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Topic : Banking Scams Affecting Public.......
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Should the common man believe in Insurance companies?

Created by : Ekta Dutta, Hedge Fund Analyst/Trader, ING Vysya Bank  | 11 25 2010 12:29:20 +0000
Industry : BankingFunctional Area : India(Markets)
Keywords : insurance lic common man insurance companies lic scam
Activity:  258 views;  last activity : 12 05 2010 16:36:32 +0000

After the scam in the biggest insurance company the trust of the common man is almost shattered. This shows that how companies are eating the money of public & on the other hand common man has to suffer.

So, should we trust these insurance companies ????

  
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YES. We have a regulator IRDA, Ombudsman is in place there have been grievance help line numbers activated so certainly the industry is improving.  As far the issue of the scam goes its a governance threat which will subsequently be brought under control and in years to come we have to be positive that these companies will come around and improve upon their operations, a common man to ensure the economic well being of his family in his absence has a very important hedge in form of an insurance policy so this investment is absolutely necessary.
By Niraj S Kakkad, Manager - Investments  | 11 30 2010 12:29:46 +0000
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It is as per law that its the duty of the common man to know all the details about the policy before taking it.And thay should get insured from well known company.Then their is Ombdsman in every city to solve cases of negligence. So, the common man should believe insurance firm
By Priyanka Agarwal, Cerificate student, Indian Institute Of Management (IIM), Indore  | 11 29 2010 11:11:52 +0000
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No, Becouse they don't know the what is who is managing and what is govt. role in them
By M.B.MALANI , MBA/PGDM student, R.R.INSTITUTE OF MANAGEMENT BANGALORE  | 12 05 2010 16:36:32 +0000
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Even though the insurance concept helps people in the event of a tragedy in the case of life insurance and to build up a lump sum by joining a savings scheme etc there are myriad of hidden facts about the insurance business as a whole. A lot of vital information are concealed from the person buys an insurance product and the insurance sales people uncrupulous with their parrot speil to inveigle unwary and gullible ordinary people.
By sundaran chithrampat, Analyst, First Deal  | 12 05 2010 12:19:35 +0000
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Not at all, its a shame & a black mark on the face of the industry. This shows that there is no transparency. Common man is like a slave who has to pay premium & no aware whether he will get it back or not.
By Ekta Dutta, Hedge Fund Analyst/Trader, ING Vysya Bank  | 11 25 2010 12:29:20 +0000
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