Jan 02, 2008 05:32 PM
15002 Views
Here is a note worth mentioning for Life Insurance.
A few weeks back I was looking out for a term insurance for 20 Lacs. I called, emailed, left contact details on websites of Bharti Axa, Metlife, Max New York Life, Bajaj Allianz & Aviva. Wanted to finish this ASAP in December.
Bajaj Allianz, Bharti & Aviva didn't bother to call me back till date. Metlife was the fastest to get back the very next day and a punter was at my office a day after. Max NY Life took a week to get back and make an appointment. The reason stated for the delay was that the enquiry through net is received by the Delhi office which is then fwded to Pune office (my location).
Metlife punter was a typical sales agent who knew the basics and common trade jargon who could've impressed a layman. Note that I was looking for a term insurance till the age of 60 and yet this punter was keen on selling me the hottest selling product in the market - ULIP. I invest a fair amount of money regularly in MF's and hence didn't want to go for a ULIP. Moreover I think ULIPs are costly and I believe in keeping investments and insurance as 2 separate things.
Ok, this punter also gave me quotes for the term insurance (till the age of 53 only ! ) but was more keen on selling a ULIP. Typical of this day. Also deeper questioning left him answering me in babbles. Still I was thinking of doing an insurance through Metlife since atleast they'd responded.
In this day, if a company cannot respond to a customer walking in by himself and who is interested in buying, how are they going to treat my nominee should a claims situation arise ?
Anyways, luckily MNYL responded the very next week and made a quick appointment. A young lady - Jyoti Punjabi had approached me directly from the MNYL office and not through some agency. Querying further I came to know she'd a MBA degree too. And this reflected in the way she dealt with me. She started with doing a HLV (Human Life Value) analysis on me. I'd previously worked on this concept for myself and knew how much insurance do I require. Jyoti arrived at the same figure too.
Moreover she'd an ear to listen to what I wanted, understood my reasoning for it and provided me with the solution I required. She too mentioned ULIPs but didn't press it on to me. Also she was knowledgeable for my queries/doubts and wherever she'd not know of anything (I was really firing intricate questions at her), she'd immediately call her superiors and get me my answers. Plain as that.
After she'd gone, I researched on my quote. It was a bit expensive than Metlife since I wanted the Dreaded Diseases rider too to be added to it. I pursued different lines of research apart from the product. About the company, their Vision and Mission statements. That really impressed. However what impressed me more was that MNYL was amongst the Best Employers to work for in India and has a rigorous training program. Jyoti mentioned to me that MNYL puts more number of hours in training an employee than what is mandated by IRDA. MNYL brochures too were nicely made, products designed as per IRDA norms with no fancy and tall claims. Also MNYL practices a good Corporate Social Responsibility. Such things really do good in the long term for any organization and show how serious they're about doing their business.
The paper work was hasslefree. The medical test was done ASAP and I received my policy within 10 days as promised. Again the way the policy was presented - neatly bound file, good quality paper, CEOs message for introduction, and the policy in all Black & White was again impressive. The receipt and the photocopy of my form also came along with it as promised, again neatly filed. Also one more thing that impressed me here is that there was not 1 spelling mistake or any mistake in my policy. It was perfect. Getting a misspelled policy, sending it back for corrections would've really pissed me. But this was neat.
You can argue that I'd a one of a kind experience and the same may not be repeated. Agreed. But the sales staff represents the company's image and the company does have a sound background. Chances are good that you too can have a similar experience.
I'd strongly recommend MNYL to be considered if you're planning for a life insurance policy. It was a pleasure dealing with them.
