Harvard study finds serious flaws in Indian insurers
AHarvard Business School study on...
One-time option to increase insurance cover up to Rs8 lakh
Mediclaim policyholders, especially senior citizens and those with existing ailments, are often refused insurance cover enhancement under the garb of ‘right to underwrite’. New India Assurance is offering Mediclaim 2007 policyholders migration to their new product Mediclaim 2012 with a bait of one-time option to increase the sum insured. Mediclaim 2012 policy allows health insurance up to Rs8 lakh as against Rs5 lakh for Mediclaim 2007. Policyholders, including senior citizens, will be given a one-time option to increase their sum insured if they have had two claim-free years.
A real estate firm that delayed giving possession of an apartment to its buyer has been directed by the State Consumer Dispute Redressal Commission of Tamil Nadu to pay Rs3 lakh as compensation. In December 2012, Vijaya Padmanaban, an employee of Chaitanya Builders, made an advance payment towards booking an apartment in a building project of her employer. Two years later, she resigned her job. The company sent her a note saying that the flat was allotted to her “at less than (the actual) cost on an understanding of a long-term productive participation in the growth of the company.”
The company also returned her cheques saying that her “attitude to the company’s assignments resulted in a loss of Rs2 crore in a project.” Vijaya filed a complaint with the Commission seeking compensation of Rs20 lakh for deficiency in service, harassment, mental agony, and Rs15,000 for loss of funds.
The Commission agreed with her and directed Chaitanya Builders to “hand over possession of the flat to Vijaya and pay an amount of Rs3 lakh for deficiency in service, harassment, loss and sufferings undergone by her, besides Rs5,000 as costs.” Vijaya has also agreed to pay the revised price.