I dont know if there is any way we can see explicitely the term insurance claims made,amount and settlements done from various insurers.LIC's settlement claim of 95% is an eyewash as more their term isurance policiey are below 0.01% of all policies sold.
Now there are a number of private banks/financial institutions offering term insurance at lower cost. What happens, if the insurance company/bank goes bankrupt? Is IRDA going to ensure full payment to the insurer in case of death? Is there any option to keep the term policy active even after the bank/company goes bankrupt (or they close the business -especially the foreign banks) I'm interested to know the details.
Re: Is the liability with IRDA ?
by Liza Behera on Aug 29, 2011 10:15 AM
The bankruptcy is significant for an economy. Unless it is dealt in the proper perspective the economy is affected. Advanced countries have strengthened laws on the situations and India is also working towards the direction. Insurance works on the basic principle of uncertainty. Hence, it is important to take health insurance at early age and from a reputed Bank. Taking risk and value it for future critical situations that may or may not happen is important. Looking at the stock market performances we need to decide whether the insurance company is ready to cover say 10-15 % drop in stock prices or not.
Re: Is the liability with IRDA ?
by sumit mukherjee on Jan 21, 2011 02:07 PM
as per inurance law, in case of financial problems of a insurance company, the IRDA will appoint trustees who will oversee the merger of that company with another. this is to ensure that all policy conditions are adhered to.
Re: People go for Aegon Religare ITerm
by Anirudh on Jan 23, 2011 08:56 PM
When I went for a term insurance, I was given the history of all life insurance companies. Out of a list of 20 plus companies i guess, I saw only 23 companies who are in profit, two were in marginal profit and LIC in few lakh crores profit. Their claim sucess rate is 99.7% plus. Given the above facts, just judge where you should go. Sometimes cheap premiums won't get your family anything in case of an eventuality. So, I went for LIC. Another fact, I pay 16k per annum for 50 lacs term policy for 20 years. My friend went for a private insurance company's term policy for 1 crore for 33 years for an yearly premium of 17k. btw, both of us are of same age and I don't drink/smoke where as my friend drinks frequently. Imagine the risk the private insurance company is taking. Covering for 33 years term for an individual almost getting to mid thirties is going to be highly risky. Given the low premium, how can they make profits and how can they service the claims. These players will wind up when they can't take it further.
Re: People go for Aegon Religare ITerm
by mokshfp on Jan 21, 2011 03:15 PM
dear sir, please check CLAIM RATIO also. Cheap is not always cheap. Do u buy everything in life cheap...cheap tv, mobiles, go to cheap reataurant, so on..then when u buy INSURANCE for safety of family, WHY CHEAP...
What is the reason excluding terrorist attacks, victims of terror attacks are not given due respect here also. Why their families should suffer due to some others heinous act. All other exclusion options are self inflicted damages which is understandable but what the role of victim in terrorist attack.
Re: What is the use if
by ashish potdar on Jan 21, 2011 11:30 AM
Yes Ananth you are right. I heard all policy excludes the terrorist attacks. I am staying in metro city like Mumbai. Then what the point to taking these policy. Instead of taking these policy I will invest the money in Mutaul Funds. Does any one know any polciy which cover terrorist attack death?
Re: Re: What is the use if
by mokshfp on Jan 21, 2011 03:17 PM
Dear Sir, lic policy also cover terrorist deaths also. FOR YR KNOWLEDGE, LIC HAS PAID TO PEOPLE WHO HAD DIED IN TSUNAMI, WITH ONLY PROOF OF THE LETTER OF THE AGENT, THAT SUCH & SUCH PERSON HAD TAKEN POLICY FROM HIM.
Re: What is the use if
by Ramandeep Judge on Jan 21, 2011 11:22 AM
agreed. It seems they r expecting large no. of deaths from terrorism is future. What a shame!!!
Re: Re: What is the use if
by rrrr on Jan 21, 2011 11:24 AM
Go for Aegon Religare Iterm , in that the only exclusion is suicide in first year ,rest all are covered
Re: IF YOU ARE BUYING TERM INSURANCE
by Baburao Apte on Jan 21, 2011 10:59 AM
Any particular reason for that? I have recently brought a 25L policy for 30 years from a Pvt insurer
Re: Re: IF YOU ARE BUYING TERM INSURANCE
by Arindam Lai on Jan 21, 2011 11:18 AM
Private insurers have many hidden clauses that go against the insurer. If one cares about the dependents, go for LIC only...
Re: Re: IF YOU ARE BUYING TERM INSURANCE
by RAJENDRA PATEL on Jan 21, 2011 11:23 AM
In general, if your family is really dependent on you, then you must go for LIC. Because, when it comes to paying back insured's family the claim money, only LIC seems to be settling 95% of claims, thus not making family suffer much for claiming money. Others have claim settlement ratio in range of 80% to 5% (only). But because of this assurance, their premium is higher than cheap pvt insurance plans.. Can combine two or more plans to leverage (return surity higher return).
Re: Re: Re: IF YOU ARE BUYING TERM INSURANCE
by rrrr on Jan 21, 2011 11:30 AM
Guys there can't be any hidden clauses. you have to read the policy document carefully for exclusions. If that exclusion is not mentioned in document and claim is not settled ,we can always go to Courts.
Coming to LIC ,it may be liberal in settling claims but its premiums are too high.
We need to buy other insurances also. Every earning family member needs term insurance.
Every earning member needs disability insurance (available as Personal accident insurance in India)
Every family member will need Critical Illness insurance & health insurance.
Re: IF YOU ARE BUYING TERM INSURANCE
by mokshfp on Jan 21, 2011 03:20 PM
DEAR SIR,
every company is following mortality rate chart of lic, as lic has the data of indians since 1956. NOW U TELL ME , how can company charge so less when all parameter are same. It only means that they want to get in to yr portfolio and then sell whatever they want...
If we by policy then some portion of premium goes to agent if weby term insurance online most economical if yes suggest some good plan.SUDHiR DHOTKAR 9820276093
Re: Re: On line purchasing term insurance is most economical .
by mokshfp on Jan 21, 2011 03:22 PM
remember to appoint someone who shall service you regularly, otherwise..your policies will lapse
