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Situations where bank related grievances knowledge can help you – Activity

Let us learn from a life like situation to understand how to navigate an insurance related grievance

Consumer Protection and Grievance Redressal

Think carefully and select what would you choose to do in this given situation

Question 1/2

Sushma was buying clothes for her daughter online.To make the payment, she entered her debit card details. She got an SMS that money was cut from her account. But, the website showed “Transaction Failure” and said payment was not received. Sushma is scared that she has lost her money. Can you advise her? What should she do now? Select the incorrect option

She should not worry, because the bank will reverse the transaction immediately and she will get the money back in her account. She should check her bank statement in a few hours for the reversal

She cannot do anything now. Her money is lost and cannot be retrieved

She should check her account statement in 24 hours and see if the transaction has been reversed. If the bank has not reversed the transaction, it will have to pay Rs. 100 per day as delay penalty. If there is a delay in reversal, or, if the bank does not pay the penalty money, she should file a complaint to get compensation.

Question 2/2

Sumitra has bought health insurance for her and her husband. She pays Rs. 3,000 premium every year in March and the policy gets renewed. This year too she paid the premium. But, even after two months the insurance company has not given her the renewed insurance policy. She has called the insurance agent and the insurance office branch manager multiple times about it. She has gone to the office twice and asked for it. She is tired of asking for the renewed policy document over and over again. What should she now do?

She should approach the IRDA with a complaint of unsatisfactory service against the insurance company.

She should not do anything. The renewed insurance policy is not important, so she need not worry. As long as she has paid her premium, there is nothing to worry about.

She should approach the RBI with a complaint of unfair trade practice against the insurance company.

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Congratulations!

You are an empowered individual now! Don’t forget to help yourself and others if you ever find them in a situation like any of those mentioned above 🙂

Congratulations!

You are an empowered individual now! Don’t forget to help yourself and others if you ever find them in a situation like any of those mentioned above 🙂

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Now you know that it is best not to panic and trust the process. Knowing which avenues to go to with your grievance saves us all time and energy.

CONGRATULATIONS

You are an empowered individual now! Don’t forget to help yourself and others if you ever find them in a situation like any of those mentioned above 🙂

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