 "Complaints on life insurance increase; non-life sees fall")
The Insurance Regulatory and Development Authority (Irda) received 3.41,012 life insurance complaints in 2012-13, as against 3,09,613 in the pervious year. But according to the Consumer Affairs Annual Booklet, the number of non-life complaints has shown a decline in the same period.
The authority received 78,927 registered non-life complaints in 2012-13, compared with 93,155 complaints in 2011-12. While public sector general insurers accounted for 18,616 complaints, the rest pertained to private general insurers.
Among life insurance complaints, unfair business practices accounted for 1,68,482 of the total complaints. Complaints about malpractices and single-premium policy being sold as annual premium policy topped the list of unethical practices indulged in by insurers.
Insurers, however, said the rise in life insurance complaints could be due to a gap between customer needs and insurer services.
“Complaints are due to a gap between the expectations of customers and service delivery of company. We must get into the details of what the complaints are and redress them,” said S K Roy, chairman of Life Insurance Corporation of India.
The authority received 78,927 registered non-life complaints in 2012-13, compared with 93,155 complaints in 2011-12. While public sector general insurers accounted for 18,616 complaints, the rest pertained to private general insurers.
Among life insurance complaints, unfair business practices accounted for 1,68,482 of the total complaints. Complaints about malpractices and single-premium policy being sold as annual premium policy topped the list of unethical practices indulged in by insurers.
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In non-life insurance sector, policy-related complaints topped the list, accounting for 29,101 of the total complaints. Motor segment, followed by health, accounted for the most complaints in the non-life sector.
Insurers, however, said the rise in life insurance complaints could be due to a gap between customer needs and insurer services.
“Complaints are due to a gap between the expectations of customers and service delivery of company. We must get into the details of what the complaints are and redress them,” said S K Roy, chairman of Life Insurance Corporation of India.