Buying insurance is so easy!
The net has made life easy – you can find everything on Google, buy everything on eBay, pay for everything by using ‘Easy-pay’.
And if you do not know how to do it, go to Google and ask ‘how to buy ….well..er a spaceship’ or ‘how to have a heart surgery’..of course for the more ambitious ones they could even ask ‘how to DO heart surgery’…
Surely you are getting the hang, are you not?
Have you heard of media manipulation? If you search on many websites for an air ticket, Indian Airlines or Air India never show up… L O L. Obviously they do not advertise or pay per click…so their names are not thrown up.
Similarly in more complicated products it is not easy to buy on the net…unless you do not care. For example if you buy shopkeeper’s insurance a stupid agent or the net will happily give you a cover against ‘money being stolen from the safe’ without checking out whether you have a SEPARATE SAFE for keeping the cash. So you say..oh it is ok…’I have insurance for money kept in the till’…hmmm did you know that money kept in the till is covered only during business hours. After business hours that money is supposed to be kept in the safe or in the bank…OOps nobody told you that? Choo sad 🙂
Did somebody tell you that some accident covers do not apply for accidents happening at home? Or that accident insurance does not pay (almost anything) for a person who does not have an income?
Or that all sites only show private sector health insurance companies?
In insurance you should buy a company’s policy – IF AND ONLY IF:
- you understand what it covers
- you have an office nearby to handle claims
- you speak to a couple of people who have successfully claimed
- see how quickly claims are settled
- ideally has cashless (it is not so much of an issue actually – charge it to your credit card)
- the agent is known – and will help you with the claim
and a zillion other things….
reminds me of a Mehmood movie. He is the owner of a theatre in a village. He gets a movie which he knows will not sell. He hits upon a novel plan. He says “Movie is Free” – as expected the theatre is full….
When people want to get out he says…”Going out Rs. 2 per person”….
do not buy a policy from a company just because you get the policy document quickly. Frankly it does not matter. What you need to know is will they settle the claim quickly.
This blog is different…I hope to teach you the questions, answers tho koi bhi de dega…LOL
Ps: the PROMOTER (not the employee) of a general insurance company asked me to continue my New India policy…L O L. He is a very good friend, so will not name him / her.
Indian Thoughts
I loved this article… right pinch of sarcasm and information…
Muthu
Very informative. I love your skepticism, doing heart surgery.
pattu
looks like you have found a new fan in muthu!! LOL
5/7 claims rejected (they allegedly hid their smoking from the insurer) and 2 claims pending as of last year for aegon religare!
I hear many cfps saying buy cheap term insurance. As you once said buy cheap repent later.
T K VANI
I learnt it the hard way. Once bought a co branded insurance (canarabank and New india) and suffered in the claim process after undergoing a surgery.
Sukumar
Subra I am about to start a new controversy – but I think you should keep out the ‘financial planning professional’ – met a few of them. I disguised my knowledge and realised they were hollow. One cfp did not know the difference between allocation charges and asset management charges. I was stunned. Your blog should be ONLY for the common man. Not for ‘professionals’ to come and argue…
Asoke
Taking off from what Sukumar has said..In this day and age a disclaimer saying “I am not responsible for people coming to wrong conclusion…his is not personal financial planning..it is just a blog..do not take it tooo seriously.
Asoke
sorry..it should also say “I am not responsible for actions taken by people ….”
Muthu
Sukumar, to quote J.K, ‘The whole of life, from the moment you are born to the moment you die, is a process of learning.’ This is common to all, including professionals. I definitely feel that I’m learning some fresh perspectives and information from Mr.Subra.
There is nothing ‘uncommon’ about me; I’m also only a ‘common’ man. As in any other field, in CFPs too, there are good and bad apples. In financial services industry, as I’ve sat on the both the sides of the table as a client and an advisor, I can tell you that bad apples are more than good ones. But generalisation is dangerous and you’ve evaluate only on a case to case basis.
Basically my blog is a repository of knowledge I share with my clients and wellwishers regularly through email. Being in public domain, it is also read by hundreds of other people everyday. Just because I’m a professional, I should not be prevented from participating in Mr.Subra’s blog. Being a professional is no sin and do not deserve condemnation for the same.
I’m reasonably known in the Chennai investor community and industry circles because of my contribution in both (regional) print and visual media. I’ve not started participating in Mr.Subra’s blog to gain popularity. By God’s grace, I’m known where I need to be known.
NPR
@ Muthu
There are some unwritten laws in any social circle.
If you are new to any gathering, be it social or virtual (as in here), one has to SLOWLY gain access to the group. In already existing group, there is going to be an unofficial hierarchy, nodal actors, maybe opposing sub-groups, influencers, trouble makers and political actors. IF one is new, one must slowly gain APPROVAL from the existing group, before voicing one’s STRONG opinions. If one suddenly BARGES in and disturbs an existing existing applecart, he can be highly resisted or in extreme cases ostracized from that community. This can be observed in any community.
One can be well known in some circle, but when approaching a new circle, access has to be GAINED and not assumed.
Me from Chennai too.