IRDA Complaints & Reviews

My wife was having a composite licence for Kotak life Insurance and Cholamandalam . But then we decided to have renewal of licence for only Non life
insurance ie cholamandalam . So my wife gave a letter to kotak life insurance to issue NOC for renewal of licence for General Insurance only . Kotak told us that it will be done by IRDA on their site . From the date of 04th May 2011 nothing has happenned . She cant place business with Cholamandalam . Why has IRDA complicated the proicedures ? Why should we be the victims ?

Hi sir,
Am arun kumar i have chit in kapil chits kphb branch hyderabad, when we lift chit verification officer will get forms of kotak mahindra bank lic policy, and blackmail us for delaying the amount if we are not signing, when we have complaint to the branch manager of kapil chits, he say it is compolsory.

We request irda to take action on kapil chits for making harrasement and blackmail.

If required...

Hi,

Received a call from a number [protected] saying that he is from IRDA and I will get a bonus of atleast Rs. 65200/- for the insurance policy that I had taken few years back from Birla Sun Life Insurance. However, I will have to make an investment of Rs. 20,000/- for showing off. I got skeptical and asked him to send me an email using his official email id with the details of the documents required and the person I needed...

The I R D A , has been busy protecting the interest of the companies .

But , IRDA was created to protect the INTERESTS of CUSTOMER NOT COMPANY

On the other hand SEBI , has been tough on Mutual Fund companies .

Because of S E B I , the M F company have fallen in line .

Please find the email below and tell us what actions you are taking .

Are you fining HDFC ERGO , HDFC LIFE and H D F C ?

What is the amount of FINE ? ?

The company should not pay the fine , the management has to pay .

The CHAIRMAN , DIRECTOR , and other TOP MANAGEMENT should pay the fine

Otherwise , we have to write to the FINANCE MINISTRY AND GOVERNMENT .

Because , so far IRDA has been of no use to the CUSTOMERS .

So better to scrap the company and wind up organisations like IRDA .

There is no need to pay hefty and fat salary to a few persons sitting in IRDA and doing nothing with respect to their prime job and duty .

IRDA officials are more busy defending the fraud of INSURANCE COMPANIES and their fraudulent activities of the insurance company .

regulators like IRDA are useless as far as protecting consumer interests .

so far mis - selling has been rampant among all insurance companies .

The I R D A , has done little to prevent such mis-selling .

as far as the customer are concerned IRDA is useless .

the approach of the irda has been reactive rather than pro-active .

they wait for a consumer to complain for something illegal done by an insurance company .

REGULATOR need to be PRO - ACTIVE , and prevent from such compalints coming in the first place . .

IRDA should be doing surprise checks , audits of insurance company .

Instead it waits for the mis - selling to happen and then only acts when the customer complain comes .

The INSURANCE COMPANIES are very happy with this situation as they know , that only about 20 % customers are aware of consumer rights .

And among these 2 0 % customer , only about 2 % ultimately go on to complain . .

The other customers simply dont have the time and energy to go on with the lonag process of COMPLAINING .

Has the IRDA ever made any SURPRISE CHECK or AUDITING ? ?

We all know that PREVENTION IS BETTER THAN CURE ! !

IRDA officials does not seem to know this or thinks otherwise . .

They wait for the illness to happen and then as the person to go for treatment ! !

prevention is better than cure !

Hi,

I have written a mail to IRDA (To: UIIC HO Grievance <[protected]@uiic.co.in>, IRDA Complaints
<[protected]@irda.gov.in>
, there is no response from them yet...(grievance application No is: 434/UII/COMP/10-11) following up from claim with TPA since July'10 & IRDA since Aug'10. Below is the mail copy...


Dear Team,

I am still awaiting revert on the below issue, just following up since november....

I have come to know that my maternity claim is rejected due to non submission of claim within 30 days of the delivery. I have submitted the claim in July month at my office through my husband who came to mumbai on leave & is mainly out of mumbai for his job. I had a *Caesarean* Operation during delivery & I was on leave from April till August'10. I stay alone with my mother-in-law. I can't go to submit the docs in such a condition when I was on bed rest, & leaving my infant alone. Even the case papers & stamping takes time, which my husband got when he came on leave. With the above reasons it is understandable why the claim was submitted late. Is this genuine reason not enough for justifying delay in submission. Hope my case will be considered as exceptional, hope proper justice will be done to a female citizen.
When will the claim get processed please let me know.


Employee Name : Chetana Dave (Chetana Ameet Vartak)
Card No : DEL-UI-B[protected]A
Delivery Date : 20th April'10
Claim Submitted : July'10
Resumed to Work : 25th Aug'10
Email Id : chetana.[protected]@gmail.com / chetana.[protected]@airtel.in
Phone : [protected]

Consider the below numbers and see how such Financial Advisors in LIC can damage Indian Economy.

Total Financial Advisors in LIC - 10,02,149
Take 1% of them doing this fraudulent activity - 10,02,149 * 1/100 = 10021 agents
Considering each agent like Bikram Parida has done money laundering with 25 customers - 10021 * 25 = 250525 customers
Considering each customer has paid an average ticket size of 10000/-...

This is in continuation of my earlier post on 17-Feb-10 in which I have explained how AVIVA Life Insurance Company had fooled me and gulped in my hard earned money. I had a Life Long Insurance Plan which i surrendered after around 4 years( after 3 years lock-in). I have given 45000 Rupees but recieved only 25000 something after surrendering. The surrender charge of this sort of abnormal and customer-cheating in nature is nowhere mentioned in the policy document. I will explain these facts once again but before that let me tell you what had happened after I have been cheated by AVIVA.

