Insurance is the biggest aspect of personal finance that the vast majority of Indians struggle with. One big reason is a lack of awareness about insurance, rampant misselling complexity, spam, etc.
Health insurance and life insurance (term insurance) are the only two products most people need. But the products that are sold the most are ULIPs and other traditional products that promise both insurance and investments but offer the worst of both worlds, not to mention the ridiculous commissions. To make insurance simple for you, we recently hosted an AMA with @ShrehithK, co-founder of @Ditto_Insurance
As he beautifully put it:
"Buying life insurance is the kindest gesture you can offer to your dependents and family because when you ask most people what’s the most important thing in life, they say family yet most of them won’t have term insurance. "
“Insurance helps you deal with black swan events—things you don’t see coming.”
The AMA has answers to even the most basic questions, like: Will smokers get insurance?, is corporate insurance sufficient? and more.
@Meher_Smaran i have health insurance - they are very nice on acquiring first customer , when time renewal they are calling 100 time reminder - when i put a claim they keep pending , and they have no intrest to speak about claim , i believe India is the one country always suck comman man money -
when i live in dubai - there is no limit like 24 hr hospitalization needed to claim , i went last year 12 time to hospital for small fever i did in pay a penny to hospital , whatever the bill , what ever the time insurance happily to give claim direct to hospital
Indian is one country have high fraud ratio in financial level , like mostly in insurance , why they keep 24 hrs hospitalition required , then what is purpose of this health insurance - and one more big fraud is critical illness plan
IRDA is very Bad or No brain Regulator in india Like our FM tax Women
@TradeB2B, I agree to your point. It is very painful when it comes to claims and other policy servicing. From the last 3 or so years, I had to write to IRDAI directly, raise multiple complaints on BimaBharosha and also went to the Ombudsman who also decided in my favor. When I approach them via the customer service, I almost always never get my issue resolved. But the moment, I raise complaints, my issues are resolved magically.
Some companies are so bad(Star Health Insurance) that I had to raise a complaint with the BimaBharosha to update my email id because of their outdated IT systems which does not allow me to update my email ID. HDFC Life Insurance company can also turn policies into lapse state because they could not collect the right premium from my account even after providing Auto Debit Mandate(because of technical issues at their end as told by them). Later you have to bring in all the agencies and the insurance company together to get your issue resolved which can take anywhere between 3 to 6 months or even more.
I do not understand this behaviour and it simply sucks our time and energy and also makes us lose trust in the system. Hopefully IRDAI takes cognizance of this behaviour of insurance companies and make things much easier for the end customer. The governmental agencies should work together with other agencies and bring in standards and regulations. I am not sure how long it takes for this to happen!! Hopefully companies like Zerodha and Ditto Insurance take this to the notice of the IRDAI and also propose solutions.
