2.57 trillion complaints registered against 23 insurers in 2011-12
Action, including imposition of penalties and warnings, is taken against the companies where deemed necessary
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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India Infoline Research Team / 10:47, Aug 24, 2015
In spite of massive improvement in CV demand, standalone revenues for Banco Products Ltd registered muted performance with sales at Rs. 113cr in Q1 FY16.