Has an insurance company misled you in any way? Have you experienced issues when purchasing a policy? There may be a simple solution to your problem with your insurance company.
There are few steps you must take in order to settle your dispute:
Step 1: File a Complaint
You must file a complaint with the grievance redressal office associated with your insurance provider. There is a thirty-day time period your insurance company has to respond to your complaint. If you do not like their response or they do not respond, you can contact an ombudsman.
Step 2: File a Complaint to an Ombudsman
An insurance ombudsman's job is to investigate insurance complaints and quickly settle the issue. They work independently from the insurance company, and they provide impartial service. Ombudsmen can examine complaints about premium payment, the wording of a policy, delays in settlement, and irrelevant issues addressed by an insurance company after the premium has been paid.
Ombudsmen do have limitations. According to Live Mint, ombudsmen are limited to "insurance contracts of up to Rs20 lakh." Cases worth more than this amount of Indian currency must be taken to court.
A complaint must be in writing and addressed to an ombudsman. If it has been over a year since your insurance dispute, the ombudsman will not help you. Also, if you are already in the process of receiving help to settle your dispute with another court, an ombudsman will not handle your insurance maladministration.
An ombudsman will contact you within three months if they plan to handle your complaint.
To find an ombudsman, click here.