Last year Reliance General Insurance(RGICL) comprehensively insured my Fiat Uno car.
The Final Premium charged for my car with an IDV of Rs. 80, 000/- was Rs. 1982/- based on a Basic Own Damage premium of Rs. 2206/- after giving me a discount of 20%.
For the same car with an IDV of Rs.72, 000/- RGICL demanded a Final Premium of Rs. 2113/- based on a Basic Own Damage premium of Rs. 2541/-. While reducing the IDV by 10% they increased the Final Premium by 7%. This demand is obviously extortion after having agreed to a reasonable Final Premium when they wanted to make me their customer last year.
Their representatives have refused to give a written reply. Their verbal explanation that this is a Company policy was not acceptable as I felt in effect RGICL are saying – “Extortion of money from Customers is the Company policy and customers have no choice but to pay whatever the Company demands. And since the payment due date is time bound you cannot escape.”