Comments on: Insurance Policy Surrender…

By: Anand

Anand — Tue, 24 Apr 2012 05:29:59 +0000

haha.. i remember the conversation with tata sky cust care and he was not allowing me to drop cricket package.

“Why sir? Cricket is such a good game. Please enjoy”.
Me: “The series is over.”
“Another series will come, Sir”
Me: “Just do what I say. Don’t argue”

Only when I shouted, he went ahead and closed the pack.

By: subra

subra — Mon, 23 Apr 2012 14:34:21 +0000

The Englishman also says ‘I ran the thorn’ he does not say ‘kaanta lag gaya’…:-)

accepting responsibility is rarely taught in Indian conditions. Easy to blame others. See the govt saying ‘Investor education’ should it not be ‘Investor learning’…who needs it more? Investor or Government? LOL

By: Ravinder Makhaik

Ravinder Makhaik — Mon, 23 Apr 2012 13:49:53 +0000

True – not bad luck but one needs to own up responsibility and blame oneself for having taken a foolish decision no matter who touted you into it.

But there is an old english song that goes by the wording,

“Blame it on the rain”

No other way to console oneself

By: subra

subra — Mon, 23 Apr 2012 13:36:12 +0000

Ravinder,

it is not always the agent who is to be blamed. YOU HAVE TO BE BLAMED for choosing a half baked agent who:

a) was either a cheat who knew what was happening or
b) was an idiot who did not know what was happening

either ways it was a wrong choice of an agent. And if you choose the agent because somebody asked you to, again bad luck

By: Ravinder Makhaik

Ravinder Makhaik — Mon, 23 Apr 2012 12:55:04 +0000

I must confess, that I was taken for a ride by one acquaintance (cant call him a friend anymore) and today I’m saddled with a unit linked insurance policy that will perfectly fall in the category that Subra describes in the dialogue here in the post.

Not just fiction, it is reality and I for one am an victim, only grace that the amount it not large but nonetheless it hurts when you feel cheated.

By: vinod

vinod — Mon, 23 Apr 2012 12:22:24 +0000

Policy surrenders are more these days because people have become wise.
They have begun to realize that investment and insurance are separate.
I try to educate people whenever possible about the disadvantages of
buying anything other than a term insurance from an insurance company.

By: Deepak

Deepak — Mon, 23 Apr 2012 05:08:01 +0000

Subra,

I have been chasing a Big Insurance company for a 5 cr Term insurance and you should see how tough it is to buy one – first they told me I shouldnt go for it since I will not get any money back, then they said opt for premium return atleast, then the guy sends me a wrong premium quote ( thank god I had checked online), then they said mortality charge will keep increasing ( I said it will be the other way round and I could prove it!!) and now finally they have given up and are ready to meet me to give me this policy – I am in the financial services industry, read a bit and hopefully could go through these hoops – god save the aam aadmi

By: krish

krish — Sun, 22 Apr 2012 12:10:51 +0000

HDFC Life taught me that service and complaints are same. First I received a premium payment notification. In that they did not mention auto debit even though I opted for it. I asked for the clarification. First and second mail ignored. I am prepared to pay through net banking and almost went to the bank page but withdrew in the last minute.

Last time I thought, let’s raise a complaint. I got a reply that my auto debit is active. Had I paid through netbanking, it would have gone as double payment and we know the hassles of getting back the amount.

After the auto debit, no receipt was generated for a week. My 2 mails to service desk go blank. Had to raise again complaint and the receipt was generated. I completely lost my faith that they would settle any claims. Survival benefits if we chase them but doubt non survival.

By: Ashish

Ashish — Sun, 22 Apr 2012 03:15:06 +0000

Sorry – in the comment above it’s not Kotak – who mostly have answers to most of the questions and have given me a satisfactory experience so far – but a different bank (in the league largest, biggest etc). Their customer support had not been of much help and once lead me to approach Ombudsman.

By: Ashish

Ashish — Sun, 22 Apr 2012 02:59:36 +0000

Customer support do not have the answers to most of the questions.
Kotak with whom I have dealt with – over e-mails and their web portal – almost invariably have answers like – please read the offer document – even when the question is specific to my policy and the amount involved (i.e. not a generic).

They hate it when you go into specifics.
And then end the call with – is there anything ‘ELSE’ i can assist you with? Have a good day.