Guidelines to Insurance Policy Owners

  Today all insurance companies provide single premium policy (in which premium has to be paid only once). An agent gets only a nominal commission for such policies. Unfortunately in many insurance offices, they use the old terms and conditions for policy users. Sometimes they even deny the owners claim over the amount. When the agents are questioned they always give the answer that they are not eligible to receive the amount according to the old rules. Isn’t it outrageous? Aren’t they deceiving the people by not letting them know the new policy guidelines?
In Universal Health Insurance Policy, treatment is also available for existing ailments. But many times the policy owner is not aware of it.
      There have been instances where the agents have convinced the owners that the money obtained from sale of property and fixed deposits in banks can be used as a single premium. They realize their folly only when they receive the notice from the insurance company asking them to pay the annual premium. Most of the policy owners may not be in a position to shell out the money at that time and hence they lose their entire insurance amount.
      Most of the financial institutions canvass their depositors to become single premium policy owners and gradually end up in making them regular policy owners. While making payment for premiums, first make sure whether the policy is single or regular.
      Lots of frauds occur in Motor Vehicle insurance policies from estimate creation till the salvage. Most of the dealers claim that their policy ensures hundred percent cashless offers. Some of them even go to the extend of showing disinterest to sell the vehicles, if the policy is not taken from them.
      Since there are numerous insurance companies with various policies, it is always better to compare them before finalizing on a policy because different policies have different set of terms, conditions and coverage areas.
      Recently one of my friends met with a vehicle accident and took his bike to the showroom to claim the insured amount. From a meager insurance amount an amount of one thousand seven hundred rupees was lessened as salvage value. The owner did not gain anything from this. This is what happens when u become careless while choosing a policy.