Cheated by insurance company? Follow these steps, know how to make a complaint

Vulnerable customers often get cheated by insurance agents, who like to go to any extent to meet their monthly targets. They promise to get the money refunded but start ignoring the customer when things go complex. Is there a way out? Ignorance is bad. Before making any investment, a customer must do proper inquiry about the plan offered by the agent, about the insurance company, its authenticity and possess documentary proof of all communications with the company, and the agent. 

If you get cheated by the agent even after following all best practices, there is no need to panic. There are certain steps you need to follow. Deepak Yohannan, CEO, MyInsuranceClub told Zeebiz.com the steps a cheated customer needs to start with: 

1. All communications should be on email so that there is a proof of communication with dates.
2. The customer should file a complaint to the bank branch manager
3. The customer should file a complaint with the company's service email-id. 
4. Further, the customer should show all proof of communication + letters he has sent till now.
5. Also, visit http://www.policyholder.gov.in/Report.aspx for more details. 

Yohannan says, "If there is no favourable response, the customer should write to the banking ombudsman and the insurance ombudsman."

According to IRDAI, the persons who can approach the banking ombudsman include, "Any person including a sole proprietor, micro-entrepreneur, members covered in a group insurance policy who has a grievance against an insurer may by himself or through his legal heirs, nominee or assignee or employer as the case may be can approach an Insurance Ombudsman for Redressal of any grievance arising out of an insurance policy by making a complaint in writing to the Insurance Ombudsman within whose territorial jurisdiction the branch or office of the insurer complained against or the residential address or place of residence of the complainant is located." (For more details: Refer here)

How to make a complaint with the insurance company

According to IRDAI, a customer unhappy with the insurance company can follow these steps: 

First, approach the Grievance Redressal Officer of the insurance company. 

You can find email-ids of Grievance Redressal Officers, GRO, of all insurance  here: GROs.xlsx

Submit your complaint in writing along with the necessary support documents. Also, take a written acknowledgment of your complaint with the date. The insurance company has to resolve your complaint within a reasonable time.

Watch this Zee Business Video

However, "if the company fails to resolve your case within 15 days, or if you are unhappy with their resolution, you can approach the Grievance Redressal Cell of the Consumer Affairs Department of IRDAI. Click here for more details.