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2.57 trillion complaints registered against 23 insurers in 2011-12

India Infoline News Service/ 17:06 , Dec 03, 2012

Action, including imposition of penalties and warnings, is taken against the companies where deemed necessary

According to the data provided by Minister of State for Finance Namo Narain Meena in the Lok Sabha, a total of 2,57,313 complaints were against the 23 insurers in 2011-12 of which 2,56,196 were attended to.

The data indicated that around 50,807 complaints were reported against Reliance Life in 2011-12. There were 2,936 complaints related to death claims against Bajaz Allianz and Tata AIA (395).

As far as proposal processing is concerned, there were 33,847 complaints against Reliance Life and 14,451 against Future Generali.

Insurance regulator IRDA has a centralised system -- Integrated Grievance Management System (IGMS) -- which creates the central repository of complaints of policyholders against all insurance companies.

"Action, including imposition of penalties and warnings, is taken against the companies where deemed necessary," Mr Meena said.

 



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