Banassurance
Querist :
Anonymous
(Querist) 30 July 2011
This query is : Resolved
I had availed a bancassurance policy( mediclaim) in the year 2006. 3 years later the bank tied up with another insurance company to service the policy.
At the time we were given to understand that all terms and conditions would remain the same(acknowledged by email).
Repeated request to get a copy of the policy terms and conditions got the Insurance company to send me the terms and conditions, wherein there were a few new clauses favouring the Insurance Company.
( but we were given to understand that those clauses would not matter)
After holding the policy for 5 claim free years, when I last went to renew the policy I was told that the premiums were hiked and that my cover would be reduced.
In Effect my family floater policy( Parents+ Married couple)for 5 lacs was divided into 2 policies as such( parents 3 lacs+ self( married couple 3 lacs).
Premium was correspondingly reduced compared to earlier.
I was agreeable to a hike in the premium ( due my earlier folly of not qestioning the change in terms and conditions at the chnage on Insurance company)but needed the same Sum insured.
But the underwriting team at the insurers refused to give me the same benfit( and this after 5 claim free years).
What they would like me believe is that I am benefitting because of a 6 lac(3+3)policy as against a 5 lac policy initially.
Isn't the very purpose of a floater plan defeated here????????
Besides I was informed of the same( Lesser cover) verbally when I went to renew the policy at the Insurer's Office.I have no written letter intimating me of the change in policy procedure
I have this correspondence on email and now wish to proceed legally against the Insurer/ or bank whichever at fault here.
The grievance redressal forum at the Insurer's Office would also have me believe that I stand to gain by the new policy and are not willing to give me the same cover.
The bank staff is as usual -LOST and ask me to contact the Insurance Company.
Kindly advise………
Devajyoti Barman
(Expert) 30 July 2011
As per the guidelines of the IRDA, the insurance company can not make any unilateral changes in the Policy without taking consent of the holder of the Policy.
Approach the Consumer Forum, you should get the relief.
