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Changing perception of people towards insurance
Tags :
Insurance, Life insurance, savings, investment, security, ULIP, Unit Linked Plans,
Industry :
Insurance
Functional Area : Product Development |
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About "Changing perception of people towards insurance" topic:
Life insurance in India, as the years gone by, has mostly been sold by way of harping on for the tax benefits. And endowment plans have been the eternal favourites of life insurance agents. But have individuals ever spared a thought on other tax-friendly alternatives at their disposal, which could actually give them better returns than an endowment plan? So share your thoughts on the insurance as an investment.
1 trends
, 3 insight
, 9 debates
, 6 idea contests
, 8 question
on topic: "Changing perception of people towards insurance"
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(rate this)
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1
educate the public
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Need Analysis
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Srinivasan
| Supported idea
"educate the public"
| 3 years ago
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Rightly said........Educating Public about Insurance will create a different perception as another investment option. Offer options to chose from.
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MAKRAND BOBADE
| Supported idea
"Insurance is NOT an Investment but a way to hedge risk of cashflow/investment."
| 4 years ago
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Insurance should be sold as Insurance.Purchaser will buy it as an Insurance Product. This Ideal event will happen only when an Advisor will take pain to explain what Insurance is all about Buyer will patiently listen and understand it....
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Niranjan Meena
| Supported idea
"educate the public"
| 4 years ago
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I agree to Nishant and John, education is the best way out to change the perception of people. Education will make them aware of the benefits and need for insurance..
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Ideate: "How to change the perception of customers from insurance to investment..??" deleted from your view.
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(rate this)
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1
Find your Human Life Value first..
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HLV AND NO BONUS CONCEPT
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Badarish
| Added idea
"Monthly Family Expenses"
| 2 years ago
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E.g:Mr.Raju aged 40,working in MNC and his wife Rekha housewife 35,their monthly house hold expenses is Rs50000/- out of which Raju spends Rs15k on himself.Raju were expected to live till 70 and his wife till 75, How much does Mr.Raju needs to be...
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satish kumar matam
| Added idea
"HLV AND NO BONUS CONCEPT"
| 3 years ago
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human life value is the prime concept in deciding how much insurance you need. but that concept goes bersek once you know how much premium you have to pay for securing that much sum assured. as mr.chandramouli rightly said that no body wants to...
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V.Chandramouli
| Supported idea
"Find your Human Life Value first.."
| 3 years ago
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Even though I agree with human life value, but one must also assume the capacity to pay. Say for eg. I want to cover for a crore S.A. but my annual income is around Rs.1.5 lac how is it possible? I have to cover up my basic needs and daily...
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Ideate: "How much insurance you need?" deleted from your view.
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(rate this)
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If you think that private companies are doing well
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32
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24
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If you think that private companies are doomed.
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SURENDRA TEWARI
| Argues in support of
"If you think that private companies are doing well "
| 1 year ago
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Hello all! Please have a look at IRDA website and you will find that most of the private companies have come out of red.
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lal kamleshwar singh
| Argues in support of
"If you think that private companies are doomed."
| 3 years ago
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why u guys are wasting time blaming each other, just go to the IRDA website and find yourself which is doing how much well.
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Jairam Gopalan Aiyer
| Argues in support of
"If you think that private companies are doomed."
| 4 years ago
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I Would not say Doomed; they will start losing Market Share to LIC Of India from this Financial Year;Calendar Year they have already started with a big market share loss."JEEVAN AASTHA" ICICI Pru is closing 100 Branches; it is a beginning. When...
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Debate: "Why are all the pvt Insurance companies finding it hard to come out of the red? (please dont show me the botched figures)" deleted from your view.
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Aditya Sharma
| Answered
| 4 years ago
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Like any investment a person has to be very much vigilant.But the pros that you can say are: a) Tax Benefit b) Life cover c) sum assured to some extent d) Critical Illness Benefit if the proposer has opted for it. This is not available if...
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Jairam Gopalan Aiyer
| Answered
| 4 years ago
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It also depends on the Profiatability of an Insurance Company whether it is able to povide a reasonable return in the Insurance Policy whether a person should treat Insurance as an Investment or not. I would certainly like all financial...
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Answer: "What are the pros and cons of purchasing insurance as an investment?" deleted from your view.
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Day in and day out you get calls from call centers of all Life Insurance companies trying to sell you their ULIP plans. My question is 'whether selling insurance as an investment tool is correct?' ...
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SURENDRA TEWARI
| Answered
| 3 years ago
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Mr. Kotiah, Why are you annoyed with the PRIVATE COMPANIES? Is your company, LICI, not selling ULIPs? Is LICI not selling single premium policies? Have you ever asked your company when it is going to stop selling ULIPs and single premium...
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DEVRANJAN DASH
| Answered
| 4 years ago
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Can you explain what do you mean by real Insurance Plans?? If the answer to your question is Pure Term plan, then probably the we should question the LIC's way of doing business over the years where it has positioned insurance plans as investment...
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Answer: "When will private life insurance companies stop selling ULIP plans and start selling real insurance plans in the Indian..." deleted from your view.
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1. Buy insurance for risk cover The purpose of an insurance policy is to protect the family members of a person from any financial complexities in case of his/her premature death. Such unfortunate eventuality to a breadwinner in the family can put the other family members in serious financial problems. Insurance seeks to offer financial help in such times. This, therefore, must be the main objective for buying an insurance policy. Any other benefit such as tax advantage etc. must be of secondary consideration. 2. Do not consider insurance as an investment option The primary aim of the insurance policy is to provide a risk cover. Therefore a part of the premium paid is first appropriated...
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ABHIJIT KULKARNI
| Commented
| 4 years ago
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Excellent info, i feel we all should be adequately insured plus safegaurd our assets like car, house & shops etc When it comes to unit linked plans i feel its a matter of perception, some people do get mixup with insurance & investment but i...
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Abhay Pendharkar
| Commented
| 4 years ago
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Knowledge parameters are very clear but still who is going to educate customer, why still miss selling is done with ULIP. Have we ever understood the meaning and usefulness of insurance. My answer is NO.......... As above Devi has mentioned she...
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Insight: "Ten things to keep in mind while buying a Life Insurance Policy " deleted from your view.
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(rate this)
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India there is almost 22 life insurance companies are doing their busines in the market.And providing their services to thecustomers.but still lots of people dont want to buy or take life insurance c...
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shweta singh
| Answered
| 3 years ago
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What i feel is its due to improper promotion of insurance as an investment instrument or for tax planning..if its benefits are explained from security n protection point of view..it can be of more use n dats wat the companies has brought into...
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Nilay Sahay
| Answered
| 3 years ago
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i do agree with Mr. Paresh .as we are always in hurry to see the quick result/benifits.As insurence plans (ulips) call for a long time horizons at the same time it is bit expensive .
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Paresh Dhembare
| Answered
| 3 years ago
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The time frame is too long. One starts getting benefits after longer period. Also due to the high charges in ulip plans people are not prefering the insurance plans.
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Answer: "Why people aviod insurance " deleted from your view.
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(rate this)
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ULIP
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18
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24
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Mutual Funds
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sandeep
| Argues in support of
"Mutual Funds"
| 1 year ago
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Dear sir U need more to know about MF B`cos there are wide range of MF available.
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Prasad PN
| Argues in support of
"ULIP"
| 3 years ago
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Most of us need insurance and by its very nature it is long term. One cannot buy insurance at old ages and comparing it with short term mutual funds is not correct. Investing in mutual funds on a long term basis without insurance cover is not a...
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SURENDRA TEWARI
| Argues in support of
"Mutual Funds"
| 3 years ago
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There is ever ending comparison between ULIPs and Mutual Funds. The reason behind is that the ULIPs are mis-sold by agents and purchased by the insured, as Investments and not as Insurance but the ULIPs are getting protection in the name of...
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Debate: "ULIP and mutual funds" deleted from your view.
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(rate this)
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As a Development Officer of LIC, have visited a good number of clients. I have also been instrumental in successfully closing many high end life insurance policies. Out of which there have been man...
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Sharath Kotian
| Answered
| 4 years ago
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I thank you all for your valuable suggestions. Dushyant, I will keep your suggestion in my mind.
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Dushyant Hada
| Answered
| 4 years ago
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I agree with niranjan, but beside hurting client ego you must check is he is sole propritor of his business, is this risk cover required by whom and who is going to cover from the risk which is covered over here. these simple data mining will...
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Niranjan Meena
| Answered
| 4 years ago
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I don't know how true it is. Anyways Sharath, The simple point which is coming in my mind is: as an Big Industrialist he definitely wants to continue his legacy. Hit him on the ego part of his business welfare. Explain him that he will be able to...
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Answer: "Can anyone please help me with this problem." deleted from your view.
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(rate this)
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Yes
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2
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VS |
2
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No
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sujit Kumar
| Argues in support of
"No"
| 4 years ago
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You should be cear about when are you asking this question. Anyway in todays volatile market, Nothing can be said too clearly. We need a altogether different model to assess it all.
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vishab veer singh rana
| Argues in support of
"Yes"
| 4 years ago
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yes now people are thinking positive towards ulip plans.its great sign for insurance industry.
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Debate: "Ulips plans getting pace again in the market" deleted from your view.
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