| Topic : Customer strategies in insurance |
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Secure the future - Insurance |
Aviva Life Insurance Company |
Max New York Life Insurance |
6 more ...
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Activity:
125 views;
last activity : 09 01 2010 13:10:53 +0000
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Too much charges on customer..
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Insurance should be sold as Insurance only and not as Investment
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low interest on investments
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Premiums to sum assured is analomos
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insurance, surrender, bonus
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Insurance agents do not have any success stories.
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@KUSHAL
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According to me, the set of charges for a typical insurance levys on customers - premium allocation charge, policy administration charge, mortality charge, fund management charge, top-up charge, switching charge, partial withdrawal charge and surrender charge. |
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Once you have signed a insurance policy for a particular duration( generall they are for 10 yrs) , do remember you cannot go for partial withdrawal in middle . You can go for withdrawal but with no gains and some charges. Instead of this one can go for MUTUAL FUNDS which after one year duration have zero charges for partial withdrawal , good profit and any time you can cancel it. But both are subject to market risks.
Amazing insights you have drawn. I appreciate that. Thanks for participating. I hope we will continue this type of brainstorming here.........
Yes I support Niranjan's view. Investment in Insurance is a long term goal. People don't have passion to wait to see the results. As a lay man if they see the fund value whatever they invested major part goes to charges and makes people to fear they may not get their principle back. Most people's mentality is to see quick money back on their investments so they are avoiding insurance and going for mutual funds and other sorts of savings.
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With the advent of the private Insurance companies came the concept of ULIP and the Investment cum Insurance idea in the Insurance market. This brought in an unnecessary shift in the very idea of selling and buying life Insurance in India. Prior to this nobody ever knew anything about ULIP or the investment angle. Moreover, the insurance agents as well as the companies are now vigorously pushing the ULIP products more and more. The agents are no doubt selling it as an investment product without even making a reference to the insurance part which is present in that product. Some companies have even come out with the unique idea of 'without-risk' ULIP plans. This idea itself defeats the very basic meaning of life Insurance. Insurance is now being regularly compared with Investment because of the advent of ULIP plans. I feel that this plan is best suited for the Mutual funds and should be rooted out of the Life Insurance industry immediately. Once ULIP is removed from Insurance Industry, then all the charges related to it will be removed. Once again, the Insurance Industry will start selling the real insurance products it is meant and ought to sell. |
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Presnetly it is sold as invetemnet wherein teh perosn tking insurance does nto know the reason for taking insurance and in majority cases it is agenst who sell with intention of only making money form the sale
insurance is a kind of asset which ur buying for ur family when you willn't with them and that money help them that difficult time.
Agree with this. Insurance is the only structured product available today which covers following financial planning
1) Risk Management : Risk against uncertainty like Death, Accident, Sickness
2) Estate Planning : inbuild facility of assignment
3) Retirement Planning
4) Tax Planning
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because people feel that the amount paid is premium is higher than the benefit what they get. in india the premium includes saving portion as well the risk premium portion. but when the customer weighs the gain or opportunity cost of the money he invests, naturally he chooses other alternative avenues as the rate of interest or bonus one gets on investment is very low and the insurance companies canvass for those policies which have investment as well the risk portion. so naturally people obstain because of more investment for less risk. and if the companies offer only term insurance may be people will opt for insurance as the amount they pay will be far less for getting the risk coverage. |
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Suppose if the sum assured is 100000 and the insurance company feels they have 80% chance of pocketing 100000 without needing to pay and 20% chance of pocketng 50000 before risk ensues, then they will price it at 90000 for the life of the insurance. This pricing is so close to the sum assured and is very high and is due to lot of factors like the risk of life for the citizen living here without welfare. In 'efficient', 'welfare' economies the equation is reversed where they can hope for 100% probability of pocketing the whole amount of premium for the risk of life to citizen is minimal for the above factors and they have higher life expectancy. So they can price insurance at lower premiums where the anomaly vanishes and ratio of premium to sum assured is smaller. UNLESS WE MAKE OUR ECONOMY MORE EFFICIENT AND RISKLESS TO LIVE AND WORK INSURANCE PREMIUMS WILL BE EXORBITANT FOR COMMON MAN TO AFFORD. |
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To my view exotic charges , mortality charges, fund allocation charges etc. have little role in buying Life Insurance. First thing is that nobody wants to think about the situation if one of their near & dear one dies. Secondly, they find themselves confused when they visit to any Life Insurance office. They are not familiar with the terminology of any Life Office. They don't know the difference of surrender and cylinder. They don't know why their money is depleted when surrendered. What is assignment or nomination. They don't know what is bonus or how is it calculated. What we need is frequent write ups & articles in the news paper and magazines in local language and to tell them that insurance is a requirement to them. This is the one factor. Other factors may also be dicussed later on. But to conclude, what ever an insurer may do, the truth sis that insurance is always sold and never bought; and insurance is a matter of solicitation |
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1. Only advertisement shows that family, with the help of insurance, was able to retain the status after the death of head of the family.
2. Same is case with child education. Those who took insurance 20 years back to support the family. The money they get is not suffecient to buy a second hand two wheeler, forget about education or other support.
Here i am not talking about high primium payee. I am talking about normal Indian.
Think rationally, you will find Insurance a big blunder.
Still we should take insurance for:
1. Tax saving,
2. Four wheelers.
3. Personal Accidents
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HE HAD EXPLAINED EVERY THING IN SIMPLE WORDS.
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