Apr 23, 2011 09:14 PM
4668 Views
All Insurance Companies have to pay a huge amount to IRDA (Insurance Regulatory Development Authority) before their inception and also 80% of first premium collected from customer has to be given to IRDA again. Max New York Life Insurance has put a reserve of Rs.400 crore with IRDA. Just in case, the company would end paying all the claims possible, yet, this reserve of Rs.400 crore could be used incase of deficit which is more than what they would have to pay as claims.
Moreover, there are two types of Insurance Policies which are: 1) Traditional and 2) Unit Linked Investment Policy (ULIP). If someone has invested in ULIP, there is no INSURANCE company which could give returns within 3 yrs or 4 yrs, if it does, then, it has to be ABSOLUTELY FAKE...Always returns in Insurance would be given in Long Run.
If you are looking at Guarnateed Returns, then, opt for Traditional Plan rather than ULIP.
Insurance is meant to Secure's One's & Dear one's Life ... :)
Hence, do not consider any reviews sent by few individuals who do not understand the nuances of Insurane.
I hope, this review would help in understanding part of Insurance.
Regards
Mahesh
