Insurance Complaints
Insurance is a means of protection from financial loss. It is a form of risk management primarily used to hedge against the risk of a contingent or uncertain loss.
It’s one of the most prominent things that ensures the user that they will be saved from a major burden. 472 million people in India have health insurance. Source
Insurance is usually brought as it gives peace to the mind of the holders. There are two types of insurance namely life insurance and general insurance. The life insurance offers compensation in case of death or disability whereas general insurance offers compensation in scenarios other than death.
Life insurance can be divided into term life, pension plans, money-back policy and unit-linked insurance plans. General insurance can be divided into motor insurance, home insurance, health insurance and fire insurance.
But no one knows what will happen next and what if you get trapped in an insurance scam? Or you are not happy with your insurance company?
Many people don’t know the exact route to file a complaint against their insurance company and often get confused about consumer rights but this article will tell you:
- What are the insurance complaints?
- Famous insurance companies in India
- Types of Insurance complaints
- How to resolve the complaints?
Yes, this article will answer all your questions. Let’s start with what exactly an insurance complaint is?
The 2017 notification on the protection of policyholders defined ‘insurance complaints’ as a written expression of dissatisfaction made by the complaint against an entity like the insurer, agent or broker.
The complaint can be about an action or lack of action, the standard of service, or deficiency of service.
Now let’s see some of the famous insurance companies in India.
Famous Insurance Companies In India
India has 57 insurance companies out of which 24 are life insurance. The following are the top 10 companies in India.
1. LIC: Life Insurance Corporation of India: LIC is the most heard insurance corporation of India. It is an investment corporation owned by the government of India and is an Indian state-owned insurance group. Having headquarters in Mumbai, It was founded on 1st September 1956 when the life insurance of India act was passed and the insurance industry of India was nationalized. They have settled 26 million claims in 2018-19 and have a total life fund of 28.3 trillion. LIC was rated as the 6th most trusted service brand of India by the Economic times brand equity survey of 2012.
2. ICICI Prudential Life Insurance: Can you guess what was the first insurance company to be listed on the Indian stock exchange? This company was the first insurance company in India to be listed on the Indian stock exchange. They started in 2001 and currently have $14 billion in assets under management. They offer long term insurance plans and work in the financial service sector.
3. HDFC Standard Life Insurance: This is a joint venture between a housing development finance corporation and standard life Aberdeen. Having headquarters in Mumbai, HDFC now has 421 branches in 980+ cities and towns in India. In 2012, it became the first private life insurance company to bring back pension plans under the new regulatory regime, with the launch of two pension plans which are HDFC Life Pension Super Plus and the HDFC Life Single Premium Pension Super.
4. Max Life Insurance: This company is a subsidiary of the public listed company called Max financial services. After the liberalization of the insurance sector, this company was founded in 2000 while the operations began in 2001. Their headquarters is in New Delhi.
Banks, individual agents, brokers, and corporate agents are some of Max Life's distribution channels. It provides linked participating and non-participating products. It also covers health, pension, and annuity. Child, protection, retirement, savings, and growth plans are offered to individuals and groups.
5. SBI Life Insurance: SBI is the largest state-owned bank in the country and SBI life insurance is the joint venture of the state bank of India and BNP Paribas. It is a public limited company and was founded in 2001. SBI Life Insurance has an authorized capital of 20 billion (US$280 million) and a paid-up capital of 10 billion (US$140 million).
6. Bajaj Allianz General Insurance: This is a joint venture between Bajaj Finserv and Bajaj Auto. It offers financial planning and security. Founded in 2001 they have headquarters in Pune, Maharashtra. To conduct general Insurance business in India Bajaj Allianz Life Insurance received a certificate by the Insurance Regulatory and Development Authority (IRDA) called the Certificate of Registration on 3 August 2001.
7. Tata AIA Life Insurance: Major Insurance companies are joint ventures and so is this. Founded in 2001 they currently have headquarters in Mumbai. The organization offers general insurance. Energy, Marine, Property, and specialized Financial covers are being covered by The commercial sector. Insurance for Automobiles, personal accidents, casualty, home, health, and travel are some of the services that the consumer insurance service offers.
8. Reliance Nippon Life Insurance: This is one of the most prominent insurance companies in India. This is a joint venture and was founded in 2001. They have their headquarters in Mumbai. The company achieved a profit of Rs. 3.80 billion. 760,000 policies were sold during 2012–13 with total managed funds valuing at Rs. 181.89 billion, They managed to do this through a wide network of distribution with 1,230 offices and over 124,000 advisors.
