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Swami Sadashiva Brahmendra Sar (Nil)     05 February 2010

Gambling and insurance

what is common between gambling and insurance, especially , for a poor man who has paid few instalments  and subsequently is not able to continue to pay the remaininig premiums?


 5 Replies

mahendrakumar (marketing)     05 February 2010

common dr Tripathi,what a comparison "Insurance and gambling"

"Insurance is one of the most devine concept" man ever designed.

Have you ever met a claimant of any sort,whether it is life insurance or otherwise?

Ask him/her the value of insurance.

For existence of any system,there are certain rules.Here in Insurance one has to pay minimum three years premium for  policies to acquire a paid up value.

Insurance companies (mainly our beloved "LIC) are trustees of people's money,as such it cannot  and should not bear the burden of those who are not paying the premiums.

 I strongly dissent with the way of comparing insurance with gambling,because i have seen many,many families surviving with insurance claim.

Swami Sadashiva Brahmendra Sar (Nil)     05 February 2010

Thanks Mr. Mahendrakumar for responding!

I am also impressed by slogans of LIC . Though I have no systemetic data, but I know many  poor people who feel cheated by LIC/it's agents . Most of complaints relate to misleading by agent, unconsented reinvestment after maturity and harrassement in surrender of policy .

Latest example : I came across three insured persons within this week. I myself am one of them and two are my coleagues in my chamber.

Swami Sadashiva Brahmendra Sar (Nil)     05 February 2010

1. My friend took Bimagold policy before two years under belief and assurance by agent (who happens to be his nice)  that premium is to be paid for  minimum three years. Now he is in dire need of money and want to surrender the policy. But when he studied the policy he came to know that   he has been issued a policy under which premium is to be paidfor minimum five years.

2. My second  friend had taken policy in the name  of his daughter. It became matured in last month. The agent misled his daughter and took her signatures and invested in someother scheme. Now my friend is badly upset and preparing for lodging FIR for cheating etc. However he har applied for cancellation of policy.

3. For some reasons I  surrendered two policies. My bank account number was asked  for refund .When I got the cheque I found that wrong  account number was mentioned on it.   when I informed the agent , he again took an application from me and after 15 days said that The accounts officer is calling you personally . when I went to the LIC office the accounts officer made every effort to convince me to take a big policy. I felt  the office feeling badly suffocated and emberassed.

4. The agent convinced me to take beemagold saying that minimum investment period is two years. Trusting upon his humblness, I did not read the policy carefully. Next year I expressed my disiterest to continue the policy. He said : " abhi to nuksan hoga do - teen saal chala dijiye to kuchh fayde ke sath milega'".  I continued paying the premium till three years. Now I told him for surrender of policy . He  provided me  surrender value which is less than half of the principal amount, and disclosed  that premium is to be paid for minimum 5 years. Then I verified the policy and was shocked and cursed my carelessness and his sweetness and humbleness.

mahendrakumar (marketing)     06 February 2010

dear Dr.Tripathi,

a) There are more than 15 lakhs agents for LIC alone.

b) I do agree that some of these agents are bringing bad names for the industry.

c) You have options to complain against them at concerned LIC Offices/Insurance ombudsman and to IRDA.

d) The problem is not of the product,but isolated cases of misselling.  If you see,there is an element of misselling in any products ranging from common salts to insurance.

e} so,i request you all to raise written complaints against these miscreants than belittling a great concept of  INSURANCