When you give the cheque to the agent, also mention your Policy Number along with the Payee name and you must also mention at the back of the cheque your Policy Number, Full Name, Mobile Number
Re: Measures to be taken before handing over the cheque to the ag
by Krishnamurthy v on Jan 09, 2013 04:30 PM
agreed, please mention complete details at the back of cheque.
In every sector there are dishonest elements which we call 'black sheep'. To avoid such dupings one must ask the agent to produce his identity papers as an agent and get a copy of the same with his/her photo on it. Ssecondly the payment should be made to the Insurance company by a crossed cheque, and on its back it should be mentioned the name of the applicant in full and that the amount is the first premium. Thirdly obtain a receipt with the name and address of the Insurance Co and address of its branch which will issue the policy.
I dunno about insurance companies, but I can say one thing avoid BAJAJ allianz, they are biggest cheats in the sector. Offering very high commissions and hence HIGH greed on part of agents....hence customer pays for both !!!
Re: Avoid Bajaj Allianz
by Aby Varghese on Jan 09, 2013 10:27 AM
Agree 100%. I was informed by the agent that the policy needs only one time payment and I blindly believed. After the 1st year I got a notice for my next premium and that's when I was shocked, it was an annual premium policy. After the end of 3 yrs of this unit linked scheme, I closed my policy of Rs. 1 lacs to get back Rs. 60000 approx. Lose of Rs. 40000 Rs. 27000(moderate returns at FD interest rate at 8 percent.)
Re: Avoid Bajaj Allianz
by Jitendra Gadhave on Jan 09, 2013 11:13 AM
I also applied for policy in 2006 with monthly premium of 3000. ie i almost paid around 2,16,000. But when i tried to withdrew amt in nov 2012, i was shocked that as per latest nav amt was just 1,81,000. I accepted same and applied for full redemption but i got just 1,60,000. around 20 thousand was deducted as redumption chanrges though policy was over 6 yrs old. When my uncle (who works for psu bank) showed me that if i had applied for RD in bank with mere intrest rate of 6-7% i would have got around 3.5 lakhs ie double the amount. I have came to conclustion (after discussing matter with mgmt of comp) that when market falls nav goes down considerably but when market runs there is no guarentee that nav will grow in same proportion. Hence i trusted the words of my uncle that young ppl are concentrrating more to equity and paying lesser to debt. Though i do not agree fully but i know it was my biggest fault.
Re: Re: Avoid Bajaj Allianz
by kiran kumar on Jan 09, 2013 12:35 PM
It is very unfortunate that you were caught by the agent unawares. It is a common phenomenon that Insurance is sold as Tax saving Investment product. While the fact is, it is a hedge against the life/Health of the insured. In a pure insurance policy all the premium you pay vanishes in thin air once the insurance period is complete. It is these hybrid products that offer you some kind of returns.
Any prudent financial adviser (if you are a disciplined investor) will ask you to keep your insurance and investments separate.
Re: Re: Avoid Bajaj Allianz
by kiran kumar on Jan 09, 2013 12:43 PM
It is very unfortunate that you were caught by the agent unawares. It is a common phenomenon that Insurance is sold as Tax saving Investment product. While the fact is, it is a hedge against the life/Health of the insured. In a pure insurance policy all the premium you pay vanishes in thin air once the insurance period is complete. It is these hybrid products that offer you some kind of returns.
Any prudent financial adviser (if you are a disciplined investor) will ask you to keep your insurance and investments separate.
Re: Re: Re: Avoid Bajaj Allianz
by GANESAN SRIDHAR on Jan 09, 2013 11:46 PM
HI all, Insurance is definitely a tax saving element provided your other investments have not exhausted the tax rebates of 80cc - the overall limit for tax rebate is 110000/- if I am right. So your office PF, Pension, mediclaim all contribute within your 110000/- with 10000 specifically for pension. Hence ensure you still have a gap to fill for tax rebate before accepting all things for tax rebate. Morever evaluate each investment how it matters to you in short/long term before you want to simply go for it. Insurance for life is like subtituting a breadwinner for the family - more than insurance for a vehicle. Further investment in Unit linked insurance should be treated separately as you are taking risk of earning profit or bearing a loss if the NAV fluctates. Also a surrender or discontinuance in life insurance policy is discouraged due to its objective and hence less value is given back when done so. Ofcoourse agreed your investment is it, but the objective is not an investment like Bank but to save guard your family when something unfortunate happens to the bread winner.
I fail to understand how only on payment of the said cheque of "premium' - a new policy is issued without any proposal paper signed - if fake papers -to me its a crime!!!!
Re: How your insurance agent can dupe YOU
by G VAITHIANATHAN on Jan 09, 2013 10:01 AM
Mehtaji, This is India. Anytime anything can happen. Fake? Who cares
