Toxic ULIPs: Less than 2% return after 8 years!

Insurance policy holders trapped in ULIPs are still paying the price for products approved by IRDA and then banned in September 2010. Should you continue with the policy based on long-term benefits propagated by the insurance company?

Insurance company spokespersons, their incentivised agents and financial planners have always been saying that while ULIPs (Unit Linked Insurance Plans) don’t offer great returns in the short run, staying with it long term will fetch you great returns. Millions of ULIP buyers are finding out that this is a blatant lie.

 

How will you feel if your investment gave less than 2% p.a. return on investment after staying with the policy for eight years? Suresh Kumar (name changed), father of the managing director of a Fortune 100 company for Asia-Pacific,  approached the Moneylife Insurance Helpline regarding Birla Sun Life Classic Life II ULIP policy purchased in 2005 to cover his son for Rs1 crore. The funds were equally split between equity and debt investment.

 

He paid a premium of Rs1.82 lakh for five years and paid Rs30,000 for another three years. The account statement shows the total fund value to be Rs9.23 lakh. The total premium payment over the period of eight years was Rs9.98 lakh. Should Mr Kumar still believe in insurance propaganda to keep paying premiums long-term to get benefits? It seems that the insurer is getting benefitted and the insured is trapped in a loss-making proposition.

 

In the case of Mr Kumar, we have calculated the mortality charges for providing a cover of Rs1 crore and hence the return on the investment, which is different than the return on premium, will give less than 2% p.a. return. Mr Kumar is lucky that the product did not have any surrender charges after completing five years, but some toxic old ULIPs have surrender charges up to the end of policy term.

 

Many of the Moneylife Insurance Helpline queries are related to similar cases. The insured person is ensnared between the high front loaded charges of an old ULIP and steep surrender charges which prevent them an easy exit. The solace of the insurance product being long-term disciplined savings seems ludicrous with these policyholders who are ready to throw in the towel.

 

Moneylife’s message of keeping insurance and investment separate seems to resonate with these policyholders, but there is little that can be done for the existing policy unless the surrender charge has come down to zero, based on number of policy years completed.

 

Even though the Insurance Regulatory and Development Authority (IRDA) has banned old ULIPs since September 2010, what is the recourse for the policyholders who have been already trapped? It is time IRDA takes stock of the situation and offer relief to policyholders who are trapped in products it approved only to be banned later. It is especially true for old ULIPs which continue with atrocious premium allocation, policy administration and surrender charges even after completion of three policy years.

 

Read - Are you trapped in toxic ULIPs? Blame IRDA - I

 

Anita Borges (name changed), an employee of an international NGO, wrote to Moneylife Insurance Helpline on a query about Life Invest ULIP from Max New York Life (now called Max Life). Ms Borges, writes, “On a recent review of the policy statement, I find that from April 2009 till date, I have paid Rs2,08,333 as premium. The current NAV is Rs33.51. The total administrative charge, premium allocation charge, mortality charge and service tax amounts to Rs21,000. I find that I am not benefiting with any increase in the NAV which I am told is due to the share market not doing well. Even if I had invested in a Recurring Deposit (RD), I would have got some amount of interest, whereas in this case, I am losing as the various charges are a huge amount. I would greatly appreciate your advice to me on this so that I can at least get back my money that I have paid without undergoing loss due to the various charges, which were not made clear to me at the time of investment.”

 

Are you trapped in toxic ULIPs? Blame IRDA – Part II

 

In a ULIP, a policyholder can see the performance and make judgements. But, it is wrong to evaluate returns on premium as the mortality charges need to be excluded. An insurance company is providing the service of risk cover against the mortality charges you pay. In a child plan, there is additional feature provided by the insurer which is Waiver of Premium (WoP) in case of your unfortunate death. Due to this, there are additional charges to provide WoP feature. Just calculating returns on premium paid is inaccurate.

 

It is not just queries about ULIPs, but also traditional products like endowment, money-back and whole life that have steadily coming to the helpline. People are buying long-term products of 25-30 years and suddenly want to surrender. Traditional products offer low guaranteed surrender value and hence it’s not best option. Read Moneylife cover story (8 March 2012)
 

Life Insurance: Surrendering policy? Think again

 

Traditional products are opaque on charges which keeps the insured blissfully ignorant about their actual returns. The bonus declared every year is an indication of it to some extent, but many traditional policyholders do not keep track of bonuses. Moreover, the final addition bonus can only be known at the time of maturity.

