Money & Banking

Insurance companies to set up system to address complaints

| | Updated on: Nov 07, 2014

At a meeting of insurance officials organised by the Insurance Ombudsman for Kerala and Lakshadweep here on Thursday, insurance companies agreed to put in place a system to address the grievances of policyholders.

Representatives of 34 insurance companies, including the LIC, attended the meeting. Ombudsman PK Vijayakumar discussed policyholders’ complaints.

Mis-selling of policies by agents, lapse or foreclosure of policies without proper notice to policyholders, high surrender charges levied for foreclosure, denial of claim on account of pre-existing illness, non-payment of interest for delay in settling claims, fabrication of evidence to reject claims, high-handedness of third-party administrators appointed by the companies and over-dependence on surveyor’s report to reject claims were some of the common complaints made by policyholders.

The meeting decided to set up a grievance redressal machinery for all insurance companies.

Published on November 27, 2017

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

COMMENTS
This article is closed for comments.
Please Email the Editor

You May Also Like

Recommended for you