9. Bharti AXA General Insurance: This is a joint venture between Bharti Enterprises and Axa business group. They started their operations in 2008 and currently have 104 branches around the country. They offer various products catering to retail, rural, and commercial clients. Broadly, it offers insurance for motor and two-wheeler insurance, health and critical illness, property, student and individual and family travel, crop insurance, and commercial lines.
10. Aditya Birla General Insurance: This was established in 1994 as a joint venture between the Aditya Birla Group and Sun Life Financial of Canada. Founded in 1994 they are currently serving in 26 countries.
Yes, all these were some of the most famous insurance companies in India but everything’s famous is not always good! Is it? There could be thousands of arising problems and you can be unhappy with an insurance company for various reasons.
So let’s see some of the major types of insurance complaints that are seen among the people.
Types of Insurance Complaints
1. Policy maturity issues: Plenty of people at voxya have reported that their policy has matured but the amount has not been credited in their bank accounts yet. It is usually the refusal of an insurance company to honor a request by an individual. This is one of the most common issues reported by consumers from Mumbai, Pune, Bangalore, New Delhi, Kolkata etc, at the Voxya website.
2. False commitments: This happens a lot of times if the person taking the insurance is not checking all the formalities carefully. Misrepresentation in paper works is very easily possible and takes place on a very wide scale. Also, many times insurance agents are committing wrong details of the policy in order to get sales and meet their sales target. Thus one needs to read all the paperwork carefully and clear all the concerns carefully before taking any insurance or buying any other service in general.
3. Delays: This is also one of the most common insurance complaints seen. There can be delays in listening to your concerns or in taking an action. Even Though sometimes this issue can arise because of some internal defect but if the settlement or processing of a claim does not take place in some time then it can cause problems.
4. Unsatisfactory claim settlement: If delays are not affecting you then it can be an unsatisfactory claim settlement. We don’t always get what we demand and most of the time it can be irritating for the consumers. This happens mostly in health or medical insurance where claims are not settled in full by the insurance company. Again this type of comlpaint has been reported in almost all the major cities like Bangalore, Pune, Mumbai, Kolkata, New Delhi etc.
5. Wrong Treatment: Do you like rude behavior? No one does! Not getting your concerns listened to or just being not behaved properly can make people dislike a company. Therefore creating a good relationship with the consumer is very important.
6. Negligence: This means the failure to take proper care of something. The law of negligence requires individuals to conduct themselves in a way that conforms to certain standards of conduct. If a person does not conform to that standard, the person can be held liable for the harm he or she causes to another person or property.
As we have seen the most possible insurance disputes let’s see how you can resolve them.
How to Resolve Insurance Complaints?
Step 1: File a formal complaint with your Insurer
You can send a written complaint to your insurer with all the supporting documents that you have. The contact details of all the insurance companies are available on their policy documents or their website contact pages. You can also find all of their contact details on the Insurance Regulatory and Development Authority (IRDA). The helpline number of some leading insurance companies in India are :
LIC Customer Care Number - 022 6827 6827
ICICI Prudential Life Insurance Customer Care Number - 1860 266 7766
Reliance Life Insurance Customer Care Number - 022 4882 7000
Bajaj Allianz Customer Care Number - 1800 209 5858
Birla Sun Life Customer Care Number - 1800 270 7000
SBI Life Insurance Customer Care Number - 1800 267 9090
Max Life Insurance Customer Care Number - 1860 120 5577
HDFC Standard Life Customer Care Number - 1800 22 7227
Tata AIA Life Insurance Customer Care Number - 080676 03700
The Insurance company should address your issue in 15 days, in case of not getting the issue resolved or if you are not satisfied with the solution, you can complain to the IRDA.
Step 2: Register a complaint with IGMS (Integrated Grievance Management System) of IRDA
Once your complaint is registered you will be allotted a token reference number and you can use that number to monitor the complaint. You should visit http://igms.irda.gov.in for taking action.
Step 3: Contact an Ombudsman
Ombudsman is an official who, usually appointed by the government who investigates complaints against businesses, financial institutions, or government departments or other public entities, attempts to resolve the conflicts or concerns raised, either by mediation or by making recommendations.
The official demands evidence and all the necessary information to understand the case better and see it from the eyes of both parties. They do a full assessment and give their final assessment.
Step 4: Take legal action against your Insurance company
If nothing works out well you still have the doors open for the consumer court. You can send legal notice to the insurance company if it is unable to resolve your complaint. It is one of the efficient ways to handle the issue legally.