 

In case you have an insurance issue, please write to Moneylife Foundation. Click here

Like this story? Get our top stories by email.

User

COMMENTS

Sunil Kumar

2 years ago

Sir.I need a loan
Sir please accept my request
contact number 9891 757 629

Ravi Narayana Rao

3 years ago

Surely an organised scam

Tushar

4 years ago

I do not Understand, Why IRDA does not take any initiatives to educate investors?

ABHIK DE

5 years ago

BANK ASSURANCE MEANS MISSELLING OF ULIPS IN CONNIVANCE BETWIN THE BANK&INSURER.CORPORATE,FOR THAT MATTER ANY INSURANCE AGENTS ARE SUPPOSED TO BE ADVISORS.SHOULD PROVIDE AFTER SALES SERVICES I.E. TIMELY RENEWAL PREMIUM PAYMENT BY CLIENTS.BUT,THEY ARE ONLY INTERESTED ABOUT SELLING NEW ONES,EVEN AFTER WITHDRAWING FUNDS AFTER PAYING CHARGES,WITHOUT BOTHERING ABOUT EXISTING POLICIES.HOW CAN INSURER LIKE BAJAJ ALLIANZ SELL POLICIES,EVEN EHEN EXISTING POLICIES IN LAPSED STATE,WITHOUT REVING IT.HOW CAN THEY SELL NEW ONES WITHIN 3YS.OF SURRENDERING EXISTING POLICIESTHATS THE CONNIVANCE BETWIN BANK&INSURER.

ABHIK DE

5 years ago

CAN A NEW ULIP POLICY SOLD WITHIN 3YRS OF SURRENDERING A ULIP POLICY?

ABHIK DE

6 years ago

MAX LIFE/BAJAJ ALLIANZ/ALL ONLY CONTACT CUSTOMERS YEARLY FROM THEIR RENEWAL VERTICAL TEAM FOR PAYMENT OF PREMIUMS.THEY DONT BOTHER TO CONTACT IN BETWIN ,FOR FREE SWITCHING ETC.WHEN THE MARKET REACHES ITS PEAK,TO BOND FUND/AND SWITCH BACK TO EQUITY ,WHEN MARKET BOTTOMS OUT.I.E. NO AFTER SALES SERVICES BY THE AGENTS ,AGAINST IRDA GUIDELINES.WHO CARES!IT HAPPENS MAINLY WITH THE BANKASSURANCE/MIS-SELL AND DISAPPEAR!

Debaprasad

6 years ago

Excellent revelation, but who'll bell the cat?

NAGARAJA KAULAGI

6 years ago

It is wonderful to read about the ULIPs sold by all the insurance companies. Insurance came to India through LIC and GIC which are since 57 and 40 years respectively. I am still not able to understand how many policy holders have knowledge of insurance and the industry was managed till IRDA came into existence. Even after IRDA came into existence insurance still has to find the "actual" or "real" meaning in India. "Kya woh din aayega jab bima, bima ke roop me bikega".

Khubir

6 years ago

Even I had an Investment of Rs15000p.a Now its valued at 59700 after 5 Years..........

ABHIK DE

6 years ago

M.F.s ARE NOT ONLY SUBJECT TO MARKET RISKS,BUT MORE SO FROM THE DISHONEST PORTFOLIO /FUND ADVISORS,AND THEIR TOXIC CONNIVANCE WITH AMCs.THEY ARE NOT WARY OF REGULATORS'CODE OF CONDUCT/GUIDELINES.THEY ARE NOT SATISFIED WITH THE ADVISORY FEES/WILL CHURN YOUR FUNDS LIKE CHALK OUT OF CHEESE/MIS-SELL ULIPS/EARNING REVENUE FOR THE BANK THROUGH COMMISSION DRIVEN MALPRACTICES TO ACHIEVE TARGET TO EARN INCENTIVES/PROMOTION/FOREIGN TRIPS.IT ONLY ALLOWED TO HAPPEN HERE.

sachchidanand

6 years ago

NDTV appears to be a classic example of "How to lose others money". I am sure if some one researches on IBN & TV18, similar things will be found. My only worry is : who is funding these loss making ventures & WHY some one wants to lose money ? I suspect a serious case of money laundering. Please enlighten me on this.

