| Address: | Tenali branch, Andhra Pradesh |
Sir/ Madam,
I M.Mahesh Babu, s/o M.Jaya Prakash raising this complaint on behalf of my mother Smt. M .G. Venkata Lakshmi, w/o M.Jaya Prakash aged 59 years on whose name our car registered. I have renewed our car insurance with Cholamandalam MS General Insurance branch located at Tenali, Andhra Pradesh through online by paying an amount of Rs.8550/- on
[protected]. Our car is a new one bought on[protected]. The above said amount has been paid by myself through my salary account. After that I received the policy document of the renewed insurance. In that policy document the Insured Declared Value (IDV) is taken as Rs.5, 20, 000/- which is almost 23% less than the previous IDV of Rs.6, 78, 958 and it was completely irrelevant and also violating the norms of the IRDAI which are in force. As per the IDV Council of General Insurance Corporation of India (GIC), the IDV of our vehicle comes around Rs.6, 26, 189/- . Based on this I have contacted the branch manager of the Tenali, by name Sri Srinivas who confirmed that there was a mistake happened at their end due to some miscommunication. But till date there was no concrete resolution for our problem. We are at loss of Rs.1, 06, 000/- if any time we go for claim during this policy validation year incase if any unforseen occurs. Also due to this the IDV of our vehicle drastically get reduced in less time than it should be actually. We have even requested the said branch manager either to rectify the IDV to actual one of Rs.6, 20, 000/- approx or to cancel our policy so that I can approach other insurance company to renew our policy. I am submitting the previous policy document as well as the recently renewed policy document and screenshot of the IDV taken from IDV council of GIC for you perusal of the record. kindly do the needful at the earliest.
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