An insurance agent fetches your personal details from your credit card company and calls you to market his health insurance company’s offerings. The deal does not interest you, so you decline to subscribe. You thought it was all over here with this one telephonic conversation. But in a few days the Insurance company calls you, informing that they have charged your credit card company a yearly premium and have mailed you the required documents. And there starts yet another struggle to retrieve your hard earned money that this Insurance company and your credit offering company have ripped off from you…

This is exactly what happened to my Dad and probably to many others. My dad has a GE Cash Card, Royal Sundaram is affiliated to. He declined subscribing to any health policy offered by Royal Sundaram. But the agent went ahead and issued it while also charging my Dad’s GE Cash Card. GE also proceeded with it without confirming of whether there has been any written consent from our side. According to GE and Royal Sundaram, they do not require processing of any documents for such a purchase and the whole process is completed over phone. They proudly call this fatuous idea…”Tele Marketting”! Since then we had been paying the interest to GE towards an amount of 4.8k which was the yearly premium charged by Royal Sundaram. And in no way both parties were ready to refund the money.

Even if we cancel the policy, the following are their short term cancellation charges:

Within 1 month: 75% refund

1-3 months: 50% refund

3-6 months: 75% refund

After 6 months: No refund

Which means, we would be charged a minimum of 25% of the premium towards a health policy we never committed to.

And the best part is, they do not respond to your complaint emails, give you phone numbers to contact which never worked, do not give you contact numbers of higher authorities in the organisation and play around with you as though you were a tennis ball… Bouncing between the courts of GE and Royal Sundaram. After an endless number of calls to both and assurances from them for over six months, we were told that we are not entitled any refund since their 6 month period fro refunds was over.

So we had to take the hard way. We really wanted to put them both to terms. So after threatening them to take to court, they finally refunded the premium fee but again not the interest.

Recently an exactly similar thing happened to my cousin, who was charged over 8.5k by Royal Sundaram on her SBI Credit Card. And yet another struggle has begun…

Its such an irony, where credit card facilities are meant to ease your life, managing your financial transactions, but they end up making it even more difficult for you. And you are left to fight for your own hard earned money!