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Underwriting Playbook_V4_IBL

Published by noel.mendonsa, 2021-11-12 09:04:03

Description: Underwriting Playbook_V4_IBL

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IBL Underwriting Guidelines Stay One Step Ahead This is an internal training document created only for the sales employees of Tata AIA. This should be not used for solicitation.

Table of Contents ⃝ What is Underwriting ⃝ Term Underwriting Guidelines ⃝ Eligibility Criteria ⃝ Dynamic Risk Calculator ⃝ VPSC ⃝ Exception Handling ⃝ VMER + FW GRID ⃝ Validity of Medical Reports ⃝ Guidelines for age 61 to 65 ⃝ Homemaker Guidelines ⃝ Agriculturist Guidelines ⃝ Financial Underwriting Guidelines ⃝ Financial Surrogates ⃝ Replacement Cover Guidelines ⃝ List of Standard / Decline Countries ⃝ Medical GRID ⃝ COVID 19 Guidelines ⃝ Business Insurance Guidelines ⃝ LSPO Guidelines ⃝ NRI Guidelines ⃝ Param Rakshak / Param Rakshak Plus Guidelines ⃝ Saral Jeevan Bima Guidelines ⃝ Rider Underwriting Guidelines ⃝ Non-Term Underwriting Guidelines ⃝ FAQs ⃝ Plan Eligibility GRID Let’s Go Ahead… This is an internal training document created only for the sales employees of Tata AIA. This should be not used for solicitation. 2

All about Underwriting What is Underwriting? • Determining if policy can be accepted or rejected & if accepted & at what rates. • This decision is based on risk assessment of the customer's profile. • Helps in the selection of risks for the insurance company involved in issuance of an insurance policy to the person in question Who is an Underwriter? • A person who evaluates policy application • Works on behalf of or for the life insurance company • Looks at customer demographic, health & financial records to figure out if s/he is eligible to receive the rate originally quoted Why Underwrite? • To maintain equity among policy holders • To keep within the mortality assumptions • To remain competitive • To protect against Anti-selection • To offer insurance cover to as wide a group of lives as possible Contd. This is an internal training document created only for the sales employees of Tata AIA. This should be not used for solicitation. 3

All about Underwriting Primary Underwriter • Frontline Sales are Primary Underwriters • Bears the responsibility to write applications only on people who are likely to qualify for insurance • Underwriter continues this selection by obtaining sufficient information to determine whether or not the risk is acceptable Role of Primary Underwriter • Mandate - the life insured should be met personally. This is non-negotiable • Financial and Medical assessment to be derived basis discussion • Ensure right risk in the company books • Personal assessment basis the discussion had with customer • Non-disclosures/adverse observations if any should be captured • Know your customer better before login of the application form Underwriting Benefits Frontline Sales Customer Partner Right judgement through Right life cover with the right Banking services and insurance observation, discussion and data premium amount enables coverage when offered through customer to get adequate collection gives clarity at 1st protection. one platform, customers are stage itself whether the policy bound to stay loyal for long term thus giving further opportunities should be issued to the customer or not. for upsell and cross-sell. Back to Index This is an internal training document created only for the sales employees of Tata AIA. This should be not used for solicitation. 4

Basic Term Eligibility Criteria Entry Age Minimum 18 years Criteria Maximum 65 years All Life to be Insured Only Standard Age Proof Age Proof All NRI / PIO / OCI Life to be Only PASSPORT as Standard Insured Age Proof. No other age proof will be accepted. Minimum HSC (Higher Secondary Certification or equivalent) Qualification i.e., minimum 10+2 regular course Education Exception Handling SSC (10th) pass only (Refer the exception handling Scenarios section for more details) Resident Indian NRI / PIO / OCI Pls Note: Graduate: 12 + 3 years’ diploma holders of a technical field like Pharmacy/ Engineering can be considered equivalent to graduate. Poly technique courses cannot be considered equivalent to graduate Salaried* / Professional Min INR 5 Lac /Business Owner/ Self Employed Salaried, Professional, Business Min INR 10 Lac Annual owner or Verified Income Self-employed Partner Minimum Education : Graduate All Bank partner employees, Tata Employees Minimum Earned Income : 3 Lacs Group employees, Employees of Bluechip, IEP, Bajaj Capital, NJ, Max Cover : 1 Cr TSAR subject to HLV is met GenNext, Landmark, Invictus, Mandatory Medicals Probus, D2C & Policy Bazar *Salary from own business or closely held family business will not be considered. Annual verified income for Business owner or self-employed, the average business profit for last two years should be minimum INR 5 Lac. Contd. This is an internal training document created only for the sales employees of Tata AIA. This should be not used for solicitation. 5

FAQs Example - Mr. Karan 66 years old and wants to apply for a term plan as he is a Silent partner is his business currently and wants to safeguard the interest of his family by booking a term plan Answer - No, he is not eligible as the maximum entry age is 65 years Example - Mr. Khanna is a Businessman (10th pass) and runs a chain of logistics in FMCG sector and files an ITR of 20 lacs every year, he has a dependent family which includes a wife and three children and he is the only bread winner in his family. Currently, he lives in Mumbai and taking care of his business and travels a lot because of business requirements. By analysing the entire scenario, how much cover will you offer him? Answer - As per the guidelines we can’t offer the plan to Mr. Khanna because the minimum qualification which is required for a term plan is 12th pass but there is an exception which can be considered here for the customer who is 10th pass and having an average ITR of 10 lacs ( last 2 years average) plus- 1. Mandatory Standard income proof required 2. Financial waiver OR any kind of Financial surrogate income shall not be accepted 3. Mandatory Medicals + VPSC required 4. The Risk Score of TALIC is within acceptable limit 5. Video PSC Mandatory/Video MER and/or PIV as per underwriter’s discretion 6. Final decision is subject to underwriting Contd. This is an internal training document created only for the sales employees of Tata AIA. This should be not used for solicitation. 6

FAQs Example - You have recently joined a bank branch and in the morning huddle Branch Manager asked about the minimum salary criteria for his employees to ensure that responsibly everyone should go for a protection solution. What will be your answer 5 lacs or 3 lacs? Answer - Here in this scenario we are not talking about the customers but we are referring to the bank staff i.e. our partner employees, so, for them the minimum annual package requirement is of 3 lacs p.a. with max cover upto 1 Cr with mandatory medicals and should be a Graduate The correct answer will be 3 lacs in this case Example - Mr. Rajesh 43 years old, HSC passed and currently he is self employed and owns a garment shop in one of the busy localities in Mumbai Being a businessman, his ITR for last two years are 2019- 9 lac, 2020- 3 lac (hit loss due to pandemic), Is he eligible to buy the term plan? Answer - Mr. Rajesh is eligible to buy a term plan as his average business profit for last two years is INR 6 Lac (9+3 lacs/2) which is more than the minimum eligibility amount i.e. INR 5 Lac. Contd. This is an internal training document created only for the sales employees of Tata AIA. This should be not used for solicitation. 7

