To safeguard their family’s financial security, many people enroll for life insurance. However, many people have had a negative experience with life insurance companies because they will give any reason to reject an insurance claim, which is inconvenient for the family that purchased the policy.
IRADA (Insurance Regulatory and Development Authority of India) understands insurance company gimmicks, and IRADA has finally made the (Amendment) Act, 2021).
If you’ve read a life insurance product brochure to the end? You’ll notice that the last section of the pamphlet always describes Section 45 of the Insurance Act of 1938. A life insurance company must accept an insurer’s claim after three years, according to Section 45.
The life insurance company has the right to question the policyholder on the grounds of fraud within three years; If found any false information, the life insurance company can cancel or reject the claim of your life insurance policy.
However, if you don’t pay your life insurance premium, again the insurance company will have the right to question or reject the insurance within three years, so we encourage you never to miss a premium.
” The life insurance company cannot, under any circumstances, cancel or reject claims after three years“
Any premiums collected thus far must be refunded to the insured or the insured’s nominees by the insurance company. The premium must be returned within ninety days of the rejection date.
Where to complain?
In case if it is not resolved within two weeks or if you are not satisfied with their resolution, you may approach the Grievance Redressal Cell of the Policyholder’s Protection & Grievance Redressal Department of IRDAI through the following means:
1. Register complaint directly in IRDAI’s online – Bima Bharosa System-https://bimabharosa.irdai.gov.in/
2. Send the complaint to complaints@irdai.gov.in
3. Toll-Free Number 155255 (or) 1800 4254 732
Tips :
1. Never Skip your Life Insurance Premiums.
2. Always declare if you are a multiple life insurance policyholder.
3. If the policyholder is demise, the nominee of the insurance must claim life insurance within weeks.
4. If necessary, make corrections, and always keep it up to date for your nominee’s name.
5. Never give false information when applying for life insurance; always double-check the documentation.
