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Verified Member MouthShut Verified Member
Kolkata
Royal Sundaram's injurious withdrawal of policy
11 days ago 409 Views
(Updated 5 days ago)

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Unclaimed, now in advanced age, a fourteen years nonstop premium paying loyal customer of Royal Sundaram gets injured in life as he is deprived of his fundamental right by Royal Sundaram company, in a high cost medical insurance system.


Royal Sundaram evades specific questions, raised by the customer, but replies with inappropriate message in response to a notice for withdrawal involving the customer's existing policy, as he writes the following letters to the Royal Sundaram General Insurance Co.


20 May 2020 last inappropriate reply of Royal Sundaram General Insurance Co.,


"Dear Mr. Thakur, Greetings from Royal Sundaram General Insurance Co. Limited and Thank you for writing to us. As requested we enclose herewith the features of the new product offered for your reference."


The enclosure said, is nothing but an inappropriate, extraneous, new policy document, irrelevant to the existing policy, but Royal Sundaram evades specific questions, raised by the customer, in his initial email as mentioned below.


Dated: 19th May 2020


To,


(1) The Royal Sundaram General Insurance Co. Limited,


Registered Office: 21, Patullos Road,


Chennai 600 002


And


(2) Vishranthi Melaram Towers


No.2/319, Rajiv Gandhi Salai(OMR),


Karapakkam, Chennai - 600097.


Dear Sirs,


Refer: Your Renewal Advice- Notice for Withdrawal dated 18/05/2020 regarding Policy No. HC00018224000113.


I, Soumendra Nath Thakur, received the above referred notice through email, attached file named HC00018224000113.pdf, therefore please reply the following within seven days from today, as per following item nos.(1)(i), (ii) &(iii), (2) and(3).


In your "Renewal Advice-Notice for Withdrawal" dated 18/05/2020, you have confirmed that in line with regulation, you are providing this customer with suitable alternative product viz; Lifeline - which is significant upgradation from this customer’s expiring product i.e. Health Forever. You have also confirmed that the alternative product Lifeline is being offered to this customer with full portability benefit such as carry forward of waiting periods, preexisting, No Claim Bonus, etc. to the extent of the customer’s expiring Sum Insured(SI) and Cumulative Bonus(CB).


However though you have confirmed a suitable alternative product viz; Lifeline, as it appears with full portability benefit and to the extent of the customer’s expiring Sum Insured(SI) and Cumulative Bonus(CB) of the existing policy in line with IRDAI regulation, but this customer finds discrepancies in your said offer on the following points –


Your said notice does not contain a product brochure and also sales brochure of the offered alternative product viz; Lifeline – which is required by this customer for self-evaluation.


You said notice does not mention amounts of respective premiums(age-wise) payable under the alternative product viz; Lifeline, required for the self-evaluation and also deciding acceptance by this customer.


Your offer of Lifeline to this customer does not fully correspond to the full portability benefit of the existing policy in line with IRDAI regulation, as under the existing policy# HC00018224000113 the Sum Insured(SI) is INR 100000 but under the offered Lifeline Sum Insured(SI) is INR 200000, (which is double the SI of the existing policy) along with carried forward Cumulative Bonus of the existing policy.


Therefore, the offer of Lifeline policy seems to contradict in line with IRDAI regulation and also likely to cause untoward consequences to this customer, even for maintaining the exiting policy for fourteen(14) years with your company, never claimed, and for no fault of this customer. So please reasonably address how to resolve these issues.


Please resolve the above as per requirement of the customer as mentioned in the above items Nos.(1)(i), (ii) &(iii).


Considering the facts and circumstances that existing health insurance policy is in the nature of fundamental right of this customer and the relationship between your company and this customer is based in contractual nature. So, it should be the natural obligation legal duty of your company to market Health Insurance product only after its technical feasibility and financial viability has been properly ascertained, any cost for likely inflation adequately calculated so that declared renewal premiums of such policies necessarily remains stable during its lifetime as mentioned in the renewal chart. The onus to ascertain such viability of completely rests on the shoulder of your company but not on the customer. The customer rather subject to make renewal payments as per the contract of the policy.


