ISNP Processes
Procedures, processes and timelines for Pre-sales solicitation

    In order to purchase Insurance from Paytm, customer(s) has to follow below steps:

  1. Filling up of basic details Visit the insurance section on Paytm app / web and select buy insurance Depending on the Insurance type / category opted /selected, Customer(s) need to provide Personal details like Gender , DOB, Smoker/nonsmoker, income, occupation type, education level, Car/motor Details and lumpsum coverage required at claim stage etc.
  2. Getting the quote: To get a quote of a particular product customer has to fill necessary details about the amount of coverage required, time till coverage required and frequency of the premium etc. There are different plans like Motor/ health / Life etc. Customers can select any one on the basis of his/her needs. Once customer finalizes the product, they can select the quote as per their need.
  3. Filling up the Proposal/Application form: In insurance summary/Application form customer(s) needs to fill following details depending upon the Insurance type (Motor/ Health/Life etc.) Personal details – This section contains details like name, contact details, place of birth, Email, education, nationality, address etc.
    • Employment details – This section contains details regarding employment like salaried / self-employed, income
    • Health details– This section contains details w.r.t BMI, medical disclosure on any previous investigations, diagnosis or treatment, if any
    • Nominee details – This section contains details on nomination like name, DOB, relation, marital status
    • KYC details – Occupation category, Parents details, DOB etc.
    • Motor Insurance details/ Previous Insurance details /Coverage etc.
    • Travel Details etc

    **Note – Information to be submitted would vary depending on the Insurance type selected by the Customer
  4. Payment for the policy: After filling all the necessary form you would be redirected to the payment gateway, you would be required to choose a payment mode using one of the following payment options: Credit Card, Debit Card, Internet banking, UPI or e-wallet. After choosing the payment mode, you would need to enter the payment details and proceed to make the payment. Upon successful completion of the payment, you would be redirected to a payment confirmation page. You would get a copy of the insurance policy through email to your registered email id.
  5. AML / KYC: Address Proof, Identity Proof, Age Proof /Income Proof as per the underwriting requirements of the Insurer should be submitted with the respective Insurer - For more details connect with your respective Insurer. Timelines from Pre-Post Sales Services are governed by IRDAI (Policyholder Protections Interest) Regulations, 2017. For more details contact your respective Insurer
S.No Services TAT
1 Refund in case of failed Transaction Refund will be processed by Paytm on failure of transaction and will reflect in your account as per your bank’s policy
2 Refund in case of Cancellation of Policy by the Insurer Respective Insurer – 15 days from the date of Underwriting Decision on the Proposal
3 Decision on Proposal (Respective Insurer) 15 days from the date of receipt or any requirements called by the Insurer
4 Policy Document Post issuance 30 days ( Respective Insurer)
5 Grievance Redressal 14 days
Post Sales Services, Procedure, Processes and timeline
  1. Organizing medical check-up and submission of medical reports for select Insurance Product(s) Customer needs to select a preferred date and time for medicals with the Insurer Partner. The medicals can either be at the customer's residence or he / she will be required to visit the insurer’s empanelled diagnostic centres. Policy underwriting & decision of policy issuance is made by the insurer. Once the policy is issued, policy document will be sent to the customer via email on registered email id. – For more details connect with your respective Insurer
  2. Change of Policy Terms and Conditions / Details Change for Select Insurance Products

      Customer can reach out to respective insurance partners for changing below policy details:

