IRDA Claim Settlement Ratio 2012-2013-What it indicates?

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• HI

  I am 43 and my wife is 40 years old. we both bought 12 year lic endowment policies. total premium yearly comes to 450000 . i only want to know what is the exact commission my agent is making out of me .
  and what is the ammont i shoud and can ask hin to return back to me from the first year commission??

  kindly advise me
  regards
  VIPul shah.

  • Vipul-It is illegal to ask the commission and if agent passing his earning. Be careful.

    • Hi so you are saying let the agent make the entire 25% of 1 St year.. And 7.5% of 2& 3 rd year. He earns and runs his house on my premium. Is there a law or file a complaint against him??
      Regards

      • JUST TO LET YOU KNOW & ALL THE PEOPLE ON THIS platform... my INSURANCE AGENT GAVE ME BACK DECENTLY 85% OF MY FIRST PREMIUM BACK....yes yes yes good news

        THERE IS A SAYING " BOLE NA BOR VACHAEY" in gujarti.. means only if you ask then only you get the money back.... so i would recommend all you first time people buying POLICIES please ask your agent for the first year commission on the premium back... if you demand then they give you back... donnt be scared and its not ILLEGAL TO ASK FOR YOUR OWN MONEY... THEY ONLY DESERVE (5%) AFTER ALL .... HAHAAHAHAHA

        • Vipul-But do you know sharing the commission is illegal?

        • sir , i am actually writing back... stop bullshiting this line to everyone... even your commission which you have been taking from innocent first timer is now gonna cease to exist... i am starting a new platform to make people aware in my city and in my aera to take back first year commission back... THE AGENTS DO NOT DESERVE IT....

        • VIP-God Bless You :)

• Hi Basavaraj,

  I am planning to take a insurance policy for 15 yrs term may be Rs.50,000 / year . I contacted Bharathi Axa life insurance long term plan. The plan says the following details , Please suggest me if I can go with Baharathi Axa life insurance or not.

  Its 15 years Term

  10 yrs payment and from 11th year I get the pay out or I can choose to get total pay out in 15th year.
  They say appox I may around 9 + lakhs as returns. It has death benefits also like the sum assured will be given as soon as the person dead and in the term end period another sum assured and the bonus and 125 % payout.

  I taking this policy for my son , he is 6 months old . So I need make some benefits for his future studies etc.

  Can you please advise me , if I can go with Bharathi Axa or please suggest me a good plan or company to go with.

  • Rajesh-Buy Insurance ONLY to protect your life but not as an investment tool. Hence, go for term insurance but not these dummy products.

• Hi Basavaraj,

  I am planning to buy a term plan for 1cr. I am 28 old non alcoholic & non smoker. But i have all my colleagues & friends who are chain smokers from whom i inhale the smoke all the time when i go out for a break with them. So, do this impact my medical checkups at the time of purchasing the term plan or later at the time of claim settlement if i continue with this inhaling?

  • Ram-I don't think this will impact in any form to your term insurance.

• I have just purchased Max life online term insurance for 1cr .It is free look up period.But some one is saying hdfc is gud.Tell me should i continue with Max or return the policy

  • Ajay-What if I say both HDFC and Max Life are not good? Will you discontinue? Please follow your own rules. If everything is fine for you then why to think?

• sir i have relience term policy of 1 cr when i saw irda annual report 2013-2014 it is claim paid performance 86%, in future is that faithful to contunue

  • Somanath-No one know one death claim arrives in your case then you will fall in that 86% or in rest of 14%. Also, who knows which claims they rejected, whether all rejected 14% are term insurance or endowment plans. Hence, no need to scratch your head. If you declared all facts properly, then continue it.

• Hi..My husband is 30 years old and we want to take a term insurance for him. He is a non alcoholic and a non smoker. Please suggest if
  1. We should take a single term policy til 75 yrs of age or two term insurances(one now and the other one at middle age like 45 around) ?
  2. Term insurance for aegon religare is the least expensive option available. Should we go with this policy or there is some flaw ?

  Would be really helpful if you suggest us the best option.

  Regards,
  Nishtha

  • Nishita-1) Better stick to one company and why up to 75 years of age? Restrict to your hubby's retirement age. 2) If plan suites you then go ahead.

• Sir,
  I hv i-term plan of Aegon Religare for SA 1 cr. with rs. 14193 premium p.a. since last three years. and its annual premium is due in this month.
  Right now my age is 39 running.
  1)Looking to claim settlement ratios of the insurance companies, i don't wish to continue with Aegon Religare due to its poor CSR. whether my decision is right or what ?
  2) if i switch to other companies , as per CSR, LIC could be a good potion but its premium is very high compares to other companies. almost more than twice. so which should i opt for ?
  3) Should i split my risk cover in more than one companies ? if yes, what should be the proportion ?

  Pls reply.

  • Mehta-1) Do you feel this claim ratio only for term insruance? So you better to continue. 2) I think you got my answer. 3) No logic in splitting.

• Hi Basavaraj,

  My name is ramdas, 4 years back my father has started insurance policy in "Aviva term policy(10 lakhs assured)" when his age is 49 years. Recently my father has expired(natural death).

  When he is started insurance that time he is having small provision shop. With that income he has paying the insurance installments. he has closed the provision shop 2 years back as he got the paralysis to his left side body. becuase of that i am paying his premium installments.

  Now please suggest me that how can I claim the insurance.

  Thanks & Regards
  Hemu

  • Hema-You can visit the branch of Insurer with original policy document, death certificate and nominee address proof, PAN Card and cheque leaf. For further information, I request you to contact Aviva.

• Hi Basavaraj, I have taken 2 HDFC life policies (1 in year 2010 for Rs. 24000/year & 1 in year 2013 for Rs. 50000/year) and both of them have been sold with false commitment. I have just received the policy documents for both the policies 15 days back. I have requested them to give me policies for which I have to pay for 3-4 years only, but on later stage through their online account, I came to know that they have sold the products whose premium payment term is 11 years. Now, nobody is listening to me. It's a clear case of cheat sir. I am crying in front of them every time. PLEASE HELP ME WITH YOUR ADVISE FOR FURTHER COURSE OF ACTION SIR .....

  • Pradipta-It is a clear case of mis-selling. Write a letter to HDFC stating the person who sold it wrongly to you. Mention that if they not heed then you go ahead with complaining to IRDA. Let us see what they reply.

• Hi Basavaraj, If I have two life insurance policies with different companies and for different amounts, will both get paid in eventuality of death or is there a rule that says only the higher sum assured will be paid?

  • Asha-Both get paid, no need to worry. But mentioning the first one while buying the second one is a must.