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Services Parameters and Turnaround Time (TATs)
Policyholder servicing turnaround times are as follows:
| Service parameters | Maximum turnaround time (calendar days) | Turnaround time to be calculated from |
|---|---|---|
| Written communication of decisions on the proposal / raising additional requirements on the proposal | 7 days | Date of receipt of the proposal or the date of receipt of any requirement called for, whichever is later |
| Providing copy of accepted proposal form | 15 days | Date of acceptance of the proposal |
| Cancellation of proposal and/or refund of proposal deposit | 15 days | Date of case decision/date of receipt of last necessary document /date of receipt of request for cancellation of proposal, whichever is later |
| Post policy issuance cancellations/ corrections/ queries/ non-claim related service requests | 7 days | Date of identification of error/ receipt of request/necessary documents, whichever is later |
| Requests for refund towards surrender and partial withdrawal; refund of proposal deposit; refund of outstanding proposal deposit, if any | 7 days | Date of receipt of all necessary documents |
| Requests for refund towards free look cancellation | 7 days | Date of receipt of all necessary documents |
| Processing of maturity /survival benefit claim/ annuities | On or before the due date | Due date |
| Raising claim requirements after receipt of death claim | At the earliest (no regulatory TAT defined) | Date of receipt of death claim |
| Settlement (paid, rejected or repudiated) of death claims (when investigation is not required) | 15 days | Date of receipt of all relevant papers and clarifications under death claim |
| Settlement of health claims (when investigation is not required) | 15 days | Date of receipt of claim intimation |
| Settlement of death claims when Investigation is required | 45 (Over all days) | Date of receipt of claim intimation |
| Settlement of health claims (when investigation is required) | 45 days | Date of receipt of claim intimation |
| Acknowledgement of Grievance | Immediately | Date of receipt of Grievance |
| Resolution of Grievance | 14 days | Date of receipt of Grievance |
Loan Interest Rates applicable as on date:
| Date | Interest Rate |
|---|---|
| Till 20-Sep-2016 | 11% |
| 21-Sep-2016 | 9.90% |
| 01-Apr-2020 | 7.65% |
| 01-Jul-2023 | 9.75% (Applicable for other than Axis Max Life Saral Pension Plan and Axis Max Life SWAG Elite Plan) |
| 01-May-2025 | 8.91% (For Axis Max Life Saral Pension Plan) |
| 01-Jul-2025 | 7.50% (For Axis Max Life SWAG Elite Plan) |
Note: The Interest rate is applicable for all Plans where loan feature is applicable.
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