Basic Term Eligibility Criteria Geographical Location (Allowable Pincodes in India) Kindly Note: Based on Reinsurer Dynamic Risk Score Model there may be additional requirements triggered basis underwriter`s discretion. Resident Indian • PAN INDIA allowed NRI/PIO/OCI Age Limit 18-60 years Video-MER Mandatory in all cases Maximum Sum Assured* Set A Countries: [Singapore, Hong Kong, China, UAE, Oman, Qatar, Saudi Arabia, Sri Travel Lanka, Maldives, New Zealand, & Australia, Papua New Guinea, Fiji, Brunei, Thailand, Questionnaire is Mandatory Taiwan, Vietnam, Mauritius, South Korea, Bahrain, Kuwait] can be accepted upto 5 Cr. Foreign lives residing in India For higher Sum assured final decision subject to reinsurer approval. Standard income Proof Substandard Countries: 2Cr – Maximum Loading upto 3/mile as per reinsurer manual can be accepted Set B Countries: If only vaccinated can be accepted upto 5 Cr . If Not Vaccinated such proposals will be postponed. Sub Standard Countries: 2Cr – Maximum Loading upto 3/mile as per reinsurer manual can be accepted Decline Countries: No cover will be offered. Up to TSAR of 1 Cr: Only first and last page of Passport + Travel Questionnaire Above TSAR of 1 Cr: Copy of all pages of Passport with Entry and Exit details + Travel Questionnaire May be considered on exceptional basis and shall be evaluated on merits of the case Applicable for each and every case (Credit bureau income estimator will NOT be applicable) The list of Standard / Substandard / Decline countries is dynamic and hence are subject to change based on various factors. The underwriter’s decision on the application will be final as this will be based on the latest update from the reinsurance partner. *Applications where Life to be Insured is residing in the approved countries will only be accepted. If the approved country has a substandard rating, applications from such countries will be accepted with loading or will be declined. Refer to Annexure 1 & 2 Because of ongoing Pandemic, NRI guidelines are dynamically changing based on global scenario and Covid-19 guidelines will supersede NRI guidelines till further notification. Back to Index This is an internal training document created only for the sales employees of Tata AIA. This should be not used for solicitation. 8

Analytical Tool Reinsurance predictive analytic tool “Dynamic Risk calculator” (DRC) shall be mandatory for every case. This will be used at backend and other requirements at UW stage DRC Income Physical Detailed Full GRID Sr. Minimum Parameter Sales Medicals Underwriter Documented Proof Risk Report Mandatory (No Tele / Approval Income Submission Check from BM VMER) Preferred Financial No No Standard Waiver Guidelines As Per Income applicable criteria till 1 Cr. Above 1 No Crore Mandatory Std Income proof Medium Yes (CPR) Yes Mandatory Yes for all Sum Assured High Risk 10 Lacs In entire retained Pool above action matrix of DRC will not be applicable i.e upto 1 Cr and in Only VMER cases where case is issued basis only VMER as per guidelines 1 & 2 in VMER Section Back to Index This is an internal training document created only for the sales employees of Tata AIA. This should be not used for solicitation. 9

VPSC VPSC is mandatory in all policies. However, based on Channel dynamics, this may vary from Channel to Channel. Key Points • VPSC is available in 12 different languages • Face should be clearly visible during the liveliness check and script recording • The customer should start reading the script only after the countdown • The customer should revise the script before the start of the recording • Video should be legible • Voice should be audible • Lip Sync is not allowed • The customer should replay the script before submitting, re-record if required Important / Benefits of VPSC • Issuance is faster in VPSC cases • Cases where physicals medicals are required, if VPSC is done; VMER is not required • Validation of the basic terms and conditions at an application stage helps to reduce complaints at a later stage • Verification of complete communication address helps to deliver information / documents to customer after issuance • It helps avoid Miselling at an initial stage Back to Index This is an internal training document created only for the sales employees of Tata AIA. This should be not used for solicitation. 10

Exception Handling Scenarios Educations SSC/10thpass Subject to meeting following conditions ❖ Applicable for all locations. ❖ Minimum Earned Income for Salaried and Self- employed is INR 10 Lac ❖ Mandatory Standard income proof required. ❖ Financial waiver OR any kind of Financial surrogate income shall not be accepted. ❖ Mandatory Medicals plus VPSC required ❖ Video PSC Mandatory / Video MER &/ or PIV as per underwriter’s discretion ❖ Final decision is subject to underwriting Back to Index This is an internal training document created only for the sales employees of Tata AIA. This should be not used for solicitation. 11

New VMER + FW Grid VMER and Financial will be evaluated basis Sum Assured and Age limits as per defined table basis TERM TSAR only. TERM TSAR = All Term TATA AIA issued Policies from April 21 + Base SAR of current term plan + Base SAR of simultaneous applications, if any VMER and Financial Waiver Eligibility criteria ❖ Min Annual Income- Salaried:7.5L; Self Employed: 10L ❖ Min Education- Graduate ❖ Financial Waiver criteria basis TERM TSAR * Lower of declared / Lowe band of Estimated income basis bureau of 7.5Lacs / 10 Lacs, however for HLV will be calculated basis Financial SAR^ ❖ Credit Score>= 650 ❖ FW will be Eligible only if HLV is met as per Lower of declared / Lower band of bureau Income ❖ Resident Indian Only ❖ ^FSAR = Total sum assured across all policies of life assured with the Tata AIA and with other Life Insurance Companies ❖ TERM TSAR = All Term TATA AIA issued Policies from April 21 + Base SAR of current term plan + Base SAR of simultaneous applications, if any Contd. This is an internal training document created only for the sales employees of Tata AIA. This should be not used for solicitation. 12