Moreover, in earlier occasion too, your company has failed to maintain contractual policy and on 1st August 2015 increased the premium by 17.50% and 22.50% for up to 45 years and more than 45 years respectively, claimed to be due to medical inflation in India, and now your company, with new excuse of unviability, has withdrawn said product completely from market with effect from 1st October 2019 that too without prior intimation to the customer and for getting acceptance for such withdrawal before its withdrawal.


Therefore, on the basis of above stated grounds, your company can't really make this customer liable for the outcome of said unviability of the product. The customer is rather responsible to make the renewal payments as stipulated in the renewal chart(age-wise) - for which he has entered into the policy through his agreement and acceptance in the policy’s terms and further accepted increased renewal payments. Such decision of the customer in make said premium payments was based on his financial capacity, affordability, and maintainability of the policy but certainly not on external matters such as said unavailability, nor even for medical inflation. The customer already suffered hard for the earlier increment in the premium by 17.50% or 22.50% since 1st August 2015.


The customer demands reasonable answer for the above said.


That the Health Forever Policy No. HC00018224000113 of this customer is effective till 21/08/2020 and he is a loyal customer of said product for last fourteen(14) years, since 23/08/2006 and there is no claim in the policy as on date. Whereas, your "Renewal Advice-Notice for Withdrawal" dated 18/05/2020 sent through email to this customer on dated 18 May 2020 confirms that said product is no longer financially viable, according to your company, and therefore you are withdrawing said product with effect from 1st October 2019 completely from market.


However, it is not convincing to this customer that without providing prior intimation and getting his acceptance for such withdrawal, how can you at all withdraw said product from market completely with effect from 1st October 2019, which is more than ten(10) months in advance from the date of future expiry of said Policy No. HC00018224000113 and said policy is still effective till 21/08/2020?


The customer demands a reasonable answer for the above said.


Please treat this communication as a demand for natural justice


Thanks & regards


Soumendra Nath Thakur


Mob:+91-9067594470


Attachment: Your above said Notice with file name "HC00018224000113.JPG"


The customer finally replied on.


Dated: 21 May 2020


(Please refer this email to the appropriate authority as per the following address)


To,


(1) The Royal Sundaram General Insurance Co. Limited,


Registered Office: 21, Patullos Road,


Chennai 600 002


And


(2) Royal Sundaram General Insurance Co. Limited


Vishranthi Melaram Towers


No.2/319, Rajiv Gandhi Salai(OMR),


Karapakkam, Chennai - 600097.


(3) Copy for Information to: @irda.gov.in


(4) To the sender.


Dear Sir/s,


Your following reply email dated 20 May 2020, 1:13 PM received by the undermentioned customer but he finds none only an inappropriate attachment in your reply, in consideration of the most relevant policy# HC00018224000113.


However, since your said reply does not address any of the specific queries/questions raised by this customer in his last email to you dated 19th May 2020 - in response to your Renewal Advice - Notice for Withdrawal dated 18/05/2020 involving the existing policy No. HC00018224000113 of the customer, you are therefore, reminded to reply last email of this customer sent to you dated 19th May 2020.


Queries/questions in said email may be summaries as -


1(i) product brochure and sales brochure of the offered alternative product viz; Lifeline.


(Ii) mention amounts of respective premiums(age-wise) payable under the alternative product viz; Lifeline.


(Iii) in line with IRDAI regulation, how the Sum Insured(SI) of INR 100000 under the existing policy HC00018224000113 can fully correspond to the portability under the offered new policy viz. Lifeline whose Sum Insured(SI) is INR 200000(I.e. double the SI of the existing policy)?




  1. How this customer reasonably liable or responsible for the outcome of said unviability of the product Health forever(HF)(Policy No.HC00018224000113)?




  2. This customer requires reasonable clarification that how can your company, without providing prior intimation/notice to this customer and getting acceptance for said withdrawal from this customer, completely withdraw said product from market with effect from 1st October 2019, i.e. more than ten(10) months in advance from the date of future expiry of said Policy No. HC00018224000113 when said policy is still effective till 21/08/2020?






Therefore, please address above summarized specific queries/questions raised by this customer in his last email to you dated 19th May 2020


Thanking your,


Soumendra Nath Thakur


Policy Holder of Policy No.HC00018224000113


UPDATES:


28-May-2020: My previous review on this insurer.=> https://mouthshut.com/review/Royal-Sundaram-Health-Insurance-review-rlpuqppqnt


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