Mediclaim premium cheque bounced – Oriental insurance wants to cancel policy

POSTED BY singhvi ON March 17, 2015 12:05 am ONE COMMENT

The premium cheque deposited for renewal of my 22 year old policy has bounced on the last day of policy. We have one month of grace period to renew. However Oriental Insurance maintains that in case of cheque bounce they are within their rights to refuse to renew the policy even in the mandatory grace period.
What does the law say about this?

One reply on this article “Mediclaim premium cheque bounced – Oriental insurance wants to cancel policy”

  1. Srinivass Rao Ch. says:
    March 26, 2015 at 10:17 pm

    For this issue, what the agreement says, more than the law. Please see policy document and see any related statements are there.

    May be if you approach the BM, and explain the issue, you can solve your problem.

    In case the issue persists, you can approach IRDA.

    Reply

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