New VMER + FW Grid VMER GRID Age Band GRID Income Salaried : 7.5 Lacs Income Self Employed – 10 Lacs Self Employed – 7.5 Lacs 18 - 40 VMER Eligibility 41 - 45 VMER only + FW / >= 1 Crore to 2.25 Crore = 1 Crore Medical + Financial NA Waiver conditions as Std Financial per 1 Cr applicable as per Below Grid documents >= 1 Crore to 1.5 Crore Above 45 to 55 Grid Medicals + < 1 Crore <> 1Crore Above 55 VMER + FW [ If <1 Cr and > 1.5 Cr All Sum Assured applicable upto 1 Cr] / SFE Grid Medicals + VMER + FW [ If applicable upto 1 Cr] / SFE No Financial Waiver Video MER will not be done in Physical Medical cases if VPSC is done except for :- • Video MER will be Mandatory for NRI/OCI/PIO/FN - Above MSAR of 1 Cr • Business insurance cases • For Age above 60 i.e. 61-65 years Physical Medicals + Video MER is mandatory • Medicals will be done as per the current medical grid. (Annexure 3) Criteria Failure Case like ❑ Education < Graduate ❑ Income: Lower - Min Band of Bureau / Declared Income Less than 7.5 Lacs for Salaried and Self Employed 7.5 L / 10 L as per above Guideline 1 / 2 ❑ NRI customers ❑ VMER Eligible case : But any adverse disclosures that qualify for Grid Medicals evaluation; FW will not be applicable + Standard Financial documents will be required Back to Index This is an internal training document created only for the sales employees of Tata AIA. This should be not used for solicitation. 13

FAQs Example - Mr. Kambuj Kapoor the RM of the bank was in a meeting with his customer where during the discussion the client wanted to know whether he can proceed with the term plan without any medicals and hassle free issuance without any financials due to time constraint at work . Pls specify the parameters of VMER and financials waiver Answer - If the customer is willing to avail the facility of financial & VMER waiver (financial & VMER not required) then he must meet the below mentioned conditions • Min Annual Income- salaried 7.5 lac, self-employed 10 Lac • Min Education- Graduate • Financial Waiver Criteria basis TERM TSAR (all issued policies from April 21) • Credit Score>=650 • Resident Indian Only Example - The bank RM has a follow up customer who is interested in PR and PR plus proposition but taking time to take the decision, what are the unique points about medicals that you can discuss with the customer, pls specify- Answer - Yes, Special Video-MER criteria is now applicable for ILP upto 1Cr MSAR • Min Annual Income - 5 Lakhs • Min Education- Graduate • Occupation- Salaried, Professional, Self Employed. • Financial UW criteria – FSAR Upto 1 Cr (Estimated income basis bureau and Credit Score>650) Contd. This is an internal training document created only for the sales employees of Tata AIA. This should be not used for solicitation. 14

Medical Reports Validity of Medical reports: a. Sum assured upto INR 150,000,000: i. Standard: 1 year ii. Substandard Medicals: 6 months b. Sum assured above INR 150,000,000: Pre-login Underwriting approval is compulsory for medical and financial requirements i. Standard: 3 months ii. Substandard Medicals: Zero validity Back to Index This is an internal training document created only for the sales employees of Tata AIA. This should be not used for solicitation. 15

Guideline for Age: 61-65 Years Video MER Mandatory + Medicals For SA > 1Cr: Policy Term will be allowed as per Reinsurer decision Whole life cover not allowed Standard Financials Mandatory Financial surrogates not allowed Example - You have come across a customer who is 62 years old and looking for FD as a saving for his grand daughter and suddenly it triggers to you to suggest a term plan as well and you made the customer apply for a term plan for legacy forhis grand daughter. In such scenario is video MER+ Medicals are mandatory and what are the other conditions which are applicable? Answer - In this scenario, the customer is a senior citizen, opting for a term plan. The mandatory conditions which will be applicable- ➢ Standard Financials will be mandatory ➢ Whole life cover will not be allowed ➢ For SA > 1Cr: Policy Term will be allowed as per Reinsurer decision ➢ Video MER Mandatory + Medicals ➢ Any other requirement as per the channel / partner Back to Index This is an internal training document created only for the sales employees of Tata AIA. This should be not used for solicitation. 16

FAQs Example - Mr. Raghav, aged 62 years is done with VPSC while applying for the term plan, is it mandatory to go for physical medicals & Video MER? Answer - Yes, as the customer’s is 62 years old, refer the guideline for Age: 61-65 Years:- • VMER mandatory + Medical. • Whole life cover not allowed. • For SA > 1Cr, Policy Term will be allowed as per Reinsurer decision. • Standard Financials mandatory. Financial surrogates not allowed Contd. This is an internal training document created only for the sales employees of Tata AIA. This should be not used for solicitation. 17

Homemaker Guidelines Sum at Risk Eligibility: 50% of husband’s Term Cover* OR INR 50 Lac whichever is lower [*With TALIC/any other with life insurance company/ies] Other Eligibility Conditions/Requirements: Education (LA) - Graduate All cases will be fully Tele-Verification: or above underwritten medically All cases, PSC is mandatory. Husband’s Cover - Husband’s term cover may or may not be from TALIC. If husband’s term cover is not from TALIC, a copy of the policy schedule with Sum Assured and Terms of Acceptance to be attached [policy to be less than 5 years old]. Only Life Option is available UIN No 110N160V02 Financial Eligibility: Husband to be financially eligible for the combined cover on himself and his spouse. Example: If husband is covered for INR 1 Crore with TALIC and intends to take a INR 50 Lac cover on his wife with TALIC, he needs to be eligible for INR 1.5 Crore basis his earned income. Standard Financial documents of the husband will be required. Back to Index This is an internal training document created only for the sales employees of Tata AIA. This should be not used for solicitation. 18

FAQs Example - Mrs. Asha Prasad is a homemaker and a wife of a successful businessman Mr. Kamal Prasad, who is into retail chain of FMCG products and wants to apply for a term policy to have a secure future. Mr. Prasad also wanted to cover his wife in the same policy. As a RM or Insurance specialist what will you suggest in such scenario Answer - As an Insurance specialist you must make you customer aware about the homemaker guidelines- • Homemaker should be graduate or above • PSC will be mandatory • 50% of husband’s Term Cover* OR INR 50 Lac whichever is lower [*With TALIC/any other with life insurance company/ies] • Husband’s Cover - May or may not be from TALIC. If husband’s term cover is not from TALIC, a copy of the policy schedule with Sum Assured and Terms of Acceptance to be attached [policy to be less than 5 years old] Example - If husband is covered for INR 1 Crore with TALIC and intends to take a INR 50 Lac cover on his wife with TALIC, he needs to be eligible for INR 1.5 Crore basis his earned income. Standard Financial documents of the husband will be required. Contd. This is an internal training document created only for the sales employees of Tata AIA. This should be not used for solicitation. 19

Agriculturist Guidelines Minimum Income Criteria - Education - Graduate Verified Income - ITRs and Being self-employed, Form J* will be considered INR 10 Lac will be applicable for Min. Income Criteria Land ownership papers, Sum Assured - Capped at Medical mandatory mandi receipts in LAs name INR 50,00,000 based on to be submitted eligibility *Form J and its instructions guides one through calculation of tax on their current year elected farm income as well as the three base years to calculate average income Back to Index This is an internal training document created only for the sales employees of Tata AIA. This should be not used for solicitation. 20

