It’s common perception that life insurers deal with lots of complaints against non- payment of claims, but it’s not right. Yes you read it correct, it’s not right. As per the grievances report submitted by IRDA 2009-10, the complaints against claim related issues are not even figured in top 5 categories of complaints. Most common reason is – ‘Wrong plan and term allotted’ with 16.1 percentage and ‘Relating to unit linked charges’ is second with 12.2 percentage.
In claims most common reason is – ‘Non Payment of Claim’ with 5.2 percentage and ‘Non Settlement of Maturity Payment’ is second with 2.7 percentage.