    • Change of name, address, phone number, email and other contact details
    • Change in nominee, assignment
    • Change in premium payment frequency
    • Or any other details depending upon the type of Insurance selected
    • – For more details connect with your respective Insurer
  3. Collection of renewal premiums and remittance to insurers Select the insurer for which you wish to pay the renewal premium.
    • Input policy number for which premium is due.
    • Enter DOB of the life insured.
    • Pay amount due on the Payment Gateway through internet banking, debit card, credit card
    • Receipt for renewal payment will be sent to registered Email Id. – For more details connect with your respective Insurer
  4. Surrender, Maturity, Withdrawals, Free look Cancellations, Return Benefit Payouts The Sum Assured is normally payable to the beneficiary in the event of demise of the Life Assured/Insured during the term as per the policy conditions. Details on the death/ or Coverage Benefit (in case of other Insurance Products) benefits are mentioned on your respective policy document. Policyholder are required to reach out to the respective Insurance Company for more details
  5. Revival of policy A life/health insurance policy moves into non In-force status if the premium is not collected by the end of grace period. A policyholder can revive the policy by paying the outstanding premium(s) (inclusive of taxes and levies, interest and revival fee as applicable). The policy will become In-force once all the requirements raised as per the terms and conditions of the policy are fulfilled- – For more details connect with your respective Insurer
  6. Cancellation In case Policyholder are not agreeable to the any policy terms and conditions of the Insurance policy, you have the option of returning the policy to the respective Insurer stating the reasons thereof, within 30 days from the date of receipt of the policy.. On receipt of your letter along with the original policy documents, Insurer shall arrange to refund you the premium, subject to deduction of the proportionate risk premium for the period on cover, the expenses incurred by them on medical examination if any and stamp duty. For more details connect with your respective Insurer
  7. Duplicate Policy To avail duplicate policy document, - please connect with respective Insurance Company
  8. Death / Claim Settlement Life Insurance Claim Document/ Guidance To enable customer arrange the documents faster, a tentative list of documents that need to be submitted with the claim form is below:
    Natural Death
    • Death certificate issued by Govt. / Relevant Authority
    • Death claim form (includes NEFT)
    • Original Policy Document (In Case of DEMAT, Original Policy Documents are not Required)
    • Claimant’s Identity & Residence Proof
    • Medical records at the time of death & past illnesses
    • NEFT Account details
    • Un-natural Death (Accidental death / Murder / Suicide)
    • Death certificate issued by Govt. / Relevant Authority
    • Death claim form (includes NEFT)
    • Original Policy Document (In Case of DEMAT, Original Policy Documents are not Required)
    • Claimant’s Identity & Residence Proof
    • FIR, Police Inquest Report & Panchanama
    • Post Mortem Report
    • NEFT Account details
    Additional documentation / forms may be requested on case-to-case basis by the respective Insurer
  9. General Insurance Claim Documents/Guidance Motor Insurance
    • Contact respective Insurance Partner to intimate the motor insurance claim within 24 hours of the accident.
    • Mention the policy number or vehicle number to intimate the bike/car insurance claim.
    • Take the vehicle to the nearest garage of your choice / cashless workshop authorised by your respective Insurer - For more details connect with your respective Insurer
    • Provide a copy of the car driver's license, self-attested copy of the RC Book along with the signed Claim Form to the garage.
    • Pay the difference in amount if any you're at a preferred workshop or cashless garage and take the delivery of the vehicle.
    • For more details contact your respective Insurer and Policy T&C
  10. Health Insurance Claim Documents/ Guidance Cashless Claims:
    • Approach the insurance desk of the hospital.
    • Show the ID card for identification purposes.
    • Network hospital would verify your identity and submit pre authorization form to the Insurer
    • Contact Respective Insurer to settle the claim as per policy terms & conditions.
    Reimbursement Claim Process:
    • Upon discharge, pay all hospital bills and collect all original documents of treatment undergone and expenses incurred.
    • Claim form has to be filled in and along with, all the relevant original documents have to be submitted at the nearest Branch office of the respective Insurance Company
    • Insurer will settle the claim subject to policy terms and conditions.
    • For more details connect with your respective Insurer or refer to Policy T&C
Claims Settlement Timelines
S. No Description (For Respective Insurer) – Life TAT
1 For Query Requirement or Additional Requirements Within 15 days of the receipt of Claim by the Insurer
2 Claims Settlement (life) Within 30 days from the date of receipt of all relevant papers and required clarifications. However, where the circumstances of a claim warrant an investigation in the opinion of the insurer, it shall initiate the same at the earliest and complete such investigation expeditiously, in any case not later than 90 days from the date of receipt of claim intimation and the claim shall be settled within 30 days thereafter
For General Insurers (Respective Insurer)
1 Insurer to inform the insured / claimant of the essential documents and other requirements that the claimant should submit in support of the claim Within 7 days of the claim Intimation
2 surveyor shall start the survey Within 48 hours of Appointment of Surveyor
3 Physical details of Loss shall be recorded and forwarded to Insurer 15 days from the date of first visit of Surveyor
4 Claim Settlement 30 days of receipt of final survey report and/or the last relevant and necessary document as the case may be
For Health – Respective Insurer
1 Claim Settlement within 30 days from the date of receipt of last necessary document in accordance with the provisions of Regulation 27 of IRDAI (Health Insurance) Regulations, 2016
Timelines from Pre-Post Sales Services are governed by IRDAI (Policyholder Protections Interest) Regulations, 2017 and Guidelines on Insurance e-commerce, 2017