FAQs Example - Mr. Ram is an agriculturist, earns well up to INR 12 Lac through agriculture in his 10 acres of land. If he wishes to go for a term plan, what is the amount of Sum Assured Capped at and other documents required? Answer - If the customer is an Agriculturist the following conditions need to be taken of- • Minimum Income Criteria - Being self-employed, INR 10 Lac will be applicable • Education - Graduate • Verified Income - ITRs and Form J* will be considered for Min. Income Criteria • Land ownership papers, mandi receipts in LAs name to be submitted • Sum Assured - Capped at INR 50,00,000 based on eligibility • Medical + Video MER mandatory Example - Mr. Ravi is 33 years old and self employed in a cloth manufacturing business with 4.40 lacs of income (ITR) wishes to apply for a term plan, is there any provision where the customer can apply for the same with 1 Cr term cover as his annual income is not 5 lacs which is a basic eligibility? Answer - Yes, now we can add surrogates with the plan to bridge the financial gap to reach the eligibility. So ,in this case using surrogate income, 20% income can be bridged (88,000) , new Income: 4,40,000 + 88,000 = 5,28,000 as the required eligibility for Term plan is 5,00,000 by using surrogates customer is eligible for the term plan now Financial Eligibility: 5,28,000 x 25 = 1,32,00,000 Contd. This is an internal training document created only for the sales employees of Tata AIA. This should be not used for solicitation. 21

Financial Underwriting Guidelines Financial Underwriting is done for the following reasons: Need for insurance cover is present. • This is established if there is financial loss to the family/nominee in case of untimely death of the proposed life insured. Financial Eligibility Cover proposed is commensurate with the financial loss. This is essential to avoid over insurance as it could lead to anti selection. Income of the life to be insured is considered to arrive at financial eligibility and not of the proposer. Following table is used to calculate the Life Insurance eligibility and different tables/rules are used to calculate the eligibility for additional benefits such as Accidental Death Benefit rider, Critical Illness rider, etc. The rider eligibility criteria are defined separately. Age at Entry (years) Max Income Multiple* *UW discretion may apply 18 – 35 25 36 – 40 20 41 – 45 15 46 – 50 12 51 – 55 10 56 – 65 5 Financial eligibility arrived using the above factor represent the maximum amount of life insurance cover a person can obtain from all insurance providers across the world. All valid policies taken throughout the lifetime of the insured where death benefit is payable in case of claim are considered while arriving at the eligibility. This is referred as Financial Sum At Risk (FSAR). Contd. This is an internal training document created only for the sales employees of Tata AIA. This should be not used for solicitation. 22

Financial Underwriting Guidelines Financial sum at risk: Base SAR of current plan (Death Benefit) + Base SAR of simultaneous applications, if any + SA of CI benefit (if opted additional CI) + SAR under all policies taken with TATA AIA Life and any other company any time in the past (computed from the date of issuance of policy). (SAR of all Surrendered / Matured / CFI / Withdrawn policies are excluded) Income of the proposed insured disclosed in the application form, must commensurate with the occupation and other characteristics of the person such as age, place of work etc. Actual income must be substantiated through reasonable evidence for large amount of insurance cover. Financial Underwriting basis credit bureau report Life to be insured shall be required to meet all of the following eligibility criteria to be eligible for financial waiver with Credit report form Experian / CIBIL / CRIF. + Minimum Education Criteria: Graduate + Minimum declared Annual income shall be INR 5 Lac for Salaried and Self – Employed. + Credit score: 650 & above is required. + Maximum Age allowed under this guideline is 55 years + Verified income from mandatory documents is to be considered even if estimated income is higher. + Lower income of Bureau to be compared with declared income & lower of these to be used for financial evaluation + Maximum TERM TSAR upto INR 1.0 Crore [ Pls refer to VMER Eligibility GRID for Financial Waiver + VMER Grid conditions till 2.25 Cr] TERM TSAR = All issued Policies from April 21, however for HLV will be done basis Financial TSAR = Total sum assured across all policies of life assured with the Tata AIA and with other Life Insurance Companies. Contd. This is an internal training document created only for the sales employees of Tata AIA. This should be not used for solicitation. 23

Financial Underwriting Requirement: Income proof is mandatory for all cases not meeting the criteria for financial waiver as per credit bureau ^List of Standard Income Proof is given below. Any other evidence submitted will be considered as surrogate income proof and will be evaluated based on the merit of the evidence and the underlying risk cover. Underwriter’s discretion is final while assessment of the surrogate income proof. List of Standard Income Proof: ❖ Recent Appointment Letter (Not more than 3 months old) with at least 1 months’ salary slip with Provident Fund deduction. ❖ Bank statement showing latest 6 months’ salary credits needs to be obtained along with Salary slips. ❖ Last 6 months Bank statements reflecting salary credit at regular periodic interval. ❖ Latest Form 16 / Form 16 A ❖ Income Tax Returns (ITR) along with CA certified (as applicable) Computation of income for last three years – Average Income of 2 years will be considered for computing eligibility ❖ CA certified / Audited Profit and Loss (P&L) account & audited Balance Sheet for last 2 years. (average income will be considered) Please note, Income proof / Proof of Source of Fund is required under AML guidelines as per defined matrix. Evidence received under AML guidelines will be used for financial assessment as well. In case where declared income, Credit bureau estimated income and documented income (income proof) are simultaneously available, then documented income will supersede all forms of income proof and documented income will be considered for financial eligibility calculations. Back to Index This is an internal training document created only for the sales employees of Tata AIA. This should be not used for solicitation. 24

FAQs Example - Mr. Karan Mehra is bank’s customer and wishes to invest 50 lacs in a ULIP plan and wants to know if there is any financial waiver of documents which is available basis the credit bureau report Answer - The financial waiver of documents is available for the customer basis credit bureau report provided the customer fulfils the below mentioned conditions- • Minimum Education Criteria: Graduate • Minimum Declared Annual Income: INR 5 Lac for Salaried and Self – Employed • Credit Score: 650 & above • Maximum Age allowed: 55 years • Verified Income: Income only from mandatory documents to be considered even if estimated income is higher • Lower income of Bureau to be compared with declared income & lower of these to be used for financial evaluation Example - Mr. Jacob Jose is an NRI and presently in India to visit his family, he wants to book SRS plan with TATA AIA Life but his passport renewal is under process, what will you consider as a age proof document in this case? Answer - When our customer is an NRI/OCI/PIO, in such cases the only standard age proof which can be considered is a PASSPORT and no other document will be applicable as passport is a mandatory document. In the above-mentioned case study, the passport is not available therefore you will have to wait for the renewal of the same Contd. This is an internal training document created only for the sales employees of Tata AIA. This should be not used for solicitation. 25

