There are number of policies running in the market with different offers. Actually the Government should initiate a uniform norms and ethics for the policy company. If a new company is started / formed they should deposit minimum so much of fund to the Government and concerned authorities should give details in the leading news papers in all languages with policy terms and conditions and other risk factors involved in each policy. This would allow the citizens to compare the pros and cons of each policy and would allow them to accept what is best to them.
There should also be written clause that once a policy is issued to an individual they should have minimum 30 days from the date of receipt to study and review the terms, conditions, merits and de-merits and if this is not acceptable to the client he should be permitted to cancel policy within 30 days and refund the entire amount without deduction.
Presently most of policy companies are not issuing Policy original documents to the clients specially connected with car insurance. In this case the client is not aware of the terms, coverage for various parties such as third party, co-passengers, owner, driver etc. Unless these are taken into consideration while drafting the policy the underwriting department would give vague clauses only to benefit the company and NOT to the benefits of policy holders. more
There should also be written clause that once a policy is issued to an individual they should have minimum 30 days from the date of receipt to study and review the terms, conditions, merits and de-merits and if this is not acceptable to the client he should be permitted to cancel policy within 30 days and refund the entire amount without deduction.
Presently most of policy companies are not issuing Policy original documents to the clients specially connected with car insurance. In this case the client is not aware of the terms, coverage for various parties such as third party, co-passengers, owner, driver etc. Unless these are taken into consideration while drafting the policy the underwriting department would give vague clauses only to benefit the company and NOT to the benefits of policy holders. more
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Firstly the terms and condition is so long that you need a lawyer to interpret it. Why can't the policies have bullet points of the clauses / policy features not exceeding more than a sheet. Remaining things have to be mentioned is in compliance with IRDA rules / the corresponding regulatory authority. So then everybody is convinced more
Dec 19
The Insurance companies employ agents and train them for help in various features of the policies. These persons by their own choice working as full time agents, or to earn extra income as part time agents undergo the training. But they only contact the public to canvas fr a policy and also make them agree to consider a proposal. Then the agents inform the development manager of the Insurance Company to convince the proposer for taking a policy. They only inform the advantages of the policy and do not say anything about the bad features which will be really concerning us. The administrative charges, the agent commission and other specific expenses are high and hence the proposal has to be reviewed thoroughly. In case of need please take the endowment policy with accident benefit and also take insurance for hospitalisation coverage every year. Invest your money in other ways. INSURANCE IS NOT A SAVING AND THE RETURNS ARE MINIMAL LIKE A SAVING BANK ACCOUNT. more
Dec 18
Even if the detailes of terms & conditions of the policies and other clauses, information etc. are mentioned on the policies, I have doubts as to how many of the policy holders take pains to go through them. The LIC policies contain all such information in details but as I know very few ones feel any urge to study. Therefore, it is the best option not to be lured by the offers from a new and unknown company and to opt only for a reputed ones even if it costs little more. more
Dec 17
Policy documents should have complete terms & conditions with major ones properly highlighted so that the buyers know where they stand. more
Dec 17
