Have Complaints Regarding Insurance matters: Approach IRDA
You just read the fine print after receiving the policy documents and realised that your insurance agent lied about your policy cover to lure you into buying a policy from him. Not only have you not got the insurance cover that you wanted but you have also paid the first premium and it is too late for you to get the policy annulled without taking a hit on the money invested. You see no point in reaching out to the insurance company for you know they will turn a deaf ear to you. Who do you approach then who can provide you with a solution to this predicament and at the same time take action against the agent who sold the policy using false information.
The Insurance Regulatory and Development Authority of India (IRDA) has taken a step forward to address such grievances of the common man related to insurance matters starting end of year 2010. To ensure a fair system bridging Insurance companies, their agents and the customers, IRDA has launched a new toll free helpline which can be accessed by individuals to provide unbiased solutions and answers to one's insurance related queries. The helpline also allows one to register complaints and grievances and thus can expect that a concern is escalated to the right authorities and resolved as fairly as possible.
It is recommended that before approaching the helpline directly for grievance addressal, one speaks to the insurance agent or the insurance company and communicates the concern with them first. If they are unable to or are unwilling to provide you with a solution, then you should send out an email to the insurance company marking a copy to the IRDA complaints id. Even then if the procedure takes long or doesn't provide you with a fair or satisfactory solution, then your next point of escalation should be the IRDA Insurance Ombudsman of your region. Most of the times however, marking a simple copy of the email bringing up your concerns with the insurance company will ensure that prompt and fair action is taken.
The toll free IRDA helpline for complaints and customer support is 155255 and the email id for complaints is firstname.lastname@example.org. IRDA is a power tool for investors and one should make full use of this government service wherever necessary.