Life Insurance - Non-revival of lapsed policies

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Life insurance is the most commonly adopted insurance policy in India, owing to its attractive posthumous payouts and tax-saving benefits. Life insurance companies provide umbrella coverage in an event of a policyholder's death or critical illness. The policyholder pays a certain amount of money as 'premium' to the insurer and is promised a return upon the occurrence of the stipulated event. It is essentially a contract between the insurer and the insured.

The Insurance Development Regulatory Authority of India (IRDAI) is the regulator of insurance policies in India. The IRDA primarily protects the rights of policyholders against exploitation at the hands of the insurer. In case you have a complaint against your life insurance provider, you need to follow the stated steps-

  1. Approach the designated Grievance Redressal Officer/ Cell of your Insurance Company. Lodge your complaint in writing with supporting documents. Make sure you take a written acknowledgment of your complaint. The insurance company is expected to resolve your complaint within 15 days.
  2. If you are not able to approach the insurance company directly for any reason, you can file the complaint through Integrated Grievance Management System (IGMS), which provides a gateway to register complaints with insurance companies established under the Insurance Regulatory & Development Authority of India (IRDAI).
  3. In case if it is not resolved within 15 days or if you are unsatisfied with the outcome, then you can approach the Grievance Redressal Cell of the Consumer Affairs Department of IRDAI. IRDAI will contact the insurance company to re-examine your complaint.
  4. Next, you may approach the Insurance Ombudsman if the complaint has been rejected by the insurance company, or the outcome is unsatisfactory, or the insurance company has not responded within 30 days. Insurance Ombudsman can also be approached if the value of the claim including expenses claimed is not above Rs 30 lakhs.

If you are still not satisfied by the decision of the Insurance Ombudsman, you can move the appropriate civil court or high court within 3 years of occurence of the grievance.

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