Frauds by Banks and Insurance companies

There was a number of cases wherein Life insurance policy holders were called by agents of other insurance cos saying that they are calling from IRDA and there is some kind of arrangement with LIC wherein if the policy holder takes a new policy with the other insurance company, they will get double or some other higher amount.

This is such an easy thing to catch. But the police authorities do nothing about such complaints. If a person goes to court, it will take endless time.

Why do we say that we live in democracy or there is government. it seems to be jungle Raj.

United India Insurance co Limited

They issued mediclaim policies through other companies by entering an arrangement with them. The major benefits under mediclaim policies are given in 3rd year or later.

By the time the policy used to enter the 3rd year the so called agent used to close the office or refused to renew the policy.

This is such a sensitive matter playing with the lives of public.

What is the take of Judiciary, police or government on such things.

Andhra Bank

Andhra Bank issued mediclaim polcies by having some arrangement with United Insurance co Ltd.

For first 2 years they collected premium from the policy holder without any written authorisation. The customer was under the impression that the bank will be charging the premium from their account directly.

3rd year no premium debited. No information given to policy holder.

After 15 days the policy holder is reminded and his account debited.

When the policy holder made a claim he was told that his claim is not valid because he renewed his policy after 15 days which is not within grace period. So his old policy lapsed.

Under the new policy he can claim only in 3rd year.

This is more serious than sunami to my mind.

What the IRDA or Judiciary is doing about such cases.

The institutions are really a fraud.

No comments: