annual report 2009-10 - IRDA

ANNUAL REPORT 2009-10II.5.2 During 2009-10, the insurance companiesresolved 86.4 per cent of the complaints (83.70 percent in 2008-09). While the private life insurersresolved 88.4 per cent of the complaints registered(83.0 per cent in 2008-09), LIC resolved 81.0 per centof the complaints (84.0 per cent in 2008-09) filedagainst them with the Authority. As on31 st March, 2010, 395 complaints are still pending withthe insurance companies, out of which 245 pertain toprivate sector and 150 to LIC.TABLE 66BREAK-UP OF COMPLAINTS LODGED WITH GRIEVANCES CELL(LIFE INSURANCE) DURING 2009-10Sr. No. Nature of Complaints No. of Complaints In per cent1 Wrong plan and term allotted 394 16.12 Mis-sale 186 7.63 Relating to unit linked charges 298 12.24 Non-refund of proposal deposit 64 2.65 Non-receipt of policy bond 217 8.96 Free-look Refund 100 4.17 Cancellation of policy 294 12.08 Error in policy schedule 38 1.69 Issue of duplicate policy 4 0.210 Adjustment of premium 129 5.311 Alterations in policy 94 3.812 Revival of lapsed policies 65 2.713 Nomination/Assignment of policies 5 0.214 Transfer of policy records 13 0.515 Non-receipt of statement of account/bonus 22 0.916 Non-payment of surrender value 48 2.017 Non-settlement of maturity payment 66 2.718 Correct surrender value not paid 105 4.319 Non-payment of claim 128 5.220 Repudiation of claim 35 1.421 Non-payment of annuities 39 1.622 Survival benefit not paid 11 0.423 Claim amount not correct 6 0.224 Partial withdrawal related 6 0.225 Penal interest not paid 10 0.426 Health Insurance related 29 1.227 NAV related 14 0.628 Others 29 1.2Total 2449 100.068