I approached IRDA. What i found is more concerning is that despite of notifying the above incident to IRDA, I have received no response. I have emailed my complain to IRDA but i have got no reply. I have intimated SEBI. I have receive a letter from SEBI that it is not under their purview to look into this problem and they will forward the issue to IRDA. Meanwhile i continue receiving letters from AVIVA after certian intervals that they are looking into my problem. But the matter of fact is i have lost more than 20000 Rupees which i am yet to get back.

If i think of legal actions, it will be uphill task to take on with these companies which i assume have clear backing of so called regulatory bodies (otherwise I would have received a reply as a minimum courtesy).

So where do we stand as deprived and cheated Customers & what can we do?

To start with, let us do the following:-

1. Vigorous campaign against AVIVA stating the fact.Write chain mails, spread the facts in your institution, office, family so that no one gets cheated like me in future.
2. Reject / Boycot all the products of AVIVA.Kick their agents out wherever you see them.
3. Flood IRDA with complaints... if that can make them move and take actions against AVIVA.

Now read my story which i have posted earlier
I have had a ULIP with AVIVA. I had continued it for 46 months and paid a premium of Rs 45000 (Monthly Premium of Rs 1000) . The Policy had a lock-in period of 36 months. Now I have decided to surrender the Policy because of it’s poor performance & excessive fund management charges (a total of around Rs 100 pm which is almost 10% of my monthly premium).
The charges AVIVA deducting from my account were :
• 5 % per annum of Initial Unit value (Units purchased from my first two year’s premiums * NAV)
• 1 % per annum of total fund value (Total units * NAV)
• Rs 75 per month inflated with 5 % pa as Policy administration charges

While surrendering, I came to know that the surrender charge applicable is nearly Rs 20,000 and my surrender value is nearly Rs 25,000.

These people are telling about some bizarre formula which was no-where written in the Policy Document.
The formula is :-

{1-1/(1.05)^n} x Initial Unit value

Where,
n = 30-no of years the Policy is in Place = 30-4 = 26
Initial Unit value = Value o[censored]nits purchased from my first two year’s premiums
I have enclosed the Policy Terms and Conditions for your reference. Please refer Page 5, Article 15.2 (Full Surrender), where it is written that ‘ The surrender value is equal to the surrender value of Initial Units, which is equal to the value of all initial units less an Early Redemption Charge determined at the time of surrender, and the value of all Accumulation Units in respect to Regular Premiums’

I have repeatedly requested their Customer Service as well their Saltlake, Kolkata Branch Office for a fair deal but my request fall on deaf ears.

Now, how come a common man would come to know that this surrender charge will be Rs 20,000 after reading the above? I have been told during taking the Policy that I will get a reasonable return on my investment after three years. I have been totally trapped, cheated and misled by AVIVA as well as Bajaj Capital, the broker.

I have received a surrender value of around 25,000 Rupees.

To Irda,

Respected sir,

it is to inform you that huge mall practice is going on in IRDA exam in Dhubri,Assam manual exam. Agents are getting passed without appearing in the exam.
The school is taking Rs 700-1000 per candidate for passing them without appearing.

Agents who appears used to leave blank answer sheet and school takes Rs 500-Rs 700 per candidate.

Please send surprise visitors in the exam cetre on 19th Sept. The school is planning to make100% passing that they. They are taking Rs1200- Rs1500 per candidate for the same.

Regards,
Manoj Chakravarty
Dhubri

I just wanted to complaint about why the irda is sleeping and not taking actions in favour of the the industry as a whole these so called gipsa companies are selling policies through banks at 1 / 4 the premium what they are charging from the policy holders who are buying policies directly from them. Even the policies which they rae selling through banks does not have any room rent or icu capping plus the exclusion period for diseases is also one year instead of 2 year. Why these companies are making hue and cry and not allowing cashless facility to those who are paying four times the premium as compared to these banks policies. But the matter of fact is that cashless facility never stops for the group mediclaim policies and policies sold by bank.
Irda is not working in the favour of individual policyholder who is buying policy directly from the insurer

Today the insurance sector is a fast growing sector & no doubt contributes a great towards the economic development & allocation of individual savings. But the fact is that the people get the lesser advantage & the companies gain in lumpsome. To earn more & more the companies are recruiting large no of agents time to time. Though a irda exam is there to test a person before becoming an agent, its just a show off. Most of them are pre prepared by the SM to pass in the exam by unfair means. Believe it or not: a large no of agent in the rural area can't tell the details of policy. They are just told to give business & how much they'll get. The life insurance companies are forcing the SMs to recruit more & more agents by any means. This means that evenif the new agents sleeps after 4 or 5 policies the company can gain from it. Thats why we can find more agents in our colony than MBA graduates. Isn't there any authority that can really regulate the acts of nuisance by these companies? Even the agents are false promising the people regarding the gains/profits given by the company. If this act of recruiting agents hastily & false promises continue to woo consumers, one day this mechanism will reach a doom & a greater imbalance will be created.

To,
The chairman,
IRDA.
paschim bhavan IIIrd floor,
Basheer baag,hydrabad-500004
Reg: mis conduct /Mall Practice examination center at Hingoli -431513
Respected sir,
It is observed that at every exam held at the center at Hingoli that is Sri Shivaji High School is Managed by some people with the help of staff and office berear of the said institution.The deployed staff is providing answer sheats duly solved or they ask candidate to keep answer sheat blank .Imprested people solves them and get candidate passed for that they are taking 1500/-Rs to 2000/-Rs per candidate and money is playing very important role in this activity .Which is very serious matter.
Kindly look in to matter very seriously and if posible by you please make surprize visit at above said center .To look by your own eyes .
Thanking you
Yours faithfully
A.W.WAKODKAR
C.M.CLUB MEMBER &
CHIEF LIFE INSURANCE ADVISER
HINGOLI OFFICE