Financial surrogates Financial surrogates: Documents → To be used only to bridge the financial eligibility gap in case of professional and self-employed individuals. → Surrogates are not to be used for salaried individuals → The following financial surrogates can be used to bridge the sum assured gap upto 20% of insurance eligibility using documented income. Maximum insurance gap that could be bridged is INR 2 Crore → The document can also be used to increase the annual income by 20%. This new income can be used to derive Term plan entry criteria’s → Documented income proof is mandatory for each and every case. → Combinations are not allowed to arrive at financial eligibility. Example:- ➢ Self-employed age 33 years, income 4,40,000, applying for 1,00,00,000 (not eligible as per entry gate criteria) Using above surrogate income 20% income can be bridged (88,000) New Income: 4,40,000 + 88,000 = 5,28,000 Required eligibility for Term plan: 5,00,000 | Allow entry to Term plan. Financial Eligibility: 5,28,000 x 25 = 1,32,00,000 ➢ Insurance eligibility: Male life age 35 years / Earned income is 10L Option 1 – increase income by 20% subject to income surrogate i.e 10L + 2L = 12L Financially viable for 12L x 25 = INR 3,00,00,000 OR Option 2 – viable for 10L x 25 = INR 2,50,00,000 Add 20% to above for final eligibility | INR 2.5 crs + 50L = INR 3,00,00,000 You may use either Option 1 or Option 2 but not both. Contd. This is an internal training document created only for the sales employees of Tata AIA. This should be not used for solicitation. 26

Financial surrogates Financial surrogates: Documents Type of Document Required Calculation Logic Surrogate • Copies of the investment in the name of the insurance Total insurance cover = Investment 50% x Value of Total portfolio applicant as of latest/ last month only prior to investment. insurance application date. • Investment should be in the name of LA only & Age <55 • Copies of the monthly SIP for past 12 months in the Monthly SIP name of the insurance applicant as of latest/ last month Annual Income = Monthly Car only prior to insurance application date. SIP x 24 ownership • Investment should be in the name of LA Credit Card limits • Copy of the ownership document/purchase document • The vehicle registration should be in the name of the Annual Income = 2 times Life Assured (with RC Book) & Copy of Car Insurance. of the IDV as on The vehicle should be registered only for personal use *Only 1 car could be used and not for commercial purpose. for such bridging • Should be in single name of the applicant • The ownership details should be found on • ‘VAHAN’ website. • Credit Card statement of recent 6 months showing monthly credit limits • Credit card should be in LA name only [No joint Annual Income = 2X owners / No defaults] monthly Credit Limit • Only one card with highest limit to be used Home loan • Repayment statement for last 12 months along with Annual Income = 24 x statement Monthly EMI or bank statement showing debits for the same period. Total Sum assured that • Loan approval letter from the financial authority could be bridged = 20% of the Home loan/ showing the EMI [ only for recent loan procurement] commercial loan value Back to Index This is an internal training document created only for the sales employees of Tata AIA. This should be not used for solicitation. 27

Replacement Cover Guidelines Replacement cover can be considered subject to:- • Existing insurance cover which includes any preliminary enquiry made must be disclosed upfront with appropriate status of the existing cover or enquiry application (such as Application accepted and is in force, surrendered, lapsed, application under process etc. must be mentioned) • Replacement cover for existing policy with other insurance company will only be considered from or after the date of policy anniversary / premium due date • Affidavit in prescribed format is required on plain paper in case of replacement amount is up to INR 10 Crore and on INR 100 Stamp paper for replacement cover of more than INR 10 Crore Back to Index This is an internal training document created only for the sales employees of Tata AIA. This should be not used for solicitation. 28

Indicative List of Standard Countries Sr Indicative List of Standard Countries Sr Indicative List of Standard Countries No No 1 Australia 16 Vatican City 2 Austria 17 Luxembourg 3 Belgium 18 Netherlands 4 Canada 19 New Zealand 5 Czech Republic 20 Norway 6 Denmark 21 Poland 7 Finland 22 Portugal 8 France 23 Singapore 9 Germany 24 Slovakia 10 Greece 25 Slovenia 11 Hungary 26 Spain 12 Iceland 27 Sweden 13 Ireland 28 Switzerland 14 Italy 29 United Kingdom & Northern Ireland 15 Korea (South Korea) 30 United States of America Important Note: Countries not covered above are either accepted with/without loading or declined. You are requested to check with underwriting team for the latest update before sourcing application. Contd. This is an internal training document created only for the sales employees of Tata AIA. This should be not used for solicitation. 29

Indicative List of Completely Non- Acceptable (Decline) Countries / Region Sr Indicative List of standard countries Sr Indicative List of standard countries No No 1 Afghanistan 11 Pakistan 12 Sierra Leone 2 Burundi 3 Casamance 13 Somalia 4 Gaza 14 South Sudan/Sudan 5 Iraq 15 Syria 6 Israel (Including West Bank and Gaza 16 Western Sahara Region Strip) 7 Liberia 17 Yemen 8 Libya 18 Ukraine 9 Niger 10 Nigeria Important Note: Countries not covered above are either accepted with/without loading or declined. You are requested to check with underwriting team for the latest update before sourcing application. Back to Index This is an internal training document created only for the sales employees of Tata AIA. This should be not used for solicitation. 30

Medical GRID Medical SAR in INR 18 – 35 36 – 40 41 – 45 Above 45 5000000 ME, BPB, HBA1c ME, BPB, HBA1c, ECG-R ME, BPB, CBC, [Non-Fasting] ME, BPB, CBC, HBA1c, TMT HBA1c, TMT 5,000,001 -20,000,000 ME, BPB, HBA1c, ECG-R [Non-Fasting] 20,000,001 -50,000,000 ME, BPB, CBC, HBA1c, TMT [Non-Fasting] 50,000,001 - 15 Crore [ ME, BPB-F, HBA1c, TMT, 2 ME, BPB-F, CBC, ME, BPB-F, CBC, ME, BPB-F, CBC, Fasting required] D Echo, USG (Pelvis & Abd), HBA1c, TMT, 2 D HBA1c, TMT, 2 D HBA1c, TMT, 2 D Chest X ray, Anti HCV, Echo, USG Echo, USG (Pelvis echo, USG (Pelvis Above 15 Crore [Fasting Urine microalbumin, PFT (Pelvis & Abd), & Abd), Chest X & Abd), Chest X required] Chest X ray, Anti ray, Anti HCV, ray, Anti HCV, HCV, Urine Urine Urine microalbumin, microalbumin, microalbumin, PFT PFT, Fundoscopy PFT, Fundoscopy Eye examination Eye examination PSA above age 55 years only Male Lives Key to Medical grid : BPB includes RBS HIV, Cholesterol, Triglycerides, Serum creatinine, HDL, S Bilirubin, HbsAg, SGOT, SGPT, Alk Phosphates, Gamma GT, Albumin, BUN. BPB F includes FBS HIV, Cholesterol, Triglycerides, Serum creatinine, HDL, S Bilirubin, HbsAg, SGOT, SGPT, Alk Phosphates, Gamma GT, Albumin, BUN. Urine cotinine is required only for all declared Non-Smoker applicants. Random blood sugar (RBS): If RBS is done Hba1c is required .RBS + HbA1c is allowed upto medical SAR of INR 5 Crs upto age 55 years. Above 5 Cr we need Fasting Medicals and FBS only . Back to Index This is an internal training document created only for the sales employees of Tata AIA. This should be not used for solicitation. 31

