Insurance and the private players in the sector
Insurance in economical and lawful terms can be defined as equitable transfer of the risk of loss, from one entity to another in exchange of payment. In this insurer promises insured that they will compensate their loss. In this insured pay money relatively less than insured loss.
Insurance has affected the society in a good way as well as in a bad way. On a positive note, it prepares people to reduce the impact of unseen and uncertain losses. On a negative note, it may increase fraud and carelessness among people.
Insurance policies can be complicated and you may not understand all the fees and coverage included in a policy. Due to which, you may buy policies on unfavorable terms, to solve this problem, many countries have enacted detailed statutory and regulatory regimes governing every aspect of the insurance business, including minimum standards for policies and the ways in which they may be sold.
You should buy only that insurance policy which suit your budget and fulfill your requirement. While signing the documents read them carefully and ask agents if you have any doubt in your mind. There are several kind of insurances, which includes
- Life insurance
- Home insurance
- Business insurance
- Auto insurance, etc.
Life insurance is a contract between insurance company and policy holder, according to the contract the insurance company will pay a decided amount to the policy holder upon the death of person. The amount will depend on the amount mentioned in the contract and promised by the insurance company.
To avoid any kind of dispute afterwards proper documents are prepared following the regulating rules. People need life insurance as it provide “peace of mind”, to the policy owner by making him sure that his or her death will not result in financial hardship for loved ones.
In other words life insurance is a protection against the loss of income which would result if the insured passed away. To decide your premium and the value you want to leave for your dependents, you should first study your financial situation, living standard, and the amount that will be needed by your dependents to maintain that living standard, without disturbing your present budget.
Every insurance company has their own criteria and schemes. You must make sure, what you need to covered under your insurance policy. For example-
- funeral arrangements
- outstanding balance owing on a mortgage and other debts
- Offset the loss of your income for a particular time period
- future education of your children
- A combination of all or part of the above
Common mistakes which people do are
- Forget to update their policy
- Forget the long term plan, etc
The insurance companies in India include names like bajaj allianz life insurance and Aviva Life insurance. Bajaj Allianz insurance company limited is a joint project of Bajaj Finesry limited and Allianz SE. Customer complaints against Bajaj Allianz Insurance Company limited including issues like delay in arrival of bond at customer’s address and poor customer care service. Aviva life Insurance is a venture between dabur group and Aviva Plc. Aviva life Insurance fraud complaints by customers are about copied signature of the client on many documents, which left the customer’s upset and filled with anger. Such complaints have an adverse impact on the company’s reputation.
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