According to the data provided by
Minister of State for Finance Namo Narain Meena in the Lok Sabha, as many as
50,807 complaints were reported against Reliance Life in 2011-12, followed by
HDFC Standard Life (35,218) and Bajaj Allianz (22,390).
However, all these companies
attended to almost all of the complaints in the same year, the data revealed.
The data further showed that a total
of 2,57,313 complaints were against the 23 insurers in 2011-12 of which
2,56,196 were attended to.
There were 2,936 complaints related
to death claims against Bajaz Allianz followed by HDFC Standard (461) and Tata
AIG (395).
In policy servicing segment, maximum
complaints were against HDFC Standard (5,781) followed by Reliance Life (5,251)
and Tata AIG (4,264).
As far as proposal processing is
concerned, there were 33,847 complaints against Reliance Life and 14,451
against Future Generali.
The data further revealed that in
the unfair business practice category, largest number of complaints were
against HDFC Standard followed by ICICI Prudential and Reliance Life.
Insurance regulator IRDA has a
centralised system -- integrated Grievance Management System (IGMS) -- which
creates the central repository of complaints of policyholders against all
insurance companies.
"Action, including imposition
of penalties and warnings, is taken against the companies where deemed
necessary," Meena said.
At present, Life Insurance Corporation of India (LIC) is the only player that offers pension products in the market. According to private life insurers, other players in the segment are likely to follow suit and launch products. Apart from HDFC Life, several other private life insurance companies have filed their product with the insurance regulator
vinay mohanty
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