Jul 08, 2015 11:45 AM
29592 Views
(Updated Jul 08, 2015 11:49 AM)
Being a financial consultant, I have the experience of many companies providing life insurance cover to persons from different ages. Almost all companies have appointed agents to procure business and in return the contracted agents are paid huge commission.
These agents are given a week’s superficial training and sent to the market to entangle friends, relatives and gullible, not so literate public at large.
They pay huge sum as premium year on year only know after four or five years that there no balance in their account. Agents don’t feed full information well. Customers get cheated because they expect maturity benefits which the only PSU of Govt of India i.e. Life Insurance Corporation of India, has been truly and justly paying and serving the people of India since more than 60-70 years. LIC reminds of premium due and of maturity amount due in time. They have built a trust amongst masses. To get the money back with accrued bonus is a great relief and comes as happy news when a person has lived half of his life. One pays in installments gets lump sum.
Moreover in case of unfortunate happening the dependants get the amount insured from LIC without any ifs or buts while it is quite different in many private companies. Everybody is advised to understand the policy document before purchasing accepting the offer, but it’s not everybody’s cup of tea.
