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Q.

Do you think that today private insurance policies have customer benefits?

Tags: money, insurance policies, today private
Asked by rajeev yadav, 26 Jun '10 12:05 pm
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Answers (3)

1.

Hi,

It is perfectly safe to invest with private insurance companies.

According to Section 64VA of Insurance Act 1938 there is a solvency margin of Rs 150 crores that needs to be submitted to the RBI under IRDA, the Insurance Regulatory and Development Authority, as safety deposit money which is kept for repayment to customers in case the company declares bankruptcy.
Also, each Insurance company is attached with a Re-Insurance company who takes up the liability of repayment to customers in case of a claim if the Insurer is unable to pay.
Considering the above 2 factors, you can completely trust all private insurers in India who are under a strict regulation of the IRDA. Hence purchasing any policy from any of the private insurers do not involve in any risks.

Also, they have good customer benefits. All our customers from private companies are satisfied and also I am, being a customer myself.
...more
Answered by Rupanjali M, 28 Jun '10 03:59 pm

 
  
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2.

Hi Rajeev,

As a satisfied customer of Bajaj Allianz, I find that as a private player, they still offer best benefits for the end consumer. I have personally bought two policies- one for my kid and the other one for my father 2 years back... I think they are pretty good.
Answered by swati dwivedi, 28 Jun '10 01:49 pm

 
  
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3.

They are having more types of policies. Some of them are really good, if you know how to select for your benefit.
LIC, though very reputed and old, lags far behind in creating good returns in most of its ULIP policies, where the pvt insurers score easily over it.
Every policy is differently structured. But, overall, some of the policies are very good, though, we can't generalise all of these into creating best customer benefits.
It's "PICK & CHOOSE" the best befitting one's requirements, as the market is yet to mature.
Answered by Ramesh Chordia, 26 Jun '10 12:10 pm

 
  
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