Pandharinath Prabhu Rajivadekar

6 years ago

Why should you blame the Insurance Company? It was made ample clear in scheme documents about the charges of the scheme. Indian Investors have no habit to read anything they sign on the dotted line and then keep on cursing the company. They cant say company has cheated them , How far they are honest in their job? A person selling goods will always talk only good about his product its duty of the buyer to check the authenticty of sellers claim.

REPLY

NAGARAJA KAULAGI

In Reply to Pandharinath Prabhu Rajivadekar 6 years ago

Perfect.

NAGARAJA KAULAGI

In Reply to Pandharinath Prabhu Rajivadekar 6 years ago

Perfect.

ABHIK DE

In Reply to Pandharinath Prabhu Rajivadekar 6 years ago

WHEN ULIPS ARE SOLD/MISSOLD BY BANKASSURANCE,WHO IS THE (THE BANK),INVESTMENT ADVISOR TOO,CHARGING FOR INVESTMENTS.THE ADVISOR CAN NOT MIS-SELL ULIPS,WHEN EXISTING POLICIES IN LAPSED STATE.CAN NOT SELL POLICIES AFTER SURRENDERING RUNNING POLICIES.I AM NOT TALKING ABOUT SINGLE POLICY,THAT SMALL PRINTS TO BE READ CAREFULLY.INTENTION OF THE ADVISOR TO SELL ULIPS AT HIGH UPFRONT [email protected]%ALLOC.CHARGES.TALKING ABOUT 2006-2009.AS SOON AS LOCK IN PERIOD IS OVER NEW ULIPS SOLD TO EARN MAXIMUM COMMISSION BY THE BANK ADVISOR/INSURER IN CONNIVANCE.

S BHASKARA NARAYANA

In Reply to Pandharinath Prabhu Rajivadekar 6 years ago

do u advocate the insurance company to black mail its investors, on presumption that every investor is not honest at all in his life?

sachchidanand

In Reply to Pandharinath Prabhu Rajivadekar 6 years ago

Very sorry to point out that giving false promises , amounts to cheating and is an offence under Indian Penal Code. If Insurance Policies are mis-sold, the onus is on the Insurance Company. In my own case, I had taken out traditional Endowment Insurance policy with Profits, at the tender age of 20 and at maturity when I received final maturity amount, I realised that my savings earned just 2.75% compounded return. If I had placed the same money in RD, I would have received 11% return. My only fault is that I did not die within 10 yrs from taking the policy ! Fortunately, I have taken Term Insurance policy for which I pay just Rs. 8000 per year and I am covered for Rs. 1 crore. I am quite happy that as long as I am alive , I do not have to worry about my family.Why such policies are not sold in India ! The only reason is that Commissions on such policies are very low & Agents do not want to popularise such policies where they earn low commissions

ABHIK DE

6 years ago

CAN A CORPORATE AGENT ADVISE TO SURRENDER EXISTING RUNNING POLICIES AND ADVISE AND SELL NEW ULIPS WITHIN 3 YS.OF SURRENDERING ULIPS ?AS PER IRDA GUIDELINE,NO ULIPS CAN BE SOLD WITHIN 3 YS.OF SURRENDERING RUNNING ULIPS.CAN ULIPS BE SOLD/MISSOLD ,WHEN EXISTING ULIPS ARE IN LAPSED STATE?CAN THE INSURER ACCEPT THOSE POLICIES?ITS ALL ABOUT TOXIC MIS-SELLING OF ULIPS BY BANK ASSURACE/CONNIVANCE BETWIN THE BANK AS PORTFOLIO MANAGER &THE INSURER.2006-2009.IT CAN ONLY HAPPEN HERE.

Anil Agashe

6 years ago

i believe there are thousands who have bought these products. I have also heard stories where a client on being to go for a traditional insurance product demanding a ULIP saying so and so has benefited so much and that the returns are so great. No need to cry for such fools. Most people who bought this product had no idea of how markets work. They were convinced by an Excel sheet showing 15% 18% 29% returns and they believed all that! They must suffer, no one can help them! Majority of investors are from IT and then professionals like doctors! No sympathy needs to be showed to them!

REPLY

ABHIK DE

In Reply to Anil Agashe 6 years ago

C.R.M OF A BANKASSURANCE!

sachchidanand

In Reply to Anil Agashe 6 years ago

Only SADIST people can think like this. It is the Agents who , out of greed , cheat the innocent public only to earn heavy commissions. High time some one who has time & some money starts prosecuting Insurance Company & Agents for cheating.

