Recently we were informed by Reliance General that no more Health Insurance proposal under Gold should be accepted.Reason we are made to understand is that they are having heavy losses in this product.
In the case of silver those wishing to have sum assured of Rs 1 lakh will not be accepted by underwriting team.
Those lodging claim during the year whether claim is accepted or not will have difficulty at the time of renewal.They are warned that well in time thay should look for another insurance company.
Insurance intermediaries go on informing clients about various insurance products to clients.It becomes embarrassing to tell a client that now Reliance or such & such Insurance company has stopped accepting this proposal or has withdrawn this product or is not going to renew your policy as you had lodged a claim during the year.
Let us try to create a positive image of Insurance Industry,which is owned by really large & strong companies or corporate houses of the country.Can we expect that whenever they decide to stop any product they should give at least 90 days notice by releasing an ad in the press ?
Comments are invited.
Friday, June 20, 2008
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2 comments:
I feel that in addition to the notice of withdrawal, companies should roll out plans based on acturial rates in the first place
It is a criminal act if they sell some plan and withdraw them at their convenience.It is CHEATING. I heard that the Insurance companies cannot withdraw a product within 3 years of it launch.
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