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Sabtu, 26 Januari 2008

{Brainstormers -CA} Re: private insurance companies

Dear CA Anil,

Thanks for your immediate reply. Thanks also to have spent a long time
to furnish valuable information.

In fact, you have reinforced my views with good suggestions for people
to be prudent.

Thanks and Regards

RAM

--- In ICAI_CIRC_MEERUT_CA@yahoogroups.com, "Anil Agarwal"
<anilsagarwal@...> wrote:
>
> Dear Friends,
>
>
>
> I certainly agree with my learned friend though I differ in certain
areas.
> In the context of the insurance companies and the current day
scenario in
> Insurance I would like to highlight the following issues which I have
> experienced personally.
>
>
>
> 1. The Private insurance companies are also within the regulatory
> framework of IRDA as is LIC.
>
>
>
> 2. No insurance company is allowed to lay false promises of
returns on
> investment. They are bound my norms of the IRDA in this respect
which makes
> it mandatory to restrain from showing return on investment beyond a
> particular rate of return. Also it is mandatory in any illustration
to give
> two illustration at 6% and 10% returns and no further than that. You can
> visit http://www.irdaindia.org/ for further information. Any company not
> abiding by the same can be sued against in the appropriate courts. Any
> investor in insurance should be made aware of the aforesaid.
>
>
>
> 3. Insurance in India is perhaps viewed more as a investment tool
> rather than for insurance by itself. Most of the general public is
not aware
> of the term insurance plans which are offered by all the insurance
> companies. Further even in case of ULIP products or other endowment
policies
> there is only a small amount that goes for actual insurance the
remaining is
> invested on our behalf in the chosen fund.
>
> For example for a policy of Rs.5.00 lakhs the endowment premium for
25 years
> of age is around 20000 and term insurance premium is around 1250
which means
> that when we go for a endowment plan the remaining Rs.18750 goes
into a sort
> of mutual fund. So why not invest 18750 directly in Mutual fund and
take a
> policy of Rs.500000/- with a term cover. In most of the cases the
insurance
> agents or advisors are more interested in their own commission and hence
> they guide the investors to go for endowment or ULIPs.
>
>
>
> 4. As for professionalism of LIC it is the only company for
which the
> list of plans offered is not available at the IRDA site as mentioned
above.
>
>
>
> 5. One must read the offer brochure carefully and procure all
details
> before going in for any policy.
>
>
>
> 6. One must fillup of the policy application form by himself
and state
> therein the accurate particulars about self ,a misstatement can be
deterrent
> to his own interests later on.
>
>
>
> 7. One must choose a advisor who is ethically strong and is well
> informed. Many advisors or agents hardly know about insurance even
though
> they have passed the IRDA exams which is mandatory now a days.
>
>
>
> 8. There are TV programs on NDTV Profit and even other business
> channels specially dedicated to insurance issues. These programs are
really
> informative and a good resource to get queries solved.
>
>
>
> 9. Further one must insure himself adequately , irrespective of
> whether 80 C is applicable or not. Insurance is much more than tax
saving
> and if carefully chosen a insurance policy can save a person from
financial
> crises in difficult times.
>
>
>
> 10. Please note that in most cases we pay lower premiums for our
own lives
> then we pay for other valuables like car bikes office etc, if we
compare the
> term portion of the "life insurance premium" paid with the "general
> insurance premium" paid for the valuables. Our lives are invaluable, so
> ensure to that you get fully insured.
>
>
>
> I regret if I have tried to put forth a issue that is well known to
all the
> users of the group.
>
>
>
> Please note these are my personal views and are based on my
experiences. And
> also neither myself nor any of my family members are insurance
advisors or
> agents.
>
>
>
>
>
> Regards,
>
> Anil S Agarwal
>
> Chartered Accountant.
>
>
>
> 12-13 Vishal Residency,
>
> Ground Floor, Kasarwadi
>
> Pune 411034
>
> 91-20-27126974
>
> 91-98-90906974
>
> "Nothing ever happens till you create the space for it to happen."
>
>
>
> From: ICAI_CIRC_MEERUT_CA@yahoogroups.com
> [mailto:ICAI_CIRC_MEERUT_CA@yahoogroups.com] On Behalf Of ramauditor1
> Sent: Friday, January 25, 2008 5:33 PM
> To: ICAI_CIRC_MEERUT_CA@yahoogroups.com
> Subject: {Brainstormers -CA} privatre insurance companies
>
>
>
> Dear Friends
>
> We have been advising our clients to invest u/sec 80C to claim the tax
> benefit.
>
> They in turn invest in as many MNC insurance companies as available.
> We too do it to plaese our friends.
>
> These companies come with a very tall promise of even awarding ten to
> fifteen times the investment in a few years' time. They also promise
> about an expert fund manager of their reputed organisation - whose
> face will never be known to us ( forget his efficiency)
>
> By experience of the last four to five years - all of you / us must
> have observed that our investment certainly do not fetch anything -
> apart from being exposed to the risk of share market fluctuation /
crash.
>
> The agent advisor is a character who will be seen by or heard by you
> only the subsequent year. Or your insurance company will write to you
> stating that your advisor will hence forth be XYZ and his or her phone
> no. is so and so. This advisor will never pick your call too.
>
> The Companies' customer care will not record your actual complaint -
> because any complaint against the company cannot be recorded by them.
> ( I learnt it from Max New York and ICICI Prudential)
>
> Summing it up -
>
> We are investing in face less organisations and hence the assurance on
> even the death benefit to the nominee may be uncertain;
>
> The fund value never increases as promised - apart from standard risk
> (leave alone the specific percentage you lose to the Insurer annually)
>
> In this case, are we safe in trusting these companies?
>
> Are we advising our clients to lose 100% money in the name of saving
> 30% of it?
>
> I feel that it is safe and steady to invest in LIC like companies
> where there is a Govt Assurance behind and that they are at least
> proven to be decent.
>
> Even depositing in Nationalised Banks blocking the money for a few
> years u/sec 80 C is sure to have a confirmed return.
>
> ALTERNATIVELY, THE GOVT CAN INCLUDE INDRA VIKAS PATRA U/SEC 80 C WITH
> A LESSER RETURN BEING PROMISED.
>
> Please note that there is no Insurance Agent in my family and that I
> am starting this topic unbiased.
>
> The agonies faced by many of our CA brethren and their clients may be
> posted on this forum to open up our minds for a suitable advice to our
> clients and our family members.
>
> REMEMBER YOU ARE GETTING CLOSER TO MARCH. AN ILL ADVICE MAY NOW BE
> PREVENTED IF YOU FIND THESE MNC'S FACELESS.
>
> Thanks and regards
>
> Ramkumar Srinivasan
>

__._,_.___
CHARTERED ACCOUNTANT INDIA AMRESH VASHISHT, DISCLAIMER
"The answer(s)/advice(s) on this Group web-site are the personal opinions of the members who sent those messages. They may/or may not be based on  research(s)/opinion(s) on the fact(s) provided to the Group in the said  query, and any advice tendered here is subject to the accuracy of the  description of facts, proposed transactions, and their purpose and
whether they constitute a complete and accurate disclosure of all
relevant fact(s), and provided the proposed transaction(s) is completed
in the stated manner. The Group Owner/Moderator and/or the group
member(s) do not even imply the accuracy or value of any advice
submitted by its member(s) and are not liable for any damages or costs,
if any, suffered through the acceptance or putting into operation either
the whole or part of any advice so tendered on the group-site. If you
have any question(s), please do not hesitate to seek clarification(s)
Here"
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