Life insurance - tricks and tips

In order to remove the problems given below, IndiaFirst Life Insurance Co. Ltd., a joint venture of Bank of Baroda and Andhra Bank, and UK’s leading risk and investment company Legal & General, has come up with an online sales process and a unique over the counter process – Ask Apply Get, where customers can choose and buy life insurance plans of their choice at their convenience almost instantly without the hassles of heavy documentation or long waiting period.

The major problem faced by the common man in the insurance sector is a communication gap between the insurance company and the life insurance policy. This happens most of the time because the agent does not disclose all the terms and conditions of the insurance policies. Several customer complaints have been based on these grounds.

Secondly, with a multitude of insurance players in the market, it not only becomes difficult but also complicated for the common man to decide which insurance plan to take and which provides the maximum benefits. This also happens due to major mis-communication in the advertisements put by various insurers where everyone says that they offer the maximum benefit.

Thirdly, there have been complaints that many-a-times, the procedure to recover claims has been a long and tedious one leading to disinterestedness and a corrosion of faith among the customers.