowledge and address all types of complaints, whether they pertain to employee conduct, distribution channels, or issues related to the services or products of the Company. This inclusive approach ensures that every complaint is duly considered and resolved in accordance with established protocols and regulatory requirements.

5.4 The complaint handling process shall enable comprehensive root-cause analysis to identify and address the underlying factors contributing to recurrent issues. 

5.5 The Company shall make sure that the handling process is designed to progressively minimize grievances and achieve "zero grievances." The Process shall include adopting consumer-friendly practices, enhancing transparency in complaint handling procedures, and empowering customers through accessible and responsive grievance resolution mechanisms.

6. Other Obligations of the Company

6.1 The Company shall implement a system to regularly gather customer feedback, especially after resolving grievances. This feedback should cover policyholders' experiences with the grievance redressal process and their satisfaction levels.

6.2 The Company shall include contact details of relevant insurance ombudsmen in its resolution communications, allowing policyholders to escalate complaints if they are dissatisfied with the Company's grievance resolution.

6.3 The Company shall integrate its grievance portal with the Bima Bharosa portal to enable policyholders to register and track grievances online. The system shall include real-time mirroring to ensure synchronization of its grievance database with Bima Bharosa.

6.4 The Company shall record grievances received from prospects and policyholders through various channels (such as telephone calls, emails, physical posts, in-person complaints) on the Bima Bharosa platform.

6.5 The Company shall appoint a designated officer at every business location to handle grievances, along with a clear internal escalation matrix for unresolved complaints. Details of the grievance redressal mechanism shall be prominently displayed on the website of the Company and in all its offices.

6.6 The Company shall prominently display the name, address, and contact details of the insurance ombudsman within the jurisdiction of each office.

7. Turnaround time of Grievance Redressal

Company shall have the following timeline for grievance resolution: 

8. Review of the Policy

This Policy will be reviewed annually by the PPGR&CM committee and any modifications or improvements will be accordingly incorporated. Notwithstanding the foregoing, this Policy may be modified during the year by the Managing Director & CEO, Chief Operating Officer, and Head Customer Experience jointly prior to any such annual review and such modifications shall be reported to the Board for ratification. Any changes in the applicable mandatory regulatory provisions shall automatically be treated as part of this Policy.