Biggest Scam: Angel Investor After Insurance Firm Denies Claim to a Family
In a shocking revelation, angel investor Udit Goenka has called insurance “the biggest scam business in India” after sharing a post that claimed Niva Bupa Health Insurance denied a cashless claim for a whopping ₹61 lakh hospital bill to a family despite them having a medical cover of ₹2.4 crore. The incident has left many wondering about the credibility and reliability of insurance firms in India.
The shared post, which has gone viral on social media, highlights the plight of a family who had purchased a health insurance policy with Niva Bupa Health Insurance. The family had availed medical treatment for a critical illness at a hospital, and the bill came out to be ₹61 lakh. However, despite having a medical cover of ₹2.4 crore, the insurance firm denied the cashless claim, leaving the family with a huge financial burden.
The post, which was shared by Udit Goenka, a well-known angel investor in India, has sparked a heated debate on social media about the role of insurance companies in providing financial protection to families. Goenka, who has invested in several startups and has a keen interest in the financial sector, has expressed his disappointment and frustration with the way insurance companies operate in India.
“Families buy policies for protection…not to be abandoned when it matters most,” Goenka tweeted, sharing the post. His comments have been met with widespread applause and agreement from many who have similar experiences with insurance companies.
The incident highlights the need for greater transparency and accountability in the insurance sector. Many people in India purchase health insurance policies in the hope that they will be protected from financial losses in case of medical emergencies. However, the experience of this family and many others like them suggests that insurance companies are not always forthcoming with their claims.
The denial of the cashless claim by Niva Bupa Health Insurance is not an isolated incident. There have been several instances in the past where insurance companies have denied claims or made it difficult for policyholders to get their claims settled. The reasons for these denials can vary, but often, it is due to the fine print in the policy documents or the insurance company’s interpretation of the policy terms.
The insurance sector in India is a multi-billion dollar industry, and it is essential that policyholders are treated fairly and with respect. The denial of a cashless claim by Niva Bupa Health Insurance to a family despite them having a medical cover of ₹2.4 crore is a stark reminder of the need for greater accountability and transparency in the insurance sector.
In recent years, there have been several instances of insurance companies denying claims or making it difficult for policyholders to get their claims settled. The reasons for these denials can vary, but often, it is due to the fine print in the policy documents or the insurance company’s interpretation of the policy terms.
In 2019, for example, a family in Delhi was denied a claim by ICICI Lombard General Insurance for a medical treatment bill of ₹3 lakh. The insurance company claimed that the policyholder had not disclosed a pre-existing medical condition, which was not mentioned in the policy documents.
Similarly, in 2020, a family in Mumbai was denied a claim by Bajaj Allianz General Insurance for a medical treatment bill of ₹5 lakh. The insurance company claimed that the policyholder had not followed the pre-authorisation process, which was required for the treatment.
These incidents are a stark reminder of the need for greater accountability and transparency in the insurance sector. Policyholders have a right to expect that their insurance companies will provide them with the necessary financial protection in case of medical emergencies. However, the experience of many policyholders suggests that this is not always the case.
The denial of the cashless claim by Niva Bupa Health Insurance to a family despite them having a medical cover of ₹2.4 crore is a stark reminder of the need for greater accountability and transparency in the insurance sector. It is essential that insurance companies are held accountable for their actions, and policyholders are treated fairly and with respect.
In conclusion, the incident of Niva Bupa Health Insurance denying a cashless claim for a whopping ₹61 lakh hospital bill to a family despite them having a medical cover of ₹2.4 crore highlights the need for greater accountability and transparency in the insurance sector. Policyholders have a right to expect that their insurance companies will provide them with the necessary financial protection in case of medical emergencies. However, the experience of many policyholders suggests that this is not always the case.
It is essential that insurance companies are held accountable for their actions, and policyholders are treated fairly and with respect. The insurance sector in India is a multi-billion dollar industry, and it is essential that policyholders are treated fairly and with respect.
