I am of the opinion that insurance, of any kind and coverage is a farce, a scam, a ludicrous horseplay, making buffoonery out of the general public and citizens and a pretext to bleed us our hard earned money and done legally.
This is even more particular to the private sector Insurance companies. The following ordeal was one experienced by us.
During October 2023, my wife Gita Padival was travelling to USA for a period of two months. I was in the market for a travel insurance policy which covered health risks as well as risks such as personal accident, baggage insurance, delay, missed flights, lost luggage etc, that could happen during the course of an international travel.
We purchased a travel insurance Gold Policy No. 4129/307860773/00/001, for a sum of USD 5 lakh from ICICI LOMBARD. At the time of purchasing the policy, the insurer's associates and officials promised all possible coverage and risks including quick settlement in case of any claim. They sent us a soft copy of the policy. Being skeptical as usual, I asked for a hard copy to go through the details, conditions and exclusions, to which I was informed that ICICI LOMBARD has done away with hard copies, only soft copies are available and all the conditions and exclusions are mentioned in the soft copy. The policy was purchased and the dates of coverage included the date my wife left Mysore to the date she returned.
On her return on December 07 2023, one of the checked-in luggage was damaged beyond repairs and the second luggage was missing/delayed for over 72 hours. The airline promptly issued an irregularities report for both luggages. As these were covered under the travel insurance policy as mentioned in the soft copy and as explained to us by the associates, a claim for compensation was lodged with ICICI LOMBARD under Claim No. IN1300032166. All documents and papers to substantiate the claim were furnished to ICICI LOMBARD, as requested by them in both hard as well as soft copies.
After a gap of several weeks, several mails, calls, texts, etc,. We are now being given to understand that the above claims fall under standard exclusions of the policy, which weren't specified in the soft copy, hence are not payable and the claims stand repudiated. ICICI LOMBARD then sends me a detailed list of very ambiguous conditions and exclusions that which suit themselves and are subject to interpretation. Any attempt to seek clarification is stone-walled by them. The associates who promised to tend to any situation have gone silent and non-responsive.
Kindly be cautious when purchasing any insurance policy of any kind and coverage. Do your homework and avoid any private insurance companies at all costs.
Subsidiaries of General Insurance Corporation are the best bet as they are a financial institution of Government of India. Your claims may be delayed but they will be settled as long as claims aren't fraudulent.
