Comments
Dear Sir,
Many companies are selling Medical/Health Insurance policy to their credit card holders via telephonic talk.
Like ICICI's sister concern company ICICI Lombard, they call to the customers, and try any how to sale the insurance police.
As soon as the customers say yes, they start the policy without any document signed by the customer, without any medical checkup.
Moreover, without any information bank blocks the amount (however the insurance amount to be paid on monthly basis) and paid to the insurance company, and debit certain amount to the credit card account.
Such thing happened with my friend.
The banker is ICICI bank and health insurance company is ICICI Lombard which is sister company of ICICI group.
When we went to the office and raised the question regarding the policy, they executive/manage told us that the complete telephonic talk was recorded and on that call record, the policy was started.
When we told them to cancel the policy, the person told us that the representative would call after 2 days.
After 2 days, the representative of the company called us and told that to cancel the policy would charge around Rs. 15000/- as a cancellation charges.
Surprisingly, the premium it’s self is not more than that cancelation charges.
By doing such thing without giving any information to the customer, is it legal?
Moreover, they are passing information to the other company by breaking rule of the RBI notification.
file:///C:/Documents%20and%20Settings/Administrator/Desktop/RBI/NotificationUser...⇄
My question is that;
1) Does such police is valid or not?
2) Is it under RBI norms to sell Insurance policy on telephonic talk.
Thanking you,
Sincerely yours,
Paras Jariwala
( [protected] )
Surat, Gujarat State, INDIA
Many companies are selling Medical/Health Insurance policy to their credit card holders via telephonic talk.
Like ICICI's sister concern company ICICI Lombard, they call to the customers, and try any how to sale the insurance police.
As soon as the customers say yes, they start the policy without any document signed by the customer, without any medical checkup.
Moreover, without any information bank blocks the amount (however the insurance amount to be paid on monthly basis) and paid to the insurance company, and debit certain amount to the credit card account.
Such thing happened with my friend.
The banker is ICICI bank and health insurance company is ICICI Lombard which is sister company of ICICI group.
When we went to the office and raised the question regarding the policy, they executive/manage told us that the complete telephonic talk was recorded and on that call record, the policy was started.
When we told them to cancel the policy, the person told us that the representative would call after 2 days.
After 2 days, the representative of the company called us and told that to cancel the policy would charge around Rs. 15000/- as a cancellation charges.
Surprisingly, the premium it’s self is not more than that cancelation charges.
By doing such thing without giving any information to the customer, is it legal?
Moreover, they are passing information to the other company by breaking rule of the RBI notification.
file:///C:/Documents%20and%20Settings/Administrator/Desktop/RBI/NotificationUser...⇄
My question is that;
1) Does such police is valid or not?
2) Is it under RBI norms to sell Insurance policy on telephonic talk.
Thanking you,
Sincerely yours,
Paras Jariwala
( [protected] )
Surat, Gujarat State, INDIA
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ICICI Lombard House, Old Tata Press Building, Near Siddhivinayak Temple, 414, Veer Savarkar Marg, Prabhadevi, Mumbai, Maharashtra, India - 400025
View all ICICI Lombard contact information
Kindly write to us at [protected]@icicibank.com with your policy number, along with your full name and contact details.
We will be glad to assist you.
Regards,
K Raghavender
Office of the Nodal Officer
ICICI Bank