Positive reaction to Private sector entry. Review on LIC Life Insurance

Greetings,

LIC is one of the role models, our government will make us believe. Entry of private operators has indeed made LIC to react in a positive manner. I was actually sceptical in the entry of private institutions in the fields of Insurance and Banking. Especially after the debacle of Indus Ind and GTB and numerous private finance companies which robbed millions of people of their life's savings and suddenly performing the vanishing act.

The master stroke of LIC in its positive reaction is the interlinking of the computers across india and allowing the policy enquiry and premium payments via any branch of LIC. They also made possible claims to be settled across different branches.

This actually lead to the licofindia.com and its associated features like policy status enquiry, online payment, etc etc. We all know dealing with a machine is far less irritating than dealing with people. This is a case of not-well-informed agents who will come to you only till policy is taken from them and they getting the commission.

The claim procedure of LIC is so simple and when they say ''We know india better'', take my words, they really do. The claim process is simple just the right mix of paperwork and expeditious clearance.

To give you an example, for a person who died in an accident, they will ask for a doctor's certificate enquiring on the nature of illness and whether the cause of death is actually the accident. Compare this with TATA-AIG, which will ask you for a police certificate, (even though this is a skid while riding the bike) and affidavits signed by eye witness (Who will do this in india).

This expeditious clearance of claims is what that makes the major difference. We literates will not be cheated by agents as we do not sign a paper without reading. We know how to pay premium and enquire (if needed) on policy status. The major distinguishing factor is the short time they take for disbursing the claim and which makes me assert their slogan of ''If every wife knows what every widow knows, No husband will be uninsured''. They stick to this.

Yogakshemam Mahamyaham,

Ram