COVID - 19 guidelines Underwriting Guidelines – Resident Indian Below rules to be applicable to Term Products including ILP and SSR and are mandatory. 1. Vaccination is not mandatory for any kind of Insurance cover across any age group. 2. Waiting period post vaccination will be applicable as follows- a. After first Dose- 7 days b. After Second dose- 15 days Approach for Recovered from COVID -19 : Without h/o hospitalization: only quarantine/self-isolation <= 1 Month Postpone > 1 month to 6 Months Require complete grid medicals + Chest X – Ray > 6 Months [ 18 to 60 , upto 1 Cr] Require complete grid medicals > > 6 Months | Above 1 Cr Require complete grid medicals + Chest X – Ray With h/o hospitalization <= 3 months Postpone >3 months Require complete grid medicals, Chest X Ray and Complete follow up with blood tests, imaging (CXR, HRCT Chest) etc will be required Contd. This is an internal training document created only for the sales employees of Tata AIA. This should be not used for solicitation. 32

FAQs Example- Mr Ramchandran Das is a customer from the bank. He wishes to apply for a Term insurance plan. He wants to know the vaccination requirements from TATA AIA Life before applying for the plan: Answer: Vaccination is not mandatory. The customer can apply for a term plan with TATA AIA Life Example - Ms. Chitra has recently joined TATA AIA as a RM. In one of the bank branches, she meets a customer who wants to apply for a term plan. The customer shares that he has taken his second dose of vaccination 2 days ago. The customer wants the case to be logged in. What should Ms. Chitra do? Answer- In this situation where you know that the customer got vaccinated recently and it’s not been 15 days from the date of vaccination, hence, we will not be able to issue the term policy to the customer. In TATA AIA there is a specific underwriting guidelines if the customer has taken 1st dose, then 7 days of waiting period will be applicable from the date of vaccination whereas if the customer has taken 2nd dose, then 15 days of waiting period will be applicable from the date of vaccination Contd. This is an internal training document created only for the sales employees of Tata AIA. This should be not used for solicitation. 33

COVID - 19 guidelines COVID - 19 guidelines 1) All applicants (Non-resident Indians) currently residing outside of India: a. Singapore, Hong Kong, China, UAE, Oman, Qatar, Mandatory Medicals + Video MER Saudi Arabia, Sri Lanka, Maldives, New Zealand, & Australia, Papua New Guinea, Fiji, Brunei, Thailand, For all other criteria’s pls refer to Term UW guidelines Taiwan, Vietnam, Mauritius, South Korea, Bahrain, section of NRI Kuwait b. All other countries not specified above All other countries not specified above Not Vaccinated: Postpone for Term plan only for countries not specified above irrespective of age and SA criteria. 1. Post Vaccination after 15 days - Mandatory Medicals + Video MER. 2. For all other criteria’s Pls refer to Term UW guidelines section of NRI. 3. Residential Guidelines Apply. 4. Max SA: Upto 5 Cr 2) All applicants with history of foreign travel/ Non-resident Indian currently residing in India Applications can be made after 15 days of Foreign Travel Minimum requirement COVID19 Q, Video MER in addition to other mandatory medical requirements. 3) All applicants with travel plans to International Minimum requirement COVID Q, MER/ VMER and location/s within 3 months of date of application other routine requirements 4) Vaccination guidelines Min waiting period for issuance is 15 days after any 5) Validity of COVID -19 questionnaire dose (prevailing residential loading will be applicable) COVID-19 questionnaire is valid for 30 days from date of signature or from date of MER done whichever is later Back to Index This is an internal training document created only for the sales employees of Tata AIA. This should be not used for solicitation. 34

Business Insurance Guidelines ⌂ SRS allowed under Keyperson / Keyman Insurance, Partnership Insurance, Employer - Employee Schemes, HUF Cover taken on the life of Karta ⌂ SSR not allowed for Keyperson/Keyman Insurance & Partnership insurance. ⌂ Only Basic Death Cover i.e. Life Option will be allowed for Keyman Insurance, Partnership. ⌂ Rider not allowed for Keyman Insurance, Partnership. ⌂ Life, Life Plus & Life Income option will be available for Employer - Employee Schemes, HUF. • Maximum Maturity Age is 65 years under Keyman / Partnership Insurance cover, with cap of INR 25Cr • For increased tenure upto age 75 years: ➢ Family owned company only. ➢ Affidavit needs to be completed by company for each key person cover. • For E- E Sch A – Max Maturity Age till 85 years allowed with Mandatory immediate assignment for cover upto INR 250,000,000 and upto age 60 years ➢ Above 25 Crs and > 60 years Policy term may be restricted to lower duration covers • E-E Sch B will be treated as individual policy and hence allowed for whole life covers ⌂ LSPO & Top up feature not available ⌂ Video MER is Mandatory for Business Insurance. Back to Index This is an internal training document created only for the sales employees of Tata AIA. This should be not used for solicitation. 35

FAQs Example - If you are offering SRS under Keyman Insurance and the customer is interested to know the maximum coverage term then till what age you can provide the coverage? Answer - In Keyman insurance if we are offering a term plan then we have to ensure to communicate that 75 years is the maximum age at maturity for the customer Example - a customer who is a businessman and files an ITR of 5 lacs every year has approached you and looking for a plan which can offer him a protection and savings at the same time but the customer is 12th pass, can you offer any such plan to the customer? Answer - Yes, we can offer PR plus as the minimum education is HSC and minimum average of ITR required is 3 lacs (5+5/2=5 lacs) Contd. This is an internal training document created only for the sales employees of Tata AIA. This should be not used for solicitation. 36

