Pl. note that all those who are looking for buying a policy are getting half deal/ half info and lot of misguidance.
We wish to clarify thru u on following:
- Why Personal accident policy is stopped by all insurers at the age of 70 yrs? Earlier to formation of IRDA all insurers were giving PA policy for life. My mother was covered even till the age of 87 yrs and I have those documents with me. But now due to blessings of IRDA and entry of private insurers everyone is giving cover only up to 70 yrs. Pl. explain.
- Most health policies are stopped by insurers at the age of 80 yrs. Why? If one buys policy at the age of 25 and survives till 90 then in spite of paying insurance co. he is thrown out by insurers after the age of 80 years. This has happened only after IRDA was formed.
- Brokers have benefits of infinite no. of staff and infinite no. of branches. So they should be working on turn over. But because IRDA wanted that way the insurers are giving officially 30 % commission to them. Then they give 45% discount to car owners then what r the insurers left with? Besides brokers are killing career small time agent by giving away portion of their commission to customers and thus snatching away business of small time career agents.
- Insurance is a very committed and personal touch affair and needs service back up. However staff of banks and brokers sell insurance either by discounting or by arm twisting. But who will give service? They keep switching jobs/ keep getting transferred etc etc..
- The claim level can go up when one is above 60 years of age. And there r many single senior citizens in bedridden condition or so. A career agent used to go to their house and give all support or service. But all insurers have reduced their commission to 5% so giving that service is not possible. While brokers and financial institutions dont give home service to ailing old clients yet get 30% commission on the directive of inhuman policies of IRDA.
- Most insurance companies specially LIC, and Govt general insurance cos dont update their site for years, don't give all the forms , tariffs, etc on their web site, they don't reply to emails, they dont generate policy in stipulatd time and IRDA shelters them.Why?? AMFI / SEBI has made time and date stamping a must for all mutual fund houses and new IPO's and they have to act on applications in stipulated time, they have to refund money in stipulated time as time is punched on every transaction but due to the blessing of IRDA these insurers take their own time at their sweet will. While a agent from family of manager of insurers or brokers who are ex insurance company seniors get their work done in time but other agents are kept dragging because IRDA behaves as sold our hand in glove organization. Like 2G and 3g scam their is a scam in appointing brokers too.
- All insurers are refusing to cover poor persons for less then s 1 lac sum assured for health. Is this the directive by you?
- All insurers are not promoting and are least interested in covering senior citizens. While world is extending all assistance to senior citizens but for IRDA and insurers.
- Most insurer s are not settling claims in time frame.
- Most insurers are not giving commission and TDS certificates to agents in time. Why?