Reviewed d2h
Feb 24, 2013 01:42 PM
2583 Views
I have few questions around Videocon D2H :
When they sold their product they sold free life time maintenance but I come to know they are asking for service charges why?
2.Recently they have started asking for 10 Rs re-connection charges in case you miss the deadline for recharge now again ...Read more
Commented on neo12345's review
Mar 05, 2009 11:51 AM
A News:---
The regulator has now asked insurance companies
to claw back commission paid out in policies where premium from the second year onwards is less than the first year. In industry parlance, claw back refers to the recovery of commission already paid to agents.
Since prospective bu...yers are reluctant to commit large annual payments for 15-20 years, unscrupulous agents position a regular premium policy as a one-time investment scheme, similar to a mutual fund. They also inform the policyholder that she can invest more money in the scheme in the forthcoming year and that, even if she chooses not to, she could exit the policy after three years. The flip side of such sales is that the buyer usually does not pay the second-year premium.
Since charges in an insurance policy are front-ended into the first-year commission, the policyholder ends up with a negative return by not paying renewal premium. IRDA, in a recent circular, said: “For the current year (FY09), where products had provided for more than 25% reduction in subsequent premium, the difference of premium should be treated as a single premium and the commission clawed back and invested in the policyholder’s account.”
This means if a policyholder pays Rs 100 as premium in the first year, against which Rs 35 is commission paid to an agent, and renewal premium of Rs 60 in the second year, the company will have to treat the second-year shortfall (100-60) as single premium in the earlier year and recover the difference. In other words, commission on Rs 40 would be recalculated at 2% instead of 35% and the difference recovered.
The circular has rattled insurance companies that are now worried that this directive could be misused by customers to leverage a rebate of commission from agents. “All that a policyholder has to do is to not renew the policy. The commission on the shortfall would than be recovered from the agent and transferred to the policyholder’s account,”Read More
Commented on own review
Mar 05, 2009 11:48 AM
Hi
For every one who was cheated by their agents now as per IRDAI notification the agents have to bear your loses through surrendering their commision and Insurance companies are responsible for implementing this below is the notification:
The regulator has now asked insurance companies
to cl...aw back commission paid out in policies where premium from the second year onwards is less than the first year. In industry parlance, claw back refers to the recovery of commission already paid to agents.
Since prospective buyers are reluctant to commit large annual payments for 15-20 years, unscrupulous agents position a regular premium policy as a one-time investment scheme, similar to a mutual fund. They also inform the policyholder that she can invest more money in the scheme in the forthcoming year and that, even if she chooses not to, she could exit the policy after three years. The flip side of such sales is that the buyer usually does not pay the second-year premium.
Since charges in an insurance policy are front-ended into the first-year commission, the policyholder ends up with a negative return by not paying renewal premium. IRDA, in a recent circular, said: “For the current year (FY09), where products had provided for more than 25% reduction in subsequent premium, the difference of premium should be treated as a single premium and the commission clawed back and invested in the policyholder’s account.”
This means if a policyholder pays Rs 100 as premium in the first year, against which Rs 35 is commission paid to an agent, and renewal premium of Rs 60 in the second year, the company will have to treat the second-year shortfall (100-60) as single premium in the earlier year and recover the difference. In other words, commission on Rs 40 would be recalculated at 2% instead of 35% and the difference recovered.
Read More
Commented on deepak940's review
Mar 03, 2009 11:09 AM
Very true the worst thing is that their returns not match the illustration they give their staff is too rude , To me if they are charging us huge professional charges than why we bear the loss they should surrender some thing out of their income to bear losses suffred by investor.
Its a highky non... transparent company and it seems they are on the edge of filing bankcruptcy..Read More
Commented on dhruba_707g's review
Mar 03, 2009 11:03 AM
Well it seems more of a professional advice rather than experience from Product, this should be in general category of ULIPS not in Aviva products...
Reviewed Aviva Life Insurance
Mar 01, 2009 11:43 PM
3952 Views
This is the worst plan very well marketed by Aviva and American Express, they both cheated the innocent investor and the worst thing to all investors they told you need to invest till three years afterwards you can withdraw the sum without any charges.
Now when you come across with the plocy ...Read more
Commented on kuldeep_bach's review
Sep 04, 2008 12:21 PM
Yes they are the cheater they trap customer thru high profiel investment consultants I got trapped thru American express , they increased my premium on account of indexation an option which i declined at the time of intial application and as they have ECS to my account they withdraw money from accou...nt without any authorization from my side , they are the cheaters all their auditors / directors should be bring under ambit of law and penalised for doing 420 ....%0d%0aPradeep%0d%0adelhiRead More