NAGARAJA KAULAGI

In Reply to sachchidanand 6 years ago

Very good. You are right. Insurance companies should be shut down. Your words ".the Agents who , out of greed , cheat the innocent public only to earn heavy commissions." are appropriate. No one blames the manufacturer and the licenser of the product.

ABHIK DE

In Reply to sachchidanand 6 years ago

NO FAITH ON REGULATORS!?

ABHIK DE

In Reply to Anil Agashe 6 years ago

THEREFORE MIS-SELLING SHOULD GO ON!

Health Insurance: Online Mediclaim from Banks

But consider the premium


Indian Bank and United India Insurance have launched a web portal offering online entry and renewal of health insurance policies. Indian Bank has been offering its account-holders Arogya Raksha group mediclaim from United, since 2006. Mediclaim policies offered by some public sector banks for its customers are among the most affordable. Moneylife had...

Premium Content
Monthly Digital Access

Subscribe

Already A Subscriber?
Login
Yearly Digital Access

Subscribe

Moneylife Magazine Subscriber or MAS member?
Login

Yearly Subscriber Login

Enter the mail id that you want to use & click on Go. We will send you a link to your email for verficiation
Mediclaim: Should a hospital bill be prorated based on your room rent limit?

New India Assurance has paid Rs34,313 towards a mediclaim that was earlier rejected by the TPA on flimsy grounds. But, payment towards visiting charges and investigation were prorated based on room rent limit. Is it justified or is the TPA being unscrupulous?

Sujit Banerjee (name changed), a retired senior citizen of 73 years of age, had approached the Moneylife Insurance Helpline seeking help with his rejected mediclaim on flimsy grounds by TPA (third party administrator). Due to Moneylife’s intervention, Mr Banerjee got a payment of Rs34,313 from New India Assurance, but the payment towards visiting and investigation charges were prorated based on room rent limit. Is it justified?

 

There will be reduction in payment for visiting charges and investigation depending on what was allowed for the room for which you were eligible, but should the payment be prorated? Policyholders need to check what the insurance policy wordings specify about room rent limit and its impact on other charges. If the mediclaim policy clearly states that the charges will be prorated if you avail a room with higher rent than your limit, then it is acceptable.

 

Read - New India Assurance pays Rs34,313 for mediclaim initially rejected: Another Moneylife success

 

How does room rent limit affect mediclaim payment? Unfortunately in India, many hospitals charge differential amounts for doctor’s visit, investigation and other charges based on the room you avail. For example, if you go for a private room, the doctor’s visit charges will be higher than what you would have paid if you were in shared room. If you avail of room higher than what your cover allows, the insurance company is right in not just disallowing the difference in the room rent, but also for the other charges.

 

Some policies go a step further and specify that they will pro-rate the claim based on your room rent and actual room you availed. For example, if the room rent limit is 1% of the sum insured (SI) and assuming SI of Rs1 lakh, your room rent limit is Rs1,000 per day, in case you avail a room of Rs2,000 rent, your full claim amount is pro-rated to pay only half of the claim. The remaining half will have to be borne by the policyholder.

 

What the New India Assurance Mediclaim 2007 policy states - “In case the insured opts for a room with rent higher than the entitled category (1% of SI), the charges payable under clauses 2.3 and 2.4 shall be limited to the charges applicable to the entitled category.” If the TPA is paying on a prorated basis for all the claims, then it is either wrong interpretation or wilful approach to short-change the insured.

 

For example, in the case of Mr Banerjee, he had availed a room of rent Rs4,500 when he was eligible for only Rs1,000. The deduction of visiting charges of Rs4,200 was Rs3,267 while the deduction of investigation charges of Rs6,200 were Rs4,823. What it means is that the TPA has prorated the payment by a factor of 4.5. The paid amount for visiting charge is Rs4,200/4.5 = Rs933, while the paid amount for investigation charge is Rs6,200/4.5 = Rs1,377.  

 

Correct approach – “If other charges vary, but not in proportion to room rent, then only deduct such proportion of variation.” It means that if in this example, the visiting charges for the room of rent Rs4,500 is only double of the charges for room rent of Rs1,000 then the deduction should have been Rs2,100 instead of Rs3,267. The TPA is doing the easy calculation of prorating instead of really finding what is the difference in the visiting and investigation charges for the room with rent Rs1,000 versus that of Rs4,500. New India Assurance is reconsidering the Mr Banerjee’s claim after Moneylife’s intervention on proration of doctor’s visit and investigation charges.

