Customer complaints against life insurance companies rose by nearly 10 per cent to over 3.41 lakh in the last fiscal.
According to data available with the insurance regulator IRDA’s centralised customer complaint redressal system, the Integrated Grievance Management System, the total number of complaints against life insurers stood at about 3.1 lakh in 2011-12 and it rose by over 31,000 during 2012-13.
Complaints included those related to unfair business practices. Grievances related to alleged mis-selling by insurance companies are placed under the category of ’unfair business practices’ at the point of sale.
This central system of the Insurance Regulatory and Development Authority ( IRDA) creates a central repository of complaints of policy holders against all insurance firms.
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