"Unfair" discontinuation of the Health Insurance business by Nationalised Banks.

Dear Members,
Dear Members, As per the Medical Health Insurance business run by the Bank of India and also the Bank of Baroda exclusively for their customers, I have family floater mediclaim policies of the National Insurance Company regularly renewed from the year 2006 valid till 10th March 2019 for myself and my wife both of who are senior citizens now. However, though so far neither the Banks nor the Insurance company has sent the renewal notices but few Insurance agents have contacted me stating that Corporate agency given to the Banks have been discontinued w.e.f.1.1.2019 and that I can now renew the policies by paying hefty premiums, i.e. more than 4 times the premiums amount which I have been paying so far, e.g., in place of about Rs.10000/- I have to pay premium of about 49,000/- or so for the the family floater policy for two persons, viz. myself and wife.

I fails to understand as to how the Nationalised Banks and/or the Public sector insurer, viz. National Insurance Company can "cheat" the mediclaim policy holders, who have been their customers for several years now, in this unfair manner by abruptly discontinuing their existing scheme of arrangement made exclusively for the Bank account holders that too, without any kind of prior intimation to the policy holders either by the Banks or by the National Insurance Company. In fact, on the one hand, the Nationalised Banks named above have lured people to open accounts in their banks by offering mediclaim policies at specially reduced premiums and also pocketing their huge Corporate Agency Commissions and on the other hand the National Insurance Company marketed their health insurance policies through the Nationalised Banks to increase their own revenue. Now, by discontinuing/withdrawing from their existing agency arrangements both the Nationalised Banks concerned and the National Insurance company have virtually "cheated" the Bank customers most of who have now becomes Senior or super senior citizens! This is obviously a blatant instance of unfair trade practice and it is difficult to understand as to how Nationalised Banks and Public sector Insurance company can afford to ignore consumer interests by throwing them out of their existing mediclaim health insurance coverage?

Valuable views and comments of respected members are sought and perhaps the Circle Admin would like to highlight the sorry plight of large number of similarly situated persons to the authorities concerned. more