Never Take Any Reliance policy - Reliance Healthwise Policy
Intent to cheat

I am holding Reliance Healthwise Policy – Gold plan since 2007 and have paid the following premiums till date:

2007: approx Rs 3600/-

2008: approx Rs 4400/-

2009: approx Rs 3500/-

I have not made any claim whatsoever till date.

This year, I received a premium renewal notice from Reliance asking for a premium of approx Rs 13500 post adjustment of 10% No Claim Bonus.

They have made 400% increase in premium without any claim or default history (including NCB and Service tax). This is unprecedented and illogical.

On checking with the Pitampura office (Delhi, branch office) of Reliance General Insurance Company, I was told that the company is making crores of losses and thus got this unprecedented and illogical increase of around 400% approved from IRDA and that we can complain to IRDA and chose not to renew the policy.

Today Reliance is making loss and has quadrupled the premium, if it had made crores of profits, then would they have shared the same with the policy holders? They are into a business which can at times make profits and at times make losses…should IRDA or policy holders guarantee them profits? It is their inefficiency, poor planning, intent to fool customers by giving cheap plans to capture market shares initially and then increasing premium beyond logic and leaving them no option but to quit their policy.

This is 4th year of renewal which means now I am eligible for extra benefits like inclusion of pre-existing diseases. If I switch to new policy now from some other company, I will have to wait for another 4 years to be eligible for such benefits. Who will compensate for this?

I wonder how IRDA can approve this. What is the purpose of having IRDA in place? Why should Reliance General Insurance company be allowed to operate? If they had made profilts, would they have shared with policy holders? Does any company do it?

Company: Never Take Any Reliance policy - Reliance Healthwise Policy
Country: India
State: Delhi
City: North Delhi

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