Check below to know how to send a legal notice to the insurance company?
i) Firstly, get a legal notice drafted by a lawyer.
ii) Check it properly and make sure it is signed by a lawyer.
iii) Keep a copy of it for future purposes.
iv) Send the legal notice to the insurance company by registered post.
v) Keep the slip or delivery report for evidence.
Step 5: File consumer forum case
Consumer forum deals with consumer complaints and you should approach consumer forum if you feel that your rights as a consumer have been violated. If an insurance company is not responding to your complaints even after sending legal notice by a lawyer then you should file a case against it in a consumer court.
Here is how you can file a case in the consumer court?
Step 1: Intimate the aggrieved party via legal notice.
Step 2: Draft the consumer complaint
Step 3: Attach all the relevant documents and proofs to support your complaint.
Step 4: Select the appropriate court for filing the complaint.
Step 5: Pay the prescribed court fee that is required to be paid along with the complaint.
Step 6: Submit the case along with the affidavit & fees in the court.
Points to Remember:
Make sure you have complained to the relevant insurance company before approaching the IRDA.
The IGMS system allows the policyholder to amend his complaint midway.
If you are finding all this information overwhelming and can’t manage to do it all alone then let Voxya help you strengthen your voice and solve insurance disputes on your behalf.
Voxya is a unique platform for resolving consumer complaints against brands quickly. We help consumers in fighting against injustice, fraud, and lousy customer service.
We use social media, business networks, and legal frameworks to resolve consumer disputes. We take every consumer complaint personally and ensure that we do everything that we can to get the consumer complaints resolved.
So why take so much trouble, if you have the solution just some clicks away!
Get your complaint resolved. File your Insurance Complaint at Voxya now!
Most Common Issue Reported for Insurance Complaints
Complaints
Dad police want a refund amount (HDFC Life) Open
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Jul 15, 2023 by bhavik
Wrong guidence by the development officer (Life Insurance Corporation Of India) Open
Hi I have taken a policy in Life insurance corporation of India in **.**.**** and guided by the development officer and agent. But they have guided me the wrong way and made me take the wrong policy and now I am not able to get money back and t...
Jul 11, 2023 by Roopika
Claim delay (Paramount aditya Birla insurance ) Open
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Jun 16, 2023 by vivek kumar
Rejection of claim for health mediclaim policy (Reliance General Insurance Company Limited) Open
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Jun 09, 2023 by Rajnath Gupta
LIC HFL FD BOND NOT PROCESSED (LIC HFL KURNOOL ) Open
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Apr 29, 2023 by M. SUDARSHAN
Hdfc ergo general insurance cheating (Hdfc Ergo General Insurance Company Ltd) Open
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Apr 15, 2023 by Pravat Arun Mohanty
Zero debt policy and personal accident coverage not given to me (OLA ELECTRIC) Open
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Apr 11, 2023 by JITENDRA SINGH
Health insurance claim (Carehealth Insurance) Open
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Mar 17, 2023 by mois shaikh
Motor Insurance Claim (Policy Bazaar) Open
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Mar 03, 2023 by AKHILESH ANIL
One assist fraud claims and false repair (OneAssist Consumer Solutions Pvt Ltd) Open
I purchased One assist insurance worth **** and renewed next year with total amount of *****. few days back when my phone got accidentally damaged ,i filed a claim , but they tried to underestimate my repair cost .whereas my device had multiple...
Feb 23, 2023 by pooja kumari
Wrong promises by agents customer support executive and flawed system to insure wearable Apple devic (OneAssist Consumer Solutions Pvt Ltd) Open
Purchased an Apple watch and bought the * year - One Assist accidental damage insurance plan. The executives tell you (before buying the plan) that incase of any accidental damage to the device within the stipulated coverage period, the user wi...
