Regarding refund of ported policies
5 months ago
I paid for insurance policies with Star Health Insurance by mistake, which have been ported to another insurance company as per portability guidelines. Payment was made on 11th oct and request for refund was raised on 12th oct. Star is deducting 22.5% of premium paid in terms of cancellation charges and has not processed refund of the cancelled polices even after 4 weeks . I need support on 1. on the deduction 2. on the delay of refund
A.Dear Sir,
You may approach insurance ombudsman if fail to get any positive result then approach Consumer Court.
You may approach insurance ombudsman if fail to get any positive result then approach Consumer Court.
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A.Dear Client
Examine the terms and conditions of the insurance policy, specifically those related to cancellations and refunds. Insurance policies typically outline the cancellation process and any associated charges. Reach out to Star Health Insurance's customer service and inquire about the specific reasons for the 22.5% deduction. Ask for a detailed breakdown of the charges and where they are mentioned in the policy terms. If the explanation is unclear or unsatisfactory, escalate the matter by asking to speak with a supervisor or someone in a higher authority within the customer service department. Clearly express your concerns and request a fair resolution. Verify if the deduction aligns with the regulatory guidelines set by the Insurance Regulatory and Development Authority of India (IRDAI). If the deduction appears to be excessive or not in line with regulations, you may have grounds to challenge it.
Examine the terms and conditions of the insurance policy, specifically those related to cancellations and refunds. Insurance policies typically outline the cancellation process and any associated charges. Reach out to Star Health Insurance's customer service and inquire about the specific reasons for the 22.5% deduction. Ask for a detailed breakdown of the charges and where they are mentioned in the policy terms. If the explanation is unclear or unsatisfactory, escalate the matter by asking to speak with a supervisor or someone in a higher authority within the customer service department. Clearly express your concerns and request a fair resolution. Verify if the deduction aligns with the regulatory guidelines set by the Insurance Regulatory and Development Authority of India (IRDAI). If the deduction appears to be excessive or not in line with regulations, you may have grounds to challenge it.
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A.Dear Client,
Every Health Insurance Policy comes with a Free Look period of 15-30 days, starting from the date of policy issuance. If policyholders choose to cancel their policies during this period, a sum amount of nearly 100% of the premium amount is paid to the Life Insured by the Health Insurance Provider. Cancellation of policy druing the free look period, and once the refund application process is completed and approved, the refund premium is calculated after deducting the following: Pro-rated risk premium for the period on cover. Medical examination expenses incurred by the insurance company. Stamp duty charges and refunded to the policy holder. Different insurance companies have different refund percentages for a particular period of coverage under the Policy. As per Regulation 16(1) of the IRDA(Protection of Policy Holders Interest) Regulations, 2017, (i) An Insurer shall settle the claim within 30 days from the date of receipt of last necessary document in accordance with the provisions of Regulation 27 of IRDAI (Health Insurance) Regulations, 2016. (ii) In the case of delay in the payment of a claim, the insurer shall be liable to pay interest from the date of receipt of last necessary document to the date of payment of claim at a rate 2% above the bank rate. Accordingly you may escalate your grievance before the GRO of the concerned Insurance Comapany failing which to the Insurance Ombudsman for redressal of your grievance.
Every Health Insurance Policy comes with a Free Look period of 15-30 days, starting from the date of policy issuance. If policyholders choose to cancel their policies during this period, a sum amount of nearly 100% of the premium amount is paid to the Life Insured by the Health Insurance Provider. Cancellation of policy druing the free look period, and once the refund application process is completed and approved, the refund premium is calculated after deducting the following: Pro-rated risk premium for the period on cover. Medical examination expenses incurred by the insurance company. Stamp duty charges and refunded to the policy holder. Different insurance companies have different refund percentages for a particular period of coverage under the Policy. As per Regulation 16(1) of the IRDA(Protection of Policy Holders Interest) Regulations, 2017, (i) An Insurer shall settle the claim within 30 days from the date of receipt of last necessary document in accordance with the provisions of Regulation 27 of IRDAI (Health Insurance) Regulations, 2016. (ii) In the case of delay in the payment of a claim, the insurer shall be liable to pay interest from the date of receipt of last necessary document to the date of payment of claim at a rate 2% above the bank rate. Accordingly you may escalate your grievance before the GRO of the concerned Insurance Comapany failing which to the Insurance Ombudsman for redressal of your grievance.
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