Insurer Reported during 2007-08
Resolved during 2007-08
Outstanding during 2007-08
ANNUAL REPORT 2007-08
A striking difference could be observed in the resolution of grievances by LIC and private insurers. While LIC had resolved only 12 per cent of the grievances reported in 2007-08, the private insurers resolved 78.24 per cent in the same year. This shows the quickness in the settlement by the private insurers.
Note: Figure in brackets indicates the percentage of grievances resolved during 2007-08 and do not include resolution out of number outstanding as on 31.3.07
An analysis of complaints lodged with the Life Insurance Grievance Cell of IRDA has revealed the following as the major causes: Non-receipt of policy bond (18 per cent), Adjustment of premium (18 per cent), Wrong Plan & Term Allotted (11 per cent), and Non-payment of claims (8 per cent). These four causes contributed 55 per cent of total complaints received.
ING 2007-08 —LIFE INSURERS
As on March 31 2007, there were 623 complaints pending with the general insurance companies for resolution. During 2007-08, 2229 complaints were received of which 1339 pertained to public sector companies and the remaining 890 were against private sector companies. Of the total grievances of 2852, 69 per cent of the grievances were resolved in the current year. While public sector companies resolved 63 per
cent of the complaints, private sector insurers have resolved 81 per cent. As on March 31, 2008, 876 complaints were pending for resolution with the insurers; of which 682 are with public sector companies and the remaining 194 with the private sector. Of the total pending grievances 38.13 per cent are policy related issues, 39.50 per cent to non-settlement / delay in settlement of claims, 18.84 per cent to repudiation / partial settlement of claim and the remaining for other reasons.