[Resolved]  Reliance General Insurance — Exorbitant Increase in Premium of Healthwise Policy, five times in one year

Address:

Gurgaon, Haryana

I hold a health insurance policy (called Reliance Healthwise-Silver) of Reliance General Insurance for the last four years. The currently is due for renewal on 15th March 2011. I have received a policy renewal premium payment notice. The notice has indicated a premium amount of Rs16324/ which is almost five times more than what I had paid (Rs3634/) last year. I donot understand what would be the reason for such a huge and arbitrary increase in the premium while the annual inflation is less than 15%.

I have raised this concern with IRDA. Apparently IRDA has approved this increase. Neither IRDA nor Reliance has given any feasible reasoning for this huge increase in one year.I suspect that ther is a collusion between IRDA and the Reliance general Insurance.Should the GOI accept such an exorbitant increase in the premium in one year even if the cost of treatment etc has risen.

There must be some way to allay the customers' concern and particularly for someone like me who is senior citizen. I hope that the forum will take it up at appropriate level for mitigation.