The stages of an insurance complaint for Life and Health Insurance in India follow a structured, multi-tier grievance redressal system established by the IRDAI and the Council for Insurance Ombudsmen. Stage 1: Complain to the Insurance Company (Grievance Redressal Officer) • File a Written Complaint: Send a formal written complaint directly to the insurance company’s customer care, branch, or designated Grievance Redressal Officer (GRO) via email or their official website. Keep a copy of the complaint reference/token number. • Timeline for Insurer to Respond: The insurance company or broker must review and address your complaint within 14 to 30 days […]

We often hear from people that their health insurance premiums have gone up even though they haven’t made a single claim. The key thing to understand is this: Health insurance doesn’t work like motor insurance. Your premium doesn’t rise because you have not used the policy. Premiums rise for very different reasons, and they affect entire groups of policyholders, not individuals. So today, let’s understand what really goes on behind the scenes. Health insurance was never a fixed-price product. Many assume that once they buy a policy, the price should remain stable forever. But that has never been true. Insurers […]

With the global spread of the COVID19 pandemic, health has become the primary focus everywhere. There is huge pressure on the health infrastructure and the cost of treatments through hospitalization has increased. Unless individuals have adequate health insurance, the financial position will be severely impacted. We have examined a few health insurance policies and found Optima Restore is a good one. This was earlier known as Apollo Optima Restore but after the merger of Apollo health Insurance Co with HDFC Ergo, the policy has been named HDFC Ergo Health Optima Restore Insurance Policy.  Hospitalization expenses for COVID19 are covered under […]

Nassim Nicholas Taleb brought the concept of Black Swan events. In statistics, it is interpreted as a 1% chance event which is beyond the mean and three standard deviations. In actuarial science, this is called extreme events. The history of mankind has been shaped by Black swan events. Coronavirus originated in Wuhan province of China and in a matter of three months has brought the entire world into crises; medical systems, economy, the daily life of citizens. Currently, it is total uncertainty about the future across 199 nations of the world. But there is a positive side to it also. […]