[Resolved]  Reliance General Insurance — Complaint against Reliance General Insurance for harassment caused to a Senior Citizen

Address:

Thane, Maharashtra

I, Mr. Prakash Thakkar, a senior citizen have a mediclaim Policy with Reliance Insurance Company for myself (age 63 ) and Spouse (age 61) with a cover of Rs 1.5 lakh for myself and Rs 1 lakh for my spouse at a premium of around Rs 5600 around 8-10 years back. I have also taken for two policies for my children for Rs 50, 000 each at a premium of Rs 750 each. I have been regular in my premiums and have accumulated no claim benefit bonus all these years around Rs 60000 each for me and my spouse (currently in dispute). Recently, I got a letter from Reliance General Insurance that as per IRDA approval, they are withdrawing this individual mediclaim policy for new and existing customers and thereby this policy of ours will be discontinued and we would have to move either into their new plans Healthwise or Health gain and pay premium of around Rs 17000 or Rs 40000 as per the plan chosen for same cover and loss of Cumulative bonus or through portability switch to other plans wherein the premium for this age is around Rs25000 to Rs 45000 for both o[censored]s due to our age. My first doubt was how could IRDA approve of it for existing customers? IRDA has always been the protector and a guardian in safeguarding the interest of customers against Insurance companies who are interested only in Business at any cost. If there is any such clause providing Insurance companies such provision that all insurance companies at every stage would use it against customers as and when required—migrate to a higher premium plan or opt for portability? Where is the interest of customers safeguarded then by IRDA ? This is a clear breach of trust between insurance company and customer, wherein a customer chooses a insurance company stays with it for 8-10 yrs or more, saves every penny and invests for old age security, and finally with falling age the company changes its norms stating IRDA approved kicks of a customer. In this country doesn’t senior citizen have right to good health or Justice? How can people like us pay thrice the existing premium at this age and why should we? We have been paying regular premiums throughout years beforehand and it is my right to continue my policy on the same terms and pricing. It is a clear loss of the time, money and trust I invested for so many years in the insurance company? Where was it disclosed in Insurance policy or proposal form that a company can choose to withdraw its policy and customer has to pay extensive higher premiums to continue for migration. Or for that matter, is there any such provisions made by IRDA to keep the customers informed at the time of proposal that such condition may prevail. Where is IRDA protecting or safeguarding interest of customers at mass level, tomorrow what if every insurance company uses this provision to increase its premium? Customers of INDIA look upto IRDA as SUPREME AUTHORITY to safeguard our interest, protect us from such manipulation and exploitations and provide us the right to life and good health at this age being a senior citizen of this country. But if there is any such approval from IRDA, where do we go? Whom do we complaint to ? I would request you to look into the matter and kindly assess the loss faced by an existing customer at this age: 1) Senior citizens at this age are mostly denied by companies for fresh policy 2) If a fresh proposal is accepted, 4 years of waiting period of existing disease and low cover or higher premium starting from Rs 20000 to 45000 for me and my spouse together. 3) If opted for migration within the same company, around thrice the current premium plus loss of cumulative bonus. 4) Loss of time, money and trust invested at young age with an insurance company to secure old age related health issues! 5) Finally after all this, what is the guarantee that the same conditions would not repeat in future? We will again not be asked to pay higher premiums and kicked off again with any said policy or Insurance company? 6) Any such breach of trust, exploitation only leads to mental, emotional and financial harassment to senior citizens like us who are retired, cannot afford higher premiums and have to manage high cost of medical expenses and livelihood with limited savings. " It is not only about me and my family, but thousands of customers now and in future who will be a victim of this game plan, if there is any provision for Insurance companies to withdraw their existing plans and force customers to pay extensively higher premiums, wherein the customer at signing the proposal form is not aware of it, nor there are any provisions by IRDA to protect customers in such situations. And as in my case, I am afraid the prime target would be customers in age group of 45 and above where they are helpless with no options available anywhere plus struggling with age related health issues". Yours faithfully, Prakash Thakkar [protected]@yahoo.com [protected]