Apr 16, 2006 11:59 PM
2586 Views
(Updated Apr 16, 2006 11:59 PM)
Hello All:
Having had a very bad experience and capital loss with one of the private insurers, I curse myself for not choosing LIC for a similar-type policy. I realize the mightiness of LIC only after my suffering with a private insurer.
LIC is a huge organization (presently, #1 in world with more than 1 crore policies), and every single paise (the assured and guaranteed returns along with bonus declared) is guaranteed by the Government of India like the Government does for paper currency. Some feel like the service of LIC is poor. I feel that service of every company/organization is poor in one or other way, and LIC being a huge organization with global presence, a very prompt service could not be expected at all times.
All my advice is NEVER EVER GO TO PRIVATE INSURANCE COMPANIES; they advertise and attract in a very big way, but when you fall inside, you will feel the heat within. Once you take policy with them and get trapped inside, they show their cruelty, the worst service, etc.
Another fact that is not known to outside world is, during Tsunami in Tamil Nadu, a southern state, none of the private insurance companies paid claims and they dodged their customers using loopholes. Only LIC did pay promptly for the claims helping for the devastated.
While upper class and high-earning people (can) take risk by opting private insurers, all my advice is for the middle class people, who depend on monthly salaries, to opt for LIC. Otherwise, you may end up losing a lot like me.
