American Express Credit Card
Sale of Insurance

I hold American Express Credit Card and in Jun 11 they sold me a health insurance policy over the phone. I accepted it based on the terms and conditions explained to me over phone. They failed to mentioned that what they offer is a group health insurance and not an individual policy. This means I need to be a Amex Card holder for my life time if I have to renew the health insurance policy. This vital fact was not mentioned while explaining the terms and conditions over phone. I came to know of this only when the written policy was received. This is bundling products i.e. insisting on continuing with one service that is not required anymore, for availing another service. This is illegal. I immediately raised an objection and sent an e-mail. Over phone I was told that I need to forgo 25% of the premium if I want to cancel the policy immediately. To me this was shocking. Firstly Amex sold a policy by suppressing a vital information that would have stopped me from buying the product. Secondly, I am asked to pay a penalty for no fault of mine. When I said I would like to cancel my card membership, Amex initially said that I cannot cancel and get refund of card membership fee for the unexpired period. Later they said, they will refund the fee but my health insurance will be immediately invalid. All these responses from Amex is over phone. I asked Amex to give me in writing their responses and till date they have not given any written explanation.

This behaviour from an International brand is absolutely shocking. I would like all Amex card members to be aware of this when they are offered insurance products by Amex.

Company: American Express Credit Card
Country: India
State: Tamil Nadu

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