Only term insurance covering life, and medical/health insurance is required. Other insurance policies will make money for insurance companies, agents etc, in the form of allocation charges , loading charges, cover charges, commissions etc. Just take only term insuarnce for a small annual premium and forget tax saving , saving, etc.For savings and investment use other instruments and other venues such as gold, realty, etc. During the decade from 2001 and 2011 a wealth of Rs one trillion of Indians has been destroyed by these Insurance companies in the name of savings , tax savings etc. Ask anyone who has invested in Unit Linked Insurance policies during this period.
by Mukund Barve on Jan 19, 2015 08:00 PM
Let article render statistics of ratio of claims incurred to claims settled and also the ratios of claims settled within 3 months/6 months/12 months/24 months/36 months> 36 months