Commercial Insurance - Premium increase issue

How does Resolver work?

Free forever

Resolver is free. No adverts, no hidden costs. Just raise a case and leave feedback after. Simple! We’ve helped millions of people find a resolution. Get started now and let’s get this sorted.

Know your rights

There’s no jargon in our rights guides. Instead, they’re full of the info you need to get things sorted. We’ll always be on hand with guidance and support to help you get the results you’re looking for.

Get your voice heard

You can be certain that you’re talking to the right person at the right time. We automatically connect you to contacts at thousands of household names, ombudsmen and regulators to find a resolution.

You have the option to switch another commercial insurance provider if the premium seems too high. You can also try and negotiate the same.

Another way to reduce the amount of the premium is to decrease the number of benefits or remove some riders.

If your premium has been increased without your knowledge, you can raise a complaint via Resolver. Your insurer is bound to inform you about such changes. Submit your issue in writing and Resolver can assist you in submitting, recording and reminding you who to escalate it to.

You should know
  • Contact the toll-free customer care number provided to you by the commercial insurance policy provider, you can also drop a mail on their e-mail id specified therein.
  • Submit your complaint in writing, along with the necessary documents to support the complaint.
  • Remember to take the written acknowledgment of your complaint duly signed with the date specified.
  • You may also approach the Grievance Redressal Officer, of the commercial insurance Company.
  • They usually resolve the issue within a reasonable time. However, if they don't solve within 15 days or if the result is unsatisfactory, you may approach the Grievance Redressal Cell of the Consumer Affairs Department of Insurance Regulatory and Development Authority of India (IRDAI).
  • When you purchase an insurance policy/product from a Bank, it is regulated by RBI, through its appointed external Banking Ombudsman.
  • Lastly, file a civil complaint with the insurer before a civil court.

How can RBI help?

The Banking Ombudsman appointed by the RBI will make a decision on your case either through conciliation or mediation between the complainant and the bank complained off. If the terms of the settlement offered by the bank are fully accepted by you, the Banking Ombudsman will pass an order as per the terms of the settlement. Further, the outcome will be binding on you and the financial organisation. Compensation offered by RBI:

    • For Loss suffered: The Ombudsman has the power to direct the Bank to pay as compensation, equal to the amount of loss suffered because of the act or omission by the Bank or amount up to Rs 20 lakh, whichever is lower.
    • For Mental Agony and Harassment: You will be awarded compensation not exceeding Rs.1 lakh.

 

If the issue is still not settled by way of an agreement within a period of one month, the Banking Ombudsman will proceed further to pass an Award. However, a reasonable opportunity is provided to both the bank and the complainant to present their case. But, this award is not binding it is upon the complainant to either accept or reject it. Upon rejecting the award, you may approach the Appellate Authority which is vested with a Deputy Governor of the RBI. It will pass the order as it may deem fit in the best of your interest.

Find the best rights for you

We have 1,315 pages of rights advice for you covering 1,920 companies and organisations across 4 public & private sectors. Feel free to browse companies for this specific issue - they're all listed below - but the quickest way to find the best rights for you is by using our unique Rights Finder to access our extensive database of advice.

Start by telling us the name of the company or organisation you have an issue with.

Who do you have an issue with?

Raise it for free via Resolver