Quick Turn Around Times - Magma Insurance
Turn Around Time for services rendered
Turn around time for services rendered
The Company shall endeavor to follow the below mentioned service level TATs.
| Sr. No. | Service Level (Claims) | TAT |
|---|---|---|
| 1 | Appointment of Surveyor after claim intimation | 24 hrs. |
| 2 | Information to Insured / Claimant of essential documents and other requirements that the claimant should submit in support of the claim after appointment of Surveyor | Immediate |
| 3 | Submission of final report to the insurer after appointment of surveyor | 15 days |
| 4 | Offer a settlement of claim to claimant/insured after receipt of final survey report or after expiry of fifteen days from allocation of the claim to the surveyor whichever is earlier. * This timeline will not apply in case of policies issued on the property/building on reinstatement value basis. | 7 days |
| Sr. No. | Service Level (Policy) | TAT |
|---|---|---|
| 1 | Processing of Insurance Proposal and seeking further requirements for consideration of the proposal | 7 Days |
| 2 | Decision on proposal from the date of receipt of proposal or from the date of receipt of additional requirement whichever is later | 7 Days |
| 3 | Providing a copy of the policy along with the proposal form | 15 Days |
| 4 | Free look cancellation and refund of deposit from the date of receipt of the request | 7 Days |
| 5 | Post Policy Service Requests concerning mistakes/ corrections in the Policy document | 7 Days |
| 6 | Issuance of duplicate policy | 7 Days |
| 7 | Cancellation of policy and refund of premium | 7 Days |
| 8 | Any other non-claim related changes | 7 Days |
| 9 | Premium due intimation | One month before due date |
| Sr. No. | Service Level (Health Claims) | TAT |
|---|---|---|
| 1 | Timeline for Reimbursement Claim Settlement/Rejection post receipt of all documents | 15 Days |
| 2 | Cashless Claims (Health) post receipt of all documents • Initial Authorization • Discharge Approval |
Immediately but not more than 1 hour Within 3 hours |