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4. Important Days :
a. 10 days – Insurer has to communicate the policy holder on any inquery.
b. 15 days – Customer can cancel the contract within 15 days of receiving the policy
(Free look period/Cooling off period).
c. 15 days – Insurer has to convey the policy holder about acceptance or rejection of
proposal.
d. 15 days – In case of claim insurer can ask for additional documents within 15 days
of receiving the claim documents.
e. 15 days – Insurer has to honor the Award passed by the ombudsman within 15 days.
f. 15 days – Grace period in case of monthly mode of premium payment.
g. 31 days or one month – Grace period in case of Quarterly/half yearly/annual mode.
h. 30 days – ombudsman has to pass recommendation.
i. 30 days – Insurer has to settle the claim within 30 days after receiving the claim
document.
j. 90 days – Ombudsman has to pass an award within 90 days.
k. 180 days – maximum time in case of disputed claims.

CHAPTER -3 QUESTIONS:

1.Expand the term IGMS.

I. Insurance General Management System
II. Indian General Management System
III. Integrated Grievance Management System
IV. Intelligent Grievance Management System
2.Which of the below consumer grievance redressal agencies would handle consumer disputes
amounting between Rs. 20 lakhs and Rs. 100 lakhs?
I. District Forum
II. State Commission
III. National Commission
IV. Zilla Parishad

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