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The life insurance plan that would suit you may not be a single policy but a combination of policies that will cover different financial needs
You need to buy life insurance when you start earning. The important question is: How much? What type of plan should you invest in? Your insurance needs are dependent on your financial responsibilities and commitments. And it is important to keep in...
While most of us purchase some insurance—usually as a tax-saving instrument—few of us stop to think if the amount of insurance we have is enough to cover all our liabilities and provide for our families.
While asking friends and colleagues might give you an idea, there is a better way of figuring out how much insurance you need.
First, you should be aware that your insurance needs...
The deluge of schemes offered by mutual fund houses, insurance companies and other financial services providers have only served to confuse investors rather than easing their troubled minds. Various schemes with colourful names have been vying for investors’ attention, without actually offering a glimpse of respectable returns on investment. While returns have been scant at best, product offerings have adopted fancier propositions, with service providers desperate to sell at all costs. What is compromised is the investors’ real need.
G Vijaya Kumar
8 years agoI had some bitter experience with Metlife, that initially I preferred for a single term policy but issued with a term policy. Further on querying about the mismatch of my needs they simply evaded my question with a standard answer that the free-look periode over even they had committed several mistakes in the processing of related documents. On being asked for surrender benefit as per the policy terms and conditions, in which some literary mistake/omission committed by the company, they cleverly said that it will be read as conversely though the policy terms and conditions is an indemnified one. The IRDA also becomes a mere spectator as well as the insurance ombudsman who rejected my complaint merely stating that it is not coming in to his purview. The ombudsman till date not replied my mail for the exact reason to reject my complaint. If this the situation where will be end answer for such fraudulent business practices. For the past two years I am fighting with the company for surrender benefit as p[er the terms and conditions.
Param
8 years agoUse the "free-look" period to your utmost advantage - that is the only arrow in the quiver of an ordinary customer...
In my case, I was thankful to insurance company for pathetic customer service (not even sending the policy document on time), which led me to cancel the policy as soon as I received it. Cheers!
Arhant Jain
1 decade agoWhat a scam and what a shame. Each instance of Mis-selling found should lead to compounded penalties levied to these firms
dhrubogupta
1 decade agoI have been thru this farce. In my case it was Tata-AIG that I got wacked by and the benificiary was my Banker, HSBC, who had hawked the ULIP. It seems the the scam was imported by the US counterparts whose names appear to give a sense of honest dealings - and we fall for the farang names and never read the very fine print. Is it a wonder that they think India is "untapped" .