Large & strong companies should give 90 days notice and then withdraw any product

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to tell a client that now Reliance or such & such Insurance company has stopped accepting this proposal or has withdrawn this product or is not going to renew your policy as you had lodged a claim during the year.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.

Reliance stops health gold policy

Reliance has stopped issue of Health Gold Policy.They will continue to issue standard & silver policy.

The salient features of Gold were;

1Higher sum assured

2 Critical illlness also covered

We feel that this was a good policy but one can assume that this was not a profitable product and that is why it became necessary for them to withdraw this product.

A quetion before we the consumers is '' Should it be made mandatory for Insurance co's to release an ad informing the fact that they are withdrawing a specific product?''

Your comments are invited.

Reliance General will not be keen in renewing the health Insurance policy in the event of claim being more than 60% of the sum assured

Reliance General will not be keen in renewing the health Insurance policy in the event of claim amount being more than 60% of the sum assured.

It is suggested to existing policyholders( who have logged in claim of more than 60% of the sum assured during the year) to be ready for changing the policy from Reliance to some other Insurance Co.