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Online Personal Finance Magazine
No beating about the bush.
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.”
The new scheme Reliance Life Insurance Smart Pension Plan is a comprehensive non-participating unit-linked pension plan
Reliance Life Insurance has launched a new pension plan, which encourages early saving for post-retirement financial independence.
The new scheme Reliance Life Insurance Smart Pension Plan is a comprehensive non-participating unit-linked pension plan, the company said in a statement.
It claims to be the only retirement plan that offers rider options to customers to safeguard against accidental death, illnesses and even life insurance, guaranteed returns and loyalty additions safeguard against volatile market conditions.
The state commission ordered New India Assurance to pay Rs80 lakh within 30 days with interest at the rate of 9% and also asked to pay additional amount of Rs50,000 towards the litigation cost and Rs1,00,000 as compensation for the mental agony faced by the complainant
A tactical move by a government-owned general insurer to reject a valid claim of an amount as high as Rs80 lakh by making convenient interpretation of the terms & conditions of the insurance policy was blocked by intervention of nationally renowned consumer organization Consumer Education & Research Society (CERS), which filed a case on behalf of a Ahmedabad-based firm in Consumer Disputes Redressal Commission, Gujarat and got an order in favour of the complainant for the settlement of the claim.
The State Commission ordered New India Assurance to pay Rs80 lakh within 30 days with interest at the rate of 9% and also asked to pay additional amount of Rs50,000 towards the litigation cost and Rs1,00,000 as compensation for the mental agony faced by the complainant.
As per the case details, Doshion, providing solutions for water management, received a contract for installation of a desalination plant on turnkey basis from Kerala Minerals Metal in 2005. As prescribed in the bid document, the company got a standard fire & special perils policy covering risk of Rs29.25 crore including cover of Rs5 crore for construction materials and other stocks before commencing the work in 2006 from New India Assurance Company by paying a premium of Rs8.08 lakh.
Thereafter, during the progress of the work, the construction site was flooded by the sea water due to breach in a nearby earthen embankment and whole machineries and material mobilized for the work were destroyed. The development was immediately reported to the insurance company. As per the evaluation, the damage was to the tune of about Rs80 lakh and Doshion put up a claim of Rs86.93 lakh before the insurer. However, the claim was rejected saying that the site, where the damage was done, was different one from the place cited in the insurance policy.
As the move was illegal, Doshion approached CERS to intervene. After verifying all the details, CERS filed a complaint in the Consumer Disputes Redressal Commission, Gujarat State, Ahmedabad. On behalf on CERS, Apurva Dave appeared in the Commission. After hearing both parties through their counsels, the Commission rejected the argument made by New India Assurance company and passed an order in favour of the complainant asking the insurer to suitably compensate.