What is scary about any insurance is this…
You took life insurance so that your wife can get money when you die. However the insurance company decides not to pay…and takes you to court…and it takes your wife about 20 years to get the money. In the meanwhile your children have grown up, the relatives have taunted her saying ‘see you will not get anything’ – and all such shit.
I am a little disappointed that the High court did not reward damages and also did not levy penalties on the executives who delayed the payment. The MD, head legal, head underwriting, head claims…should have all been fined at least Rs. 13 lakhs…and half should have been paid to the nominee..and the other half should have gone to an Investor Education fund.
Please remember to give me more leads on such articles….I am going to be very busy AFTER MY DEATH. I plan to comeback as a bhooth and haunt these bastards….Only one has been named….so far…
Honestly I would want to comeback as a ghost and haunt the @#$%^^&&& who are running the insurance companies.
read what Deepak Shenoy has to say
anush
Horrible attitude!
Arun Jayant
Subra,
What’s your take on staying away from ICICI Bank and ICICI Mutual Fund based on the bad Karma generated by ICICI Pru Life? All of them are separate entities right? Does it make sense to avoid the ICICI umbrella altogether? What if tomorrow somebody unearths something bad about HDFC Standard Life? Will I have to say by bye to Mr. Prashant Jain?
subra
just one incident which has come to light…I am sure the others are worse. Choose among the worst. that is all.
VK
Personally, I’ve kept always away from ICICI (and anything its name is associated with). Not that others are great, but in my experience so far, ICICI has been the ‘bigger devil’…the ‘deeper sea’ and the ‘harder rock’. My educated bias certainly gets more validation by the day.
moronbuffett
online term insurance is best
if you provide all details truthfully your claim will be honoured no matter what or who the player is
1 crore policy is nothing .. i have seen people insured for 100 crores.
somewhere in my dream i am hearing these voices but not able to place them
looks like these ppl will go to great lengths – 7 yrs + a fake prescription for settling a miserly 13 lakhs claim.
ashok
Very Bad behavior by ICICI.I have Stocks with icicidirect and i m thinking to come out..
Gurvindeer
Scary to see that the insurance companies have stooped so low. See how moral these companies are. I am afraid about my mutual fund investments now.
Bhushan
There is lawlessness everywhere. Where legal enforcement is not tight, everyone does this to gain advantage. Poeple parking in no-parking area, breaking line in a Q is all because there is no fear of penalty.
Look what happened here. ICICI did everything possible to avoid payment so that they can make more profit. They rightly thought that in the worst case also, they will get away with no penalty. It is a win-win situation.
Only if the court or regulator penalises them heavily (or puts the key people behind bars), they will not repeat it. But now, it is a path worth following for other insurance companies !!!
Ramesh
No Wonder why Insurance Companies thrive and more of them come to do this business. All these unscrupulous practices help them delay/postpone or even favor them against paying anything to the family of the deceased.
And India with its pathetic record in delivering ‘timely’ justice is the favorite playground for these companies.
They wear out the claimants so badly that, they lose the will to fight anymore with these insurance corporates. In the end, the most tenacious of the two parties win.
I really wish i become a ghost (RIP me :-)) and haunt the f****g hell out of these companies if they mess up with my family.
Bharani
I’ve worked in Insurance industry in IT/consulting for 13 years, and this is what I can say – Indian industry maturity in terms of claims settlement/repudiation can be adjusted to 1980s-US insurance, where these practices were rampant (see Erin Brokovich, Rainmaker). Right now, Indian insurers are focusing on product design, differentiation through features and flexibility, agent inducement (better commissions, holidays…), and technology enablement (SMAC is a fancy word we use – stands for Social, Mobile, Analytics, Cloud).
Make no mistake, it will take another 12-15 years when industry comes out of this claims settlement/repudiation mess. The key things required for this transformative journey are:
1. Judiciary system revamp – right now, it favors powerful corporates; individuals stand no chance in a court of law, forget ombudsman.
2. Transparency – IRDA does so many things, but literally nothing in claims area – settlement ratio is a joke unless it is segmented – total amount disbursed instead of absolute count, amount per LOB etc.
3. Claim manuals – people should look at the claim manuals of companies in their current state – do not be surprised if someone finds clauses like ‘approve 70% of the total amount on an average over a period of …’ even in this information age….