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What to do if an insurance policy is mis-sold to you?

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In our previous article, we shared with you why mis-selling of insurance policies is so rampant in India. And how you can spot the fraud to avoid being cheated by these insurance companies/agents.

You can read the article by clicking on the following link:

In this article, we share with you the remedial measures that can be taken if you are mis-sold any insurance policy:

Step 1:

Contact your insurance company customer care centre. Make an official compliant and get a complaint number. Resolve it with the company itself.

Step 2:

If you’re still not satisfied, approach the Grievance Redressal Officer. All insurance companies have listed out GRO details on their website. Or you can get the same from the IRDA website. Provide your insurance complaint letter to GRO in writing along with all necessary supporting documents. Get an acknowledgement of your complaint with date. All insurance companies should respond to your complaint within 15 days.

Step 3:

If you are still not happy with the response from GRO, you can contact Grievance Redressal Cell of Insurance Regulatory and Development Authority of India (IRDA). You can directly contact them on their toll free number 155255 or 1800-4254-732 (timings: 8 AM to 8 PM – Monday to Saturday) or send an email to [email protected]

You can also send a letter or fax to IRDA with all supporting documents at the below address:

“Consumer Affairs Department, Insurance Regulatory and Development Authority, 3-5-817/818, United India Towers, 9th Floor, Hyderguda, Basheerbagh, Hyderabad – 500 029.”

The complaint registration form available on IRDA website, you can download from here.

Step 4:

Next, the purchaser can also inform the same to IRDA. To complain online, the ‘Integrated Grievance Management System’ helps to register the complaint and also to track the status.

Step 5:

The Insurance Ombudsman Scheme is the step forward. It was created by Government of India for individual policyholders to have their complaints settled out-of-the-court in a cost effective, efficient and impartial way.

Alternatively,

Another option is using the provisions of ‘The Consumer Protection Act, 1986’, which is a benevolent social legislation for promotion and protection of the rights of the consumers. Three tier system of consumer court covers the insurance services as well.

Or, you can log on to www.presolv360.com and register your complaint and they will help you settle it in a manner which is quick and cost-effective.

You don’t need to pay someone to manage your complaint about financial mis-selling. Think twice before paying a complaints company to make your complaint. You can get the same help for free from the Ombudsman Service, and you’re just as likely to win!

Have you ever faced such a situation? Comment below to let us know how you overcame this, so that together, we can all ‘beware and be aware’!

Disclaimer: The above article is curated based on limited and publicly available open source information. The views and opinions expressed therein and all data and information so provided is solely for informational purposes, to be used at the sole discretion of the reader. If you disagree with any article or any part thereof, please contact us and we will resolve the issue at the earliest. KyaBae makes no representations as to accuracy, completeness, currentness, suitability, or validity of any information and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use.

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