LIC policy to protect policyholders: Know these facts to expedite your grievance redressal process

LIC policy to protect policyholders: The Life Insurance Corporation of India (LIC) has created a policy document to protect the interests of LIC policyholders. Among other things, the policy document has prescribed guidelines for redressal of grievances of customers. So, know what are your rights for expeditious redressal of your complaints so that you can claim your benefits to the full.

LIC Service Parameters

Turnaround Time (TAT) and Process of Resolution of Grievances

-- Written acknowledgement should be sent to customers immediately and in no case it should be later than 3 working days from date of receipt of grievance. In case, the complaint is submitted personally written acknowledgement to be provided to the customer at the time of submission of complaint

-- The acknowledgement to contain the name and designation of the officer who will deal with the grievance

-- It will specify the approximate time required for redressing the grievance or otherwise

-- If the complaint is resolved within 3 days, the resolution is to be communicated along with the acknowledgement. In other cases, the final letter of resolution/rejection is to be sent within 2 weeks of the receipt of the grievance. In case of rejection, the reasons for the same to be communicated to the customer

-- If any case requires more time than what is mentioned above, the same is to be informed to the customer/ regulator giving reasons thereof mentioning the approximate time required to send the final reply

See Zee Business Live TV Streaming Below:

Policy for Protection of Interests of Policyholders 2017

-- The final letter of resolution/ rejection will also inform the customer how to pursue the complaint if dissatisfied with the reply

-- The complaint is to be treated as closed if no reply is received from the customer within 8 weeks from the date of receipt of final letter by the customer.

-- The complaint will also be treated as closed where the Grievance Redressal Officer certifies that the contractual, statutory and regulatory obligations have been discharged

-- Where the grievance is not resolved in favour of the policyholder or partially resolved in favour of the policyholder, the complainant is to be informed that he has the option to take up the matter before insurance ombudsman