Insurance in India - Key Issues
Insurance in India - Key Issues are as follows.
Life Insurance: This is done for several decades by LIC of India. Though the work speed is not encouraging one, malpractices do not seem to have surfaced at any time. The LIC Agents were doing their job of catching the people to enter in to the Life Insurance is appreciable. But for the past some years private Business people , many foreign companies, who accept Life Insurance Premium with tall claims. But this is a long drawn scheme for 25 to 35 years duration and it is not known whether these private companies will continue till such time to return the maturity amount. In the country so many changes, economical, political, social, takes several turns and it is not known which which Private Life Insurance Company will sustain so many years.
General Insurance: In this Fire Insurance, theft insurance, comprehensive Building insurance, Automobile Insurance, Health Insurance etc. Generally Health insurance is now a days try to large number of persons, with different scheme, but when actually enter in to it the schemes are not friendly. There are tie up of Health Insurance companies with Hospitals and in each hospital one representative from Insurance co., will be positioned and the hospitals boost up the charges if one informed that he/she has insurance. The Company rep.in hospital will try to push the papers passed and the hopital immediatly does the surgery and after surgery they boost post operative treatments till discharge.It is not know to whom the Hospital or Insurance Companies dupe?
Automobile Insurance: In this field also malpractices do occur. When a vehicle encounters (no fatal) accident, the police themselves advice not for filing FIR but they issue a certificate that accident has occurred and the vehicle has been damaged. With this the individual goes to Insurance and claims the repair charges for damages. Even if one goes to auto shed for servicing, they advice that the scratches, dents, could be rectified provided the owner claims for insurance by paying certain percentage of amount to company. The bill would be twice or thrice the actual cost.
If a honest customer go to insurance company with his claim with all necessary proofs, his case would be rejected. If he goes through auto company / repair shops etc, the very same claim would be admitted and passed. In this affairs who loots whom and whose money is looted?
Thus every sector is duping every body at every stage and loot the money. Who will prevent this vicious circle drama? more
Life Insurance: This is done for several decades by LIC of India. Though the work speed is not encouraging one, malpractices do not seem to have surfaced at any time. The LIC Agents were doing their job of catching the people to enter in to the Life Insurance is appreciable. But for the past some years private Business people , many foreign companies, who accept Life Insurance Premium with tall claims. But this is a long drawn scheme for 25 to 35 years duration and it is not known whether these private companies will continue till such time to return the maturity amount. In the country so many changes, economical, political, social, takes several turns and it is not known which which Private Life Insurance Company will sustain so many years.
General Insurance: In this Fire Insurance, theft insurance, comprehensive Building insurance, Automobile Insurance, Health Insurance etc. Generally Health insurance is now a days try to large number of persons, with different scheme, but when actually enter in to it the schemes are not friendly. There are tie up of Health Insurance companies with Hospitals and in each hospital one representative from Insurance co., will be positioned and the hospitals boost up the charges if one informed that he/she has insurance. The Company rep.in hospital will try to push the papers passed and the hopital immediatly does the surgery and after surgery they boost post operative treatments till discharge.It is not know to whom the Hospital or Insurance Companies dupe?
Automobile Insurance: In this field also malpractices do occur. When a vehicle encounters (no fatal) accident, the police themselves advice not for filing FIR but they issue a certificate that accident has occurred and the vehicle has been damaged. With this the individual goes to Insurance and claims the repair charges for damages. Even if one goes to auto shed for servicing, they advice that the scratches, dents, could be rectified provided the owner claims for insurance by paying certain percentage of amount to company. The bill would be twice or thrice the actual cost.
If a honest customer go to insurance company with his claim with all necessary proofs, his case would be rejected. If he goes through auto company / repair shops etc, the very same claim would be admitted and passed. In this affairs who loots whom and whose money is looted?
Thus every sector is duping every body at every stage and loot the money. Who will prevent this vicious circle drama? more
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