Gold coin, overseas trip promised to sell insurance policies AA
PTI : CHANDIGARH, JUN 07 2013, 19:07 IST
Buyers of insurance policies are promised gold coin, cash back, guaranteed return and in some cases a foreign trip by some private insurance companies that mis-sell products, the Insurance Ombudsman was told.
Such complaints continue to be top among list of complaints filed by aggrieved customers with the authority here.
"Maximum number of complaints against insurance companies is related to mis-selling of insurance policies," an official of Chandigarh Insurance Ombudsman said.
With complaints related to insurance products continuing to flow in, Chandigarh Insurance Ombudsman has disposed of 1,836 complaints between September 2012 and May this year, though over 2,000 numbers of complaints are still pending for disposal.
"We are disposing of 25 cases (complaints) every day," the official said.
Chandigarh Insurance Ombudsman has jurisdiction over Punjab, UT Chandigarh, Jammu and Kashmir, Himachal Pradesh and Haryana.
The Ombudsman received complaints from people, even educated and professionals, who said they were misled by companies making false promises at the time of selling
insurance policies.
In one such case, an insurance product buyer lodged a complaint against a company, saying he was promised 5 gram gold coin on buying an insurance policy with annual premium of Rs 20,000.
He said that he neither received policy document nor got assured gold coin and demanded refund of his money and cancellation of policy.
When the matter was heard by Ombudsman, the company assured to settle the matter by refunding the premium paid.
In another case of mis-selling, the complainant was promised 10 per cent cash back, a trip to Singapore and a bonus of Rs 11,000 on buying a policy which was not honoured by the private insurance company.
In this case, the insurance company refunded the amount to the complainant when the matter was taken up with Ombudsman office, official said.
Another complainant said he was promised 11 per cent annual return for 10 years at the time of policy purchase but when he received policy documents, there was no mention of guaranteed return.
It also came to the notice of the office of Ombudsman that some customers were being denied having a `Free Look' period by the agents so that customers were left with no option than to continue with the policy.
During the free look period, the purchaser can continue to ask the insurer questions regarding the contract in order to better understand the policy.
PTI : CHANDIGARH, JUN 07 2013, 19:07 IST
Buyers of insurance policies are promised gold coin, cash back, guaranteed return and in some cases a foreign trip by some private insurance companies that mis-sell products, the Insurance Ombudsman was told.
Such complaints continue to be top among list of complaints filed by aggrieved customers with the authority here.
"Maximum number of complaints against insurance companies is related to mis-selling of insurance policies," an official of Chandigarh Insurance Ombudsman said.
With complaints related to insurance products continuing to flow in, Chandigarh Insurance Ombudsman has disposed of 1,836 complaints between September 2012 and May this year, though over 2,000 numbers of complaints are still pending for disposal.
"We are disposing of 25 cases (complaints) every day," the official said.
Chandigarh Insurance Ombudsman has jurisdiction over Punjab, UT Chandigarh, Jammu and Kashmir, Himachal Pradesh and Haryana.
The Ombudsman received complaints from people, even educated and professionals, who said they were misled by companies making false promises at the time of selling
insurance policies.
In one such case, an insurance product buyer lodged a complaint against a company, saying he was promised 5 gram gold coin on buying an insurance policy with annual premium of Rs 20,000.
He said that he neither received policy document nor got assured gold coin and demanded refund of his money and cancellation of policy.
When the matter was heard by Ombudsman, the company assured to settle the matter by refunding the premium paid.
In another case of mis-selling, the complainant was promised 10 per cent cash back, a trip to Singapore and a bonus of Rs 11,000 on buying a policy which was not honoured by the private insurance company.
In this case, the insurance company refunded the amount to the complainant when the matter was taken up with Ombudsman office, official said.
Another complainant said he was promised 11 per cent annual return for 10 years at the time of policy purchase but when he received policy documents, there was no mention of guaranteed return.
It also came to the notice of the office of Ombudsman that some customers were being denied having a `Free Look' period by the agents so that customers were left with no option than to continue with the policy.
During the free look period, the purchaser can continue to ask the insurer questions regarding the contract in order to better understand the policy.
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