 

If your charges for a doctor’s visit, investigation and others mentioned in clauses 2.3 and 2.4 of New India Assurance Mediclaim 2007 are prorated based on room rent limit, here is what you can do. Find out from the hospital the charges for doctor’s visit, investigation and others for the room to which you are entitled based on your insurance cover. If the deductions based on TPA doing the prorating is higher than what it should be based on what you find from the hospital, you can fight to get higher payment from the insurance company. If it does not give justice, go to the Insurance Ombudsman.

 

But, there are specific conditions under which the New India Assurance TPA has valid reasons to do the prorating of claim. Where  it  is  not  possible  to  ascertain  what  the  degree  of variation  is,  either  by  reference  to  previous  bills  or  authentic tariff,  New India Assurance TPA may  deduct  all  charges  except  medicines  and consumables proportionately. Also, where  the  hospital  does  not  have  rooms  in  the  entitled category at all, or where the minimum room tariff is higher than the entitled category proportionate deductions will have to be made by the TPA. It means prorating of doctor’s visits, investigation and other charges are valid in the above two scenarios.

 In case you have an insurance issue, please write to Moneylife Foundation. Click here

Like this story? Get our top stories by email.

User

COMMENTS

vibin wilson

1 year ago

Can u please help me regarding this pbm.. @ money life...

vibin wilson

1 year ago

Raksha Tpa deducted nebulozation charges from my claim . But as per my policy conditions , it is payable.. I have written letters and called them many times.. I'm disappointed.. Policy is with new India insurance..

Rajiv

5 years ago

Heritage rejected my Doctor Bill as it was Outsider. Is there any rules that the treatment should be done by the doctor of the same hospital ???????

Subhas Mallik

6 years ago

Very useful article.Kudos to Moneylife for doing excellent job in exposing the high handedness of TPAs in denying the insurance claims of hapless victims.

HG Sharma

6 years ago

It is almost certain that no Hospital will have room rent matching the entitlement of Insured .
It is advisable that Insurer makes it mandatory for the Hospital to define the extra amount they charge ( Compared to lower/lowest or general ward of the Hospital).
This can form a better basis for deductions.
You cant expect a patient to avail consultation and receive medicines as an Out patient if the lowest of the accommodation is higher than his entitlement.

Sanjay M Shah

6 years ago

ONE THING I FAIL TO UNDERSTAND IS THAT, WHEN HOSPITAL IS CHARGING MORE FOR ROOM RENT ACCORDING TO THE ROOM SELECTED THE TREATMENT GIVEN BY DOCTOR IS GOING TO BE THE SAME FOR ANY ROOM CATEGORY.THEN WHY DOCTORS & HOSPITAL ARE CHARGING ACCORDING TO ROOM CATEGORY? SAME WAY FOR PATHOLOGY & OTHER TEST HOSPITAL IS CHARGING AS PER ROOM CATEGORY. NO ONE IS RAISING VOICE FOR THIS. EVEN HOSPITALS & N.HOMES SUPPLY MEDICINES FROM THEIR INTERNAL STORE & WE HAVE TO SERVICE TAX ON THAT, IF BUY FROM OUT SIDE WE COULD HAVE GOT DISCOUNT ON IT & SERVICE TAX IS SAVED. ACTUALLY THERE SHOULD BE ONLY ONE TYPE OF MEDI CLAIM POLICY & LET ALL COMPANIES CHARGE PREMIUM WHATEVER THEY WANT.

deepaksb

6 years ago

In Dec 2011- a surgery ( removal of Dermoid cyst ) under DAY CARE.( New India assurance Mediclaim policy-Sr.Citizen.ULIP holders)



Surgery was done after informing TPA-MD India in writing and obtaining confirmation of claim intimation under day care.Treating surgeon had given diagnosis and treatment in writing in advance.



My claim was rejected by TPA with an excuse that NO HOSPITALISATION exceeding 24 hours -was done hence claim is rejected FULLY.



TPA has gone one step further and has informed me that an ordinary MBBS doctor ( GP) can perform this surgery of removal of cyst in a GP’s clinic !!!!!!!!!!



Actual surgery lasted for over 45 minutes in an operation theater and 10 to 12 stitches.Cyst removed is of the size of a table tennis ball !!!!!!!!!!!!!!!!!! ( pathology /biopsy reports submitted to TPA post surgery)



I am sure an audit of authenticity of medical degrees of officials of TPA -MD India should be done by a competent authority to confirm if these medical professionals - employed by TPA holds a valid degree from an approved university/institute OR they are FAKE professionals.



