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Removal of Members in a Floater Policy

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23 Mar, 2023 by  Nimesh Dani

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.

Health Insurance

1 Answer

25 Mar, 2023
Udit Jain

Dear Sir,

You can definately follow the grievance redressal mechanism as listed out by IRDAI on following link: but you need to make sure that you have escalated the matter with your insurance company as mentioned on their site and if not satisfied by the companies resolution, then only reach out to IRDAI.

Also, I hope you have got a confirmation on your ask over a mail or some written communication and it is not based on a verbal communication with your agent/subsidiary only.

You also need to make sure that you have ample of time before renewal & choose what is best for your coverage before renewal date or within 30 days of due date (Insured is not liable for a claim if the policy is not renewed post 30 days of expiry date until payment is done & new policy is generated).

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