Feb 22, 2023 by Udit Nangia
Insurance amount reimbursement (HDFC Ergo General Insurance) Open
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Jan 25, 2023 by shaik mustafa
Demanding car reapir charges (New India Assurance Co Ltd ) Open
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Crop insurance pmfy (Axis bank limlited Lalitpur) Open
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Complaint against Acko General Insurance NonSettlement of Car Insurance claim following TL (Acko General Insurance Limited) Open
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Oct 29, 2022 by Shantanu M Athavale
Anand kumar (Chola Ms Two Wheeler Insurance) Open
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Oct 12, 2022 by Aanand Kumar
Refund money back bajaj allianz (BAJAJ ALLIANZ HEALTH INSURANCE) Open
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Jun 17, 2022 by Deepak Ojha
Insurance company cheated me (Reliance General Insurance Company Limited) Closed
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Sep 08, 2023 by Ratneshwer Prasad Sinha
Discontinue of Bharti Axa elite advantage plan (Bharti AXA Life Insurance) Closed
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Jul 26, 2023 by Sanjay Singh
M0m0 k g 8m50m 6m0 h26 m 8ag0b 58 2m2 2m2 i2k l 52 2h8 m0 24 9306 cma 11 2 2023 g 9k m0m0 k (0? 2 ,H + I.0M8 Haridwar upper Road 43 bholagiri Road Haridwar Uttrakhand) Closed
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Apr 18, 2023 by Kakka Kashyap
False promises by the agent and fradulently opening schemes with stranger nominee with out our conse (Lic Of India) Closed
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Mar 29, 2023 by Shiva Yadav
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Jan 20, 2023 by Abhimanyu kumar singh
Vehicle insurance open for 3 months (United India Insurance Company Limited) Closed
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Nov 13, 2022 by Braveen kumar
Sir navaskar humne reena devi k insurance karwaya thajinki death darbari me 2021 me hi gayi h aaj tk (LIC) Closed
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Oct 16, 2022 by Ankit Singh
Sir navaskar humne reena devi k insurance karwaya thajinki death darbari me 2021 me hi gayi h aaj tk (LIC) Closed
LIC company me beema karwaya tha aaj date tk uske pese nahi mile h jinke nam beema tha unki death ho gayi h policy number ********* h...
Oct 16, 2022 by Ankit Singh
Sir navaskar humne reena devi k insurance karwaya thajinki death darbari me 2021 me hi gayi h aaj tk (LIC) Closed
LIC company me beema karwaya tha aaj date tk uske pese nahi mile h jinke nam beema tha unki death ho gayi h policy number ********* h...
Oct 16, 2022 by Ankit Singh
Sahara bank (Sahara bank Shravasti ) Closed
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Oct 11, 2022 by Akash
Not settling my claim (Cpp Assistance Services Pvt Ltd ) Closed
I had taken membership of CPP card protection and want to complain against them. I have contacted them to settle my claim but even after submitting all the documents and completing all the formalities including providing FIR copy, they are no...
Jul 24, 2022 by SUYASH TRIPATHI
Insurance no rnp2111205021998 vailid date 06112021 05112022 (LG WATER PURIFIED ) Closed
&*M* $* >* **,*&@ %>(> .>(*A* .H *> * *? **@ +>/* > AMC */* G *? (M*A*G* **>/> %> **** *A*/G > ?*> *H*?! **/**/**** *G **/** /**** *H -@ *?M* .% *A .G.*G( ^?*M * &K ,>* G *A *H ?*.G *(@ ONE /*M* G *? (M*A*G* **>...
Jun 22, 2022 by adrash antash
Refund insurance (BAJAJ ALLIANZ HEALTH INSURANCE) Closed
I want refund money from Bajaj allianz fake company and dirty company kindly against him script action...
Jun 17, 2022 by Deepak Ojha
ECS refund not processed (Max Life Insurance) Closed
I had a policy from max life insurance company which i requested to surender in month of aug ****. Same has been communicated to the company via email and as response I got a confirmation mail from the company that policy has been discontinued ...
Jan 01, 2022 by Manish Arora
Maxlife denying to provide surrender value amount (Max Life Insurance) Closed
I am a Maxlife policy holder and I have completed * year with the policy on * September ****. Due to some financial reason I planned to surrender the policy. At the time of opting for the policy I was informed by Maxlife Agent that in any ca...
Nov 01, 2021 by Wasim khan
Fraud by max life insurance and Yes bank agents (Max Life Insurance) Closed
I had opened my salary account with yes bank agent Ved prakash. After some some time , he brought an yes bank agent with him both of them convinced me that I should buy max life insurance policy with premiumof ***** rs quarterly. The terms expl...
Oct 09, 2021 by Atul sain
Wrong plan sold to noneligible customer (Tata AIA Life Insurance ) Closed
I am writing on behalf of my father, Shri Sailendra Nath Banerjee, Age - **. I want to raise a severe grievance and complaint against HDFC Agent Bhagyashree Basak (B****) and TATA AIA Agent Onker Bose (Employee ID -*******) who together misg...
Sep 25, 2021 by Mohona Banerjee
After payment of term insurance no action has been taken (Policy Bazaar) Closed
I called policy bazar and enquired about various term insurance plan. After assurance by policy bazar that medical test faciity is available in Dharmanagar, i made payment of **** on *th of September ****. Thereafter i got a call that medical...
Sep 13, 2021 by ABHISHEK KUMAR
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