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CHi everyone,
I’m looking for some legal advice regarding a recent experience with PolicyX.com that I believe qualifies as mis-selling under IRDAI guidelines.Here’s what happened:
I was looking to buy a health insurance policy before the financial year ended, mainly to claim tax deductions under 80D. I connected with an executive from PolicyX, who assured me multiple times (over calls) that the policy would be issued on the same day of payment. I even cross-verified this repeatedly – I called him around 10 times that day to be absolutely sure.
Trusting his assurance and the claim on their official website that policies are issued instantly post-payment, I proceeded with the purchase. However, the policy was NOT issued the same day, and as a result, I couldn’t claim the deduction for that financial year.
After that, I followed up with Nitin multiple times, but he kept stalling, saying he’d get it “verified soon.” I’ve now reached out to their leadership team including Gaurav Patidar and Naval Goel, but still haven’t received any proper resolution.
This experience has caused a financial loss and emotional stress, and I feel deeply misled. It’s extremely disheartening that a platform like PolicyX would indulge in such unfair trade practices, just to meet sales targets.
I have call records, chat screenshots, and their website screenshots to prove my claim.
My questions:
1. Does this case clearly fall under mis-selling and unfair trade practices under IRDAI regulations?
2. Can I legally escalate this to IRDAI or consumer court?
3. Has anyone here dealt with something similar — what actions worked for you?
4. What decision IRDAI can take against the insurance aggregator? How should I deal with this issue?
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