Tata AIG General Insurance Company Limited — Insurance Company is asking me to pay 50% premium if I ask them to cancel the policy

Address:

Chennai, Tamil Nadu

From
K.V. Krishnaswamy
New No.5, Old No.3, Nambulier Street
Sowcarpet
Chennai 600 079, India
Tel.No.[protected]

Dear Sirs,

Ref: Policy No. HCP[protected]

I was holding HSBC Credit Card Bearing No.[protected].

Under this above credit card TATA AIG General Insurance has given a policy cited above. At the time of introducing the policy HSBC Bank told that after receiving the policy if I am not interested in the said policy it has to be communicated to TATA AIG within 40 days for cancellation of policy. Please note that the policy effective date is 7th June 2010 and I have sent a request to TATA AIG to cancel the policy on 12th July 2010 (which is well within 40 days). To this communication, TATA AIG General Insurance replied stating that my request has been forwarded to cancellation department. Subsequently, since HSBC has been chasing me for payment, I have been repeatedly sending mails, to TATA AIG General Insurance to inform me as well HSBC about he status of the cancellation of policy. TATA AIG General Insurance repeatedly informing that my request has been forwarded to Cancellation Department.

Suddenly as a bolt from the blue, today when I talked to TATA AIG to know about the cancellation of policy, I have been asked to pay 50% of the preimum amount if I opt for cancellation of policy. No where in the above communications it has been mentioned that the policy holder has to pay 50% of the premium amount.

Hence, I request to take necessary action against TATa AIG General Insruance whichis arbitrarily claiming 50% premium amount from the Policy Holder, which the policy holder is not ready to pay.

Regards
K.V. Krishnaswamy