Policy Bazaar — Earnings interest on consumers money and harassing them

APP NO MGM[protected]P654
BOOKING ID[protected]
DATE OF APPLICATION 05TH OCTOBER 2020

First time I applied for Car insurance through policy bazaar. I was happy to find so many options available and so I went ahead with one of them. Immediately the payment was debited and then the problem started. After charging payment they asked for self video inspection and uploading of documents.

Normally a company will carry all procedure and then charge payment. And once payment is done will issue a cover note. But here the case in opposite they charge payment but will not issue any cover note and ask you to sel[censored]pload the video through their software.

I uploaded the video properly as per their instruction but they rejected and ask for fresh video upload. Then I consulted some of the consumers who have dealt with policy bazaar ang got to know how they function.

The video needs to be uploaded through their software. So they ensure that incase they find any faults the customer will not have any evidence to recheck the video as the customer will not be possessing that video. So they keep harassing customers by rejecting for 3-4 times after which they will innocent customer will ask for refund or even incase the policy is issued they will possess the money for atleast 1-2 months or incase of refund request for more amount of time.

In this way they may surely be earning interest on the consumer's money for the time they hold and I feel this is strictly illegal as they are just a broking firm and not any financial institution to earn interest on consumer's money.

I strictly demand an inquiry of their business operations as inspite of doing cheating business the looser is the consumer and it is their hard earned money that such companies are using generate income.

Will also tweet to PMO office and other departments to ensure such companies are closed down so in future no consumer suffers.