Absolutely right. Tata Aig in association with HSBC Credit Card is cheating.
I have taken tata-aig maharaksha policy last year with a annual premium of about rs 15000 which expired on 3/4 th March. I got a call from tata-aig regarding renewal of the policy which I did not want at all, so told him not to renew. His executive told me that just renew your policy and get it canceled within 14 days, we will refund all the amount we charge from your hsbc credit card and for cancellation of the policy you just have to sms with your policy number to 58888 and we will refund entire amount to your credit card.
So they have renewed my policy with annual premium of rs 30000 this time.
I have sent him sms 4 times on different days within 14 days but they did not cancel my policy.
Then I contact with tata-aig customer care who says I can cancel your policy after deducting 25% (why? - even I contacted customer care within 14 days - they says there is no lookup period for renewal of policy).
I have contacted hsbc bank customer care regarding same, but they are even not ready to listen my problem, They says just talk to tata-aig, if tata-aig refunds it will automatically reflected into your credit card a/c.
This is not the end of story, HSBC bank has automatically converted this policy premium amount of rs 30000 into emi without my consent, A step ahead of Tata-aig in the process of cheating.
Overall, Its my suggestion that never take any policy from TATA-AIG using your HSBC bank Credit Card as both are very good business partner and never miss a chance to cheat you and beware of his cheating.