Insurance
HDFC Life shares medical reports of online term plan after Moneylife request

HDFC Life had refused to share all the reports except Cotinine for some policyholders under the argument that they had revised non-medical limits at the same time the customer took medical tests. It has now shared the report of another policy holder after Moneylife represented

Moneylife Insurance Helpline received the following email from Amit Kumar Mishra, “I am 31 years old. I went for Rs80 lakh term plan HDFC Life Click2Protect after cancelling the Rs75 lakh Click2Protect term plan under the condition that they will conduct a complete health check-up. In the hospital we went through several tests, but only the urine cotinine test details were available on insurer’s website. When I asked them why all details were not available, the manager said only the urine cotinine test was required and they did not collect all reports from the hospital. I have sent the reminders to the manager for uploading all the reports but still it has not been uploaded. My friend Uttam Dubey got the reports uploaded after the follow up and intervention from Moneylife helpline. Even after referring the case of Mr Dubey, HDFC Life has not uploaded the reports for me.”
 
It’s strange that same issue was reported by Uttam Dubey earlier. Moneylife intervention had helped to ensure HDFC Life share all the reports to Mr Dubey. In the case of Mr Mishra too, HDFC Life shared the report within one week of Moneylife taking up the issue. The insurer gave us the same argument about them revising non-medical limits at the same time the customer took medical tests.
 

Many customers of HDFC Life were made to undergo the tests but the reports never shared with them, because HDFC Life changed the non-medical limits at the same time. Here is the response from HDFC Life, which is identical in both the cases: “We keep revising our non-medical limits from time to time based on actual experience. Most of the times, we revise the non-medical limits and give the benefit of the revised limits to the proposals, which are pending for conversion. We had changed the non-medical limits just when Amit Kumar Mishra went for the medical examination. The centre had collected the samples and done the reports. However, as we had informed them of the revision in the non-medical limits, they only forwarded the Cotinine test report to us, on the basis of which we went ahead and converted the proposal. As the Cotinine test was the only medical test required for the conversion of Amit Kumar Mishra's policy because of the revision in non-medical limits, we had uploaded only that report.  On receipt of the complaint, we have checked with the centre if they could produce the other reports, which they had retained at their end. We have now uploaded all the reports, which Amit Kumar Mishra can view at his end.”
 

Read :

Online life term plan: Did you get your medical reports?

Online term plans

Moneylife Foundation seminar on Life Insurance:“Online term plans can be deceptive”

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COMMENTS

uttamkumar dubey

3 years ago

Dear Mr Raj,

This is Uttam Kumar Dubey referenced in your column here.

The person Amit referred here is my friend,our policy is exactly the same.

After the due resolution of my case through you, i asked Amit to consult HDFC life managers giving them the background of my case and Moneylife's reference.

But they did not listen to him in normal course and he had to follow the same process through you.

And after your intervention things got fixed.For us you are like regulatory body , rest all IRDA,RBI,SEBI seems like hoax and parasites that thrives on tax payers money.

Please bring the HDFC managers on responsible footings.They are somehow playing with the system whose price we will pay as the customers.

Thanks infinitely
uttam

REPLY

Sucheta Dalal

In Reply to uttamkumar dubey 3 years ago

Mr Dubey. Greetings. It is unfortunate that things should work like this. But it is fortunate that Moneylife exists.

However, to ensure that we are around in the long term and have a powerful voice, please spread the word about Moneylife Foundation. Get your friends and colleagues to fill up the FREE membership and to attend our seminars.

While we do grievance redressal, we are more keen on educating people not to make financial mistakes. We wish people would seek a clearer understanding of financial products too.
best

nagesh kini

3 years ago

It's time the IRDA comes out with clear cut directions.

GMR seeks $1.4-billion compensation from Maldives for termination of airport deal

The airport project contract awarded to GMR for modernising and operating the Ibrahim Nasir International Airport, signed in 2010 during the previous regime of Mohamed Nasheed, was ‘unilaterally’ terminated by the current government on 27th November last year

Indian infrastructure major GMR today sought a compensation of $1.4 billion from Maldives for the “wrongful termination” of its 25-year contract to develop and operate the Male International Airport.

 

The claim was today filed before an Arbitration Court in Singapore and a final order in the matter is likely to come out by end of March next year.

 

The figure of $1.4 billion was reached after taking into account loss of profit, payments made to sub-contractors besides others.

 

Sources said the arbitration process will go on and the Maldivian government along with the Maldivian Airport Company, both parties in the suit, will give their responses.

 

The over $500 million airport project contract awarded to GMR for modernising and operating the Ibrahim Nasir International Airport (INIA), signed in 2010 during the previous regime of Mohamed Nasheed, was ‘unilaterally’ terminated by the current government on 27th November last year.

 

The airport was taken over by the Maldives Airports Company after a high-voltage legal tussle in which GMR had initially got a stay order on the termination from the Singapore High Court.

 

However, the Singapore Supreme Court ruled on 6th November, a day before the notice period expired, that Maldives has the power to take over the airport on 6th November.

 

The abrupt termination of the contract had raised tempers between India and Maldives which had till then said it will go for an amicable solution to the airport issue.

 

Various political parties, all coalition members of the current regime headed by president Mohamed Waheed, had carried out a series of protests and campaigns against the Indian company.

 

The Maldivian government’s stand was that the contract was terminated because it was “void ab initio” (invalid from the outset) and hence the government does not have to bear any compensation for the termination.

 

Earlier this week, Maldives’ anti-graft watchdog had ruled out any corruption in the leasing of the international airport to GMR.

 

However, the government had said, “The report does not change the government stand that the contract given by former president Mohamed Nasheed was illegal.

 

“The contract was not terminated on the ground that there was corruption but because it was done against the law of the land.”

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Govt approves pass through for coal import; power rates to rise

“There will be small increase in power tariff. It will be very marginal increase on unit cost of power depending upon the cost of import of coal,” finance minister Chidambaram said

Electricity tariff across the country will increase by a minimum 15 to 17 paise per unit after the government today allowed power producers to pass on higher cost of imported coal to consumers.

 

Finance minister P Chidambaram said the Cabinet Committee on Economic Affairs (CCEA) has approved the pass through proposal, which would result increase in power tariff.

 

“There will be small increase in power tariff. It will be very marginal increase on unit cost of power depending upon the cost of import of coal,” Chidambaram informed the media.

 

“They (IPPs) can import coal themselves if they wish, otherwise Coal India will import and this additional price which we pay for imported coal, obviously, has to be pass through in the power tariff,” he added.

 

Chidambaram said: “It is better to have power and pay a few paise more or not have power at all. It is better to have our power plants working and producing power or keep them shut down after investing thousands of crores. For every MW today, I think the capital cost is between Rs5-Rs6 crore.”

 

A coal ministry official said the move would result in higher power tariff to consumers.

 

“Though the quantum of the coal to be imported has not been worked out but as per estimates if Coal India imports 15% of coal, it would result in increase in electricity tariff by 15 paise to 17 paise per unit,” the official said.

 

Chidambaram further said the government has initiated measures to augment production and “by first week of July certain other decisions will be taken to open up more coal mines and to produce more coal”.

 

In the meanwhile, coal imports were necessary, he added.

 

“In the interim period, there is no option but to import some coal. Imported coal is costlier than domestic coal. We are guaranteeing 65% this year to 75% by the end of 12th Plan (by Coal India) for each of these 78,000 MW capacity,” he said.

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