LSPO Benefit ❖ Max Age at entry : 50 years. ❖ Policy holder cannot exercise Life Stage Plus Option post execution of Terminal illness benefit on the policy ❖ Only Standard lives allowed. ❖ Not Available to Housewife profile. ❖ Only applicable to Self-proposed policies. ❖ If Life Stage Plus Option is availed at the time of reinstatement it would be subject to underwriting. But once it is already availed; during reinstatement, the policy terms & conditions of the additional sum assured would be same as basic sum assured. ❖ MSAR/FSAR = Base Sum Assured + Lower of ( 50% of Base Sum Assured or 50L). ❖ If customer wants to exercise LSPO beyond 50L, then UW can be done Post issuance as per underwriting guidelines available at that time Back to Index This is an internal training document created only for the sales employees of Tata AIA. This should be not used for solicitation. 37

NRI Guidelines Contd. 38

Basic Term Eligibility Criteria Entry Age Minimum 18 years Criteria Maximum 65 years All NRI / PIO / OCI Life to be Only PASSPORT as Standard Insured Age Proof. No other age proof will be accepted. Age Proof Minimum HSC (Higher Secondary Certification or equivalent) Qualification i.e., minimum 10+2 regular course Education Exception Handling SSC (10th) pass only (Refer the exception handling Scenarios section for more details) Pls Note: Graduate: 12 + 3 years’ diploma holders of a technical field like Pharmacy/ Engineering can be considered equivalent to graduate. Poly technique courses cannot be considered equivalent to graduate Salaried, Professional, Business Min INR 10 Lac owner or NRI / PIO / OCI Self-employed Annual Verified Income *Salary from own business or closely held family business will not be considered. Annual verified income for Business owner or self-employed, the average business profit for last two years should be minimum INR 5 Lac. Contd. This is an internal training document created only for the sales employees of Tata AIA. This should be not used for solicitation. 39

Basic Term Eligibility Criteria Age Limit NRI/PIO/OCI Video-MER 18-60 years Mandatory in all cases Maximum Sum Assured* Set A Countries: [Singapore, Hong Kong, China, UAE, Oman, Qatar, Saudi Arabia, Sri Lanka, Maldives, New Zealand, & Australia, Papua Travel New Guinea, Fiji, Brunei, Thailand, Taiwan, Vietnam, Mauritius, Questionnaire South Korea, Bahrain, Kuwait] can be accepted upto 5 Cr. For is Mandatory higher Sum assured final decision subject to reinsurer approval. Foreign lives Substandard Countries: 2Cr – Maximum Loading upto 3/mile as residing in per reinsurer manual can be accepted India Set B Countries: If only vaccinated can be accepted upto 5 Cr . If Standard Not Vaccinated such proposals will be postponed. income Proof Sub Standard Countries: 2Cr – Maximum Loading upto 3/mile as per reinsurer manual can be accepted Decline Countries: No cover will be offered. Up to TSAR of 1 Cr: Only first and last page of Above TSAR of 1 Cr: Passport + Travel Questionnaire Copy of all pages of Passport with Entry and Exit details + Travel Questionnaire May be considered on exceptional basis and shall be evaluated on merits of the case Applicable for each and every case (Credit bureau income estimator will NOT be applicable) The list of Standard / Substandard / Decline countries is dynamic and hence are subject to change based on various factors. The underwriter’s decision on the application will be final as this will be based on the latest update from the reinsurance partner. *Applications where Life to be Insured is residing in the approved countries will only be accepted. If the approved country has a substandard rating, applications from such countries will be accepted with loading or will be declined. Refer to Annexure 1 & 2 Because of ongoing Pandemic, NRI guidelines are dynamically changing based on global scenario and Covid-19 guidelines will supersede NRI guidelines till further notification. Contd. This is an internal training document created only for the sales employees of Tata AIA. This should be not used for solicitation. 40

COVID - 19 guidelines COVID - 19 guidelines 1) All applicants (Non-resident Indians) currently residing outside of India: a. Singapore, Hong Kong, China, UAE, Oman, Qatar, Mandatory Medicals + Video MER Saudi Arabia, Sri Lanka, Maldives, New Zealand, & Australia, Papua New Guinea, Fiji, Brunei, Thailand, For all other criteria’s pls refer to Term UW guidelines Taiwan, Vietnam, Mauritius, South Korea, Bahrain, section of NRI Kuwait b. All other countries not specified above All other countries not specified above Not Vaccinated: Postpone for Term plan only for countries not specified above irrespective of age and SA criteria. 1. Post Vaccination after 15 days - Mandatory Medicals + Video MER. 2. For all other criteria’s Pls refer to Term UW guidelines section of NRI. 3. Residential Guidelines Apply. 4. Max SA: Upto 5 Cr 2) All applicants with history of foreign travel/ Non-resident Indian currently residing in India Applications can be made after 15 days of Foreign Travel Minimum requirement COVID19 Q, Video MER in addition to other mandatory medical requirements. 3) All applicants with travel plans to International Minimum requirement COVID Q, MER/ VMER and location/s within 3 months of date of application other routine requirements 4) Vaccination guidelines Min waiting period for issuance is 15 days after any 5) Validity of COVID -19 questionnaire dose (prevailing residential loading will be applicable) COVID-19 questionnaire is valid for 30 days from date of signature or from date of MER done whichever is later Back to Index This is an internal training document created only for the sales employees of Tata AIA. This should be not used for solicitation. 41

PR & PR Plus Underwriting Guidelines Contd. 42

ILP Underwriting Guidelines Tele MER eligibility for age 18-40 upto *TSAR 2.25 Cr Tele MER eligibility for age 41 -45 upto *TSAR 1.50 Cr *TSAR = All TATA AIA Term plans issued from April 21) | For TSAR above 2.25 CR regular Term UW guidelines will apply No restriction on minimum Income. Min Declared Annual Income Declared Income must be the one filed Salaried & Self Employed – 3 Lacs for Income Tax purposes No restriction on minimum Education Minimum Education – HSC Resident Indian – No Restriction SSC will be accepted basis exception criteria NRI/OCI/PIO – Residential Loading (if any) will apply Resident Indian – No Restriction NRI/OCI/PIO – Option not available Financial U/w – Based on Declared Financial U/w – No documents till 25 Income lacs rider Sum Assured VPSC mandatory All earning profiles will be allowed [ Housewife not allowed ] Rider NML & Tele MER Guidelines (For Param Rakshak & Param Rakshak Plus) Age Band Criti-care Plus Hospi-care Age 18 to 40 NML (MSAR) Tele-MER (MSAR) NML (MSAR) Tele-MER (MSAR) Age 41 to 45 20L 50L 10L 40L 15L 20L 10L 15L Contd. This is an internal training document created only for the sales employees of Tata AIA. This should be not used for solicitation. 43

ILP Underwriting Guidelines Tele MER Eligibility Age Band Tele MER GRID 18-40 yrs 41-45 yrs Term TSAR* Upto 2.25 Cr - Tele MER Above 45 yrs to 55 yrs Upto 1.5 Cr – Tele MER Grid Medicals + FW [ If applicable upto 1 Cr] / Standard Income Proof *TSAR = All TATA AIA Term plans issued from 1st April 21) For TSAR above 2.25 CR regular Term UW guidelines will apply Criteria for Param Rakshak :- • Income/Education - No minimum qualifying conditions. Illiterate Profiles will not be allowed. For eligibility HLV should get justified basis declared income • Occupations - All earning profiles will be allowed [ Housewife not allowed ] • Location - No restrictions / No negative locations; | For NRI/OCI/PIO- NRI guidelines only Residential loading will apply • Max Age limits- Upto 45 years only, Tele MER Limits as per above table • No DRC checks • IIB checks only for non-HLV reasons. • VPSC -Mandatory for all policies. • Financial UW - Based on Declared income only , Need declaration from the customer to provide income as filed for income tax purpose • Medical UW - o In any scenario if medicals are done case will follow same ILP UW guidelines Contd. This is an internal training document created only for the sales employees of Tata AIA. This should be not used for solicitation. 44

ILP Underwriting Guidelines Criteria for Param Rakshak Plus :- • Income - Minimum declared / verified income should be 3L • Education - HSC. SSC ( Basis exception criteria) • Location - No restrictions /No negative locations; For NRI/OCI/PIO- PR+ will not be offered • Occupations - All earning profiles will be allowed [ Housewife not allowed ] • Max Age limits - Upto 45 years only , Tele MER Limits as per Table Above • No DRC checks • IIB checks only for non-HLV reasons. • VPSC - Mandatory for all policies. • Financial UW - No document required till 25L of Individual Rider Sum Assured , above this SA if Rider is applied - Financial document required as per regular Term UW Guidelines • Medical UW - • Final grid to be derived basis Base plan grid & rider grid. • If medicals are done case will follow regular UW guidelines applicable for regular Term products Rider NML & Tele MER Guidelines Criti-care Plus Hospi-care Age Band NML (MSAR) Tele-MER (MSAR) NML (MSAR) Tele-MER (MSAR) Age 18 to 35 Age 36 to 40 20L 50L 10L 40L Age 41 to 45 20L 50L 10L 40L 15L 20L 10L 15 L Back to Index This is an internal training document created only for the sales employees of Tata AIA. This should be not used for solicitation. 45

ILP Underwriting FAQs Why are PR & PR+ guidelines different? Answer: Guidelines vary as in PR+ there are Health riders such as Hospicare & Criticare Plus. What are the decline scenarios of PR Answer: Substandard Country, Hazardous Occupation. Health adversity where EMR exceeds +100. Are the relaxed guidelines applicable to Agriculturist profile? Answer: No, for agriculturist profile regular Term plan guidelines are applicable. Back to Index This is an internal training document created only for the sales employees of Tata AIA. This should be not used for solicitation. 46

ILP Underwriting FAQs Adversity/Health condition disclosed Standalone SRS/PR PR+ BMI < 17 and > 40 Deny Deny Hypertension: History < 5 yrs and only 1 Deny oral medication being taken and no May be accepted Subject to complete Deny complications disclosure on disclosures on Tele MER Deny Hypertension: History > 5 yrs Diabetes: History < 5 years and last Deny Deny FBS and/or last HbA1C reading (within last 3 months) and there are no diabetic May be accepted Subject to complete complications disclosure on disclosures on Tele MER wrt latest blood test values Diabetes: History > 5 yrs and/or not meeting above criteria Deny (where declared values cross acceptable limits) Otherwise additional medicals will be needed Diabetes+ Hypertension: May be accepted Subject to complete Deny disclosure on disclosures on Tele MER wrt latest blood test values / BP readings etc Diabetes+ Hypertension: Deny (where declared values cross Deny acceptable limits) Otherwise additional Deny Any mortality impacting medicals will be needed disorder/condition: Cancer/ Cardiovascular or Heart disorders / Deny Central Nervous System related disorders History of Appendix surgery May be accepted Subject to complete STD disclosure on disclosures on Tele MER Recovered COVID-19: Without h/o hospitalization : only quarantine/self-isolation <= 1 month Postpone Postpone >1 month to 3 months GRID Medicals GRID Medicals >3 months Decision as per regular grid. Further evaluation required <= 3 months With h/o hospitalization Postpone >3 months to 6 months Require complete grid medicals, Postpone Discharge card & follow up reports >6 months to 12 months Require complete grid medicals, Discharge Require complete grid medicals + >12 months card & follow up reports Require complete grid medicals + Vaccination details Vaccination details Further evaluation required Decision as per regular grid. Back to Index This is an internal training document created only for the sales employees of Tata AIA. This should be not used for solicitation. 47

InstaProtect Underwriting Guidelines Contd. 48

InstaProtect Underwriting Guidelines Criteria Package with Health riders Package SA Total package covers of 25Lakh, 50 Lakh, 70 Lakh Age 18-45 Minimum Declared Income 3L Education HSC Medical Grid NML Financial Requirement No Documents required Risk Aggregation No Risk aggregation for base plan (Only one InstaProtect plan is allowed per life). Risk aggregation will be done for Riders. If Individual Rider MSAR crosses NML , Package will not be allowed UW decision Accept / Reject basis Health disclosures will be followed at UW Stage . No Medicals will be called. If Health Rider is not allowed, overall package will be declined. NRI/OCI/PIO Not Allowed Business Insurance Allowed except Keyman & Partnership VPSC Mandatory LSPO/ Top-up option Not available Age 18 to 35 years: 25 Income Multiplier Age 36 to 40 years: 20 Age 41 to 45 years: 15 Loading Medical/Flat loading allowed for Base as well as rider. Back to Index This is an internal training document created only for the sales employees of Tata AIA. This should be not used for solicitation. 49

InstaProtect Underwriting FAQs What is the minimum income requirement. Answer: Minimum income of at least 3L is required. Income should be as per mentioned in the ITR. Do we need to submit any documents to justify income. Answer: There is no need to submit any income proof. Underwriting team will not call for any additional document to verify the same. How will the customer eligibility be calculated? Answer: If the customer meets minimum 3L income criteria, customer will be eligible for all 3 SA Packages. What is the minimum Education criteria? Answer: HSC. Below HSC it is not allowed. No Exceptions allowed. Back to Index This is an internal training document created only for the sales employees of Tata AIA. This should be not used for solicitation. 50


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