Removal of Members in a Floater Policy
I have a Family Floater policy with Oriental Insurance Co.Ltd. with 5 members including Myself (Proposer), Wife, Daughter, Father and Mother. Two years ago I bought a new policy with the intent to port three of us (Myself, Wife and Daughter) to ensure exclusive coverage for my parents under Oriental.
Suprisingly, Oriental has been refusing to remove the three of us under the policy mentioning that we cannot allow young people to port and have senior citizens only since that is high risk to the company. Given the fact that they are already charging hefty premiums under the policy for senior citizens, they have no reason why they cannot remove the members from the aforesaid policy. They have outrightly denied porting us. We also tried asking them to remove two members (if not three) from the policy (My wife and daughter) which was also not considered.
Do I have any recourse as a customer under this situation? What does IRDAI recommend under this scenario? Please advise.