Endless communication with MD India,New India and even IRDA has not given any result.



IRDA is also taking sides of TPA and NEW India.( Most of officials of ombudsman are from PSU insurance companies.)



Insurance Ombudsman's post at Mumbai-Santacruz office ( Maharashtra & Goa) - was not filled up for OVER SIX months.There is BACKLOG of cases with ombudsman for over ONE AND HALF years.



Policy holders’ complains received by this Mumbai based ombudsman in Oct 2011 are being looked into till date (25th June 2013-delay of over ONE AND HALF YEAR)



Leading consumer activists/organisations can do NOTHING to expedite at least appointment of ombudsman for a small/individual policy holder to get justice.





We are living in a true Democracy run by Dictatorial Insurance cos. And TPA s !!!!!!!



REPLY

Suresh

In Reply to deepaksb 6 years ago

Readers may be surprised to know that some of the doctors hired by MD India to vet claims are Homeopathic Doctors! MD India claims that these Homepathic Doctors are competent enough to verify allopathic medical claims!

-Suresh

nagesh kini

In Reply to Suresh 6 years ago

The IRDA will say that homoepaths ayurvedics and unani deal with humans!
IRDA representative is on record at the Bombay High Court that they are aware that the TPAs appoint veterinarians too! They also deal with animal ailments - do the animals not have almost similar anatomy and physiology?

nagesh kini

In Reply to Suresh 6 years ago

The IRDA will say that homoepaths ayurvedics and unani deal with humans!
IRDA representative is on record at the Bombay High Court that they are aware that the TPAs appoint veterinarians too! They also deal with animal ailments - do the animals not have almost similar anatomy and physiology?

deepaksb

In Reply to Suresh 6 years ago

I will not be surprised if these doctors appointed by TPAs are having fake degrees from fake institutes.

TPA doctors may be having a poor academic record - hence they can not work else where either in a job or private practice-are employed by TPAs.

Theese doctors employed by TPAs may be even Veterinary Doctors fit for treating only animals.

Christopher

6 years ago

I too have a "New India Assurance" Mediclaim policy and got a similar deal from the TPA. Out of the 20k bill, I guess the TPA passed approx 7-8K and my first thought was to move to another service provider. Can anybody share some good Insurance Companies worth to be with for years to come.

PS: I am with New India Assurance since 2001- paid all the premiums but feel cheated when I needed insurance

REPLY

Mukul H Agarwal

In Reply to Christopher 6 years ago

Hi Christopher, you can now port your policy at the time of renewal. You should start the process 45 days before the renewal date. Apollo Munich and Max Bupa can be considered as they do not have any caps or sub limits on treatments and you can be assured that in most of the cases, your claims will be paid in full.

Christopher

In Reply to Mukul H Agarwal 6 years ago

Thanks

Vaidya Dattatraya Vasudeo

In Reply to Christopher 6 years ago

Going to another service provide does not resolve present injustice. Why not file a case in Consumer Courts. Where are you based.

Christopher

In Reply to Vaidya Dattatraya Vasudeo 6 years ago

I am located in Mumbai. Since I am not aware of a case can be built, what is the duration after which one can take the case up? I assume one can refer to the judgement being passed that the article refers to.

Gopalakrishnan T V

6 years ago

Why these TPAs and Insurance companies have some business ethics and be fair to the customers.They should not compromise on their profit margin but at the same time they cannot ignore Customers rights and entitlements and the claims should be settled without the intervention of an outsider.Even if the claim is wrong by some mistakes, the insurance Company should be fair enough to rectify the mistake and settle the entitled dues. That is business ethics and only those who adhere to such values and ethics can remain in business for long.This is the reality of life situations.This is applicable to Insurance Companies owned by the Government also. Just because they can survive in business because of the backing of the Government, there is something called market reputation and good will which can be earned only if their dealings are just, fair and prudent. Money Life is doing a great job and these matters should form part of the assessment of the TPAs and Insurance Companies' as and when they are rated by their regulators.

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

online financial advisory
Pathbreakers
Pathbreakers 1 & Pathbreakers 2 contain deep insights, unknown facts and captivating events in the life of 51 top achievers, in their own words.
online financia advisory
The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Online Magazine
Fiercely independent and pro-consumer information on personal finance
financial magazines online
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
financial magazines in india
MAS: Complete Online Financial Advisory
(Includes Moneylife Online Magazine)