Insurance > Policy Bazaar > Cancellation of Proposal and issue of Refund

Policy Bazaar: Cancellation of Proposal and issue of Refund

Rohit1199 1st of Mar 2024
India
I have booked a health policy for Star health insurance thru policy bazaar (proposal ID [Protected]), it is a case of porting the existing policy. On 20th Jan-24, I have paid the full amount as the policy bazaar agent (Amit Trivedi) advised me.

On 30th-Jan-24, I have received a Email from Star health in which they confirmed the receipt of premium payment and generate the Customer Code No:AA00[Protected]and proposal no R.NO: R/161130/01/2024/812935

After completion of KYC and other required details and documents, I was received a call and an Email on 8th Feb-24 from policy bazaar representative (Emp ID BPW51184) regarding the payment for loading charged due to PED, which I have paid on 9th Feb-24.

After completion of all of this I have did not hear any thing from policy bazaar for next 11 days (except routine update, that policy is in process from Emp ID BPW44027), on 20th Feb-24 I have sent a reminder regarding the update on policy status, then I have received a call from policy bazaar (Manish Sharma, Emp ID BPW17328) on 20th Feb-24, that due to some error at the end of Star health/Policy Bazaar, the loading amount communicated earlier is short and I was told to pay more amount again as loading charges for same reason as earlier communicated to me.

I said that it not justifiable to ask for more charges for same reason, I told that either issue the policy or cancel the proposal and refund the amount of Rs. 44,501/- paid by me in two installments. I have lodged a complaint on 20th Feb-24 for cancellation of proposal and refund the premium amount paid by me (Ticket ID PB[Protected]). I have received a mail from Manish Sharma (BPW17328), that the cancellation will process and refund will be issued within 15-18 days post cancellation.

From 20th feb-24 to till 29th Feb-24 I have sent reminder on every two days and I have received various communication (mails and calls) from policy bazaar that the request is in process and the same will be resolve in next two days, some one says in next one days etc. etc. including one call on 26th Feb-24 from Mr. Amit and his colleague from payment department that if I will purchase the any other policy now, then they will arrange to issue the refund asap, but they did not committed for any time line, so I was refused their proposal and save myself to stuck more funds with Policy bazaar.

But on 1st Mar-24 I have received an Email from Team Policy bazaar, that they have closed my earlier complaint ticket Id PB[Protected]which is I have raised on 20th Feb with the title of Help in cancellation or refunds (Unhappy with the terms of the policy), and the policy bazaar its self, open a new request with the title Help in cancellation or refunds (Received partial refund amount) with the expected resolution time increased for next 25 days.

Time duration for cancellation and issue of refund is going to expire on 6th Mar-24 for the complaint lodged on 20th Feb-24. Now how the policy bazaar its self-closed my earlier complaint and open a new complaint with more time for resolution. I request to policy bazaar and Star health and every concern person, please cancel the proposal for Star health Insurance and issue the refund of Rs. 44,501 asap.

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