Feb 20, 2018 08:34 PM
3685 Views
(Updated Feb 20, 2018 08:30 PM)
At present there is no substitute for life policies with life insurance corporation of india(govt of india undertaking) in respect of service, issue of policy & attending other grievances. 1) Acceptance of proposal & issue of policy document: If proposal form having all required details with attested copies of documents will be accepted within 7 days from dt of initial premium & policy document issued within 15 to 30 days as there is no need for any enquiry by the proposer. 2) Grievances regarding loan disbursal on policies & change of nomination/new nomination/any changes in the policies: Loan disbursal will be done 15 to 20 days provided filled up loan application with original policy & assignment, bank details etc & loan amount will be credited directly applicants account under intimation by sms follwed by official letter later.Any change in nomination/change of nomination will be done within 15 to 20 days provided original policy with request for the same, change of any details will be done with documentary evidence within 20 to 30 days. 3) Settlement of claims like maturity value, sb etc: Well in advance an intimation will be sent to every policy holder due date for maturity value, sb payable & same will be credited to policy holders account by due date if bank details, pan no, ad proof furnished already.
This is based on my experience with this insurer as I have nearly 10 policies which are duly paid by LIC w/o any problem & visiting their office, whereas in respect of life policies issued by private insurers they are taking their own time to settle the claims though every thing is in order & due, many times policy holders are required to visit their offices no of times in spite of this private insurers are taking their own time to settle claims & attending other grievances imposing no of conditions, raising invalid objections etc. Though benefits are is normal but not high in LIC policy holders money is gaurented with all bonuses as declared by them from time to time unless there is lapse/cancellation/surrender of policies with LIC. There are no fund mangement charges every year as is the case of private life insurers & benefits are also not attractive in private life which are not all assured/gaurented apart from market risks to our investment. Therefore it is very important/necessary to think twice before taking a policy. Insurance is part & parcel of our day to day life for financial security & any mis infmn/wrong infmn/non disclosure leads to denial of claims on maturity/death/survival claims. Therefore proposal form with all correct personal details will only prevail on claim matters.
