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How to stop exploiting life insurance users


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NIRJHAR MAJUMDAR
Insurance Industry is a highly regulated one in India
by NIRJHAR MAJUMDAR on Sep 07, 2015 01:48 PM

Life insurance industry is controlled by a lot of regulations today. No insurer can charge an unreasonable premium. No insurer can play with people's money.Investments are made according to the provisions of Insurance Act, 1938 and also Insurance Amendment Bill, 2015. LIC makes investments only if it feels that it can fetch good returns for the policyholders in future.
Premium under traditional products are based on some assumptions made about the future.No life insurer of the world can disclose these details to the public.There are assumptions made about future returns, expenses, catastrophic risks etc. LIC has always served its policyholders properly and has given decent returns. It has never failed to meet contractual obligations. It can not use the money of the people recklessly as more than 30 crores of Indians have reposed their faith in it. It takes actions against those agents who flout any provision of Insurance Act.
LIC has used people's money for people's welfare and this is a totally ethically centred organisation.

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