insurance law

Querist : Anonymous (Querist) 29 October 2010 This query is : Resolved
i had a mediclaim policy of Rs 10 lac from 1995. Since 1995 i did not file any claims and renewed premiums on time ,so till 2007 i had accumaled an additional bonus of Rs 1.8 lac above the policy amount. Abrupltly in 2008 when i renewed the policy, the insurance company incorporated a clause in the renewal policy that it would pay 70 % of the sum insured upto a maximum of Rs 2 lac for serious surgery. In 2008 i went for a heart surgery and incurred about Rs. 4 lac of expenses. When i filed for the claim the company paid only Rs. 2 lac according to this clause in renewal policy and also denied to Give my accumalted bonus to me. In this regard I have following queries.

1. Whether the insurance company incorporate a new change in respect of policy and give it a retrospective effect?

2. Can a recovery suit be filed to claim the bonus in addition to the consumer complaint.?

3. Please give citations of some case laws which are appropriate for the scenario.

Follow Query

Report Abuse

Devajyoti Barman (Expert) 29 October 2010
The issue involved herein not of giving retrospective effect. Whenever you renew a policy , you enter into a fresh agreement with the Insurance Company on such terms and conditions as the Insurance Company provides. A policy is of 1 year only and hence in the subsequent years it can make changes in the terms if its Policy. It is upto you to decide whether to renew the Policy or not. To me you have no cause of action against the Insurance Company.

s.subramanian (Expert) 29 October 2010
The Insurance companies always indulge in this kind of graduated cheating. You approach the consumer court for remedy.

Parthasarathi Loganathan (Expert) 29 October 2010
IRDA has instituted a grievance redressal mechanism. Please file a complaint

adv. rajeev ( rajoo ) (Expert) 30 October 2010
Had you gone thru., the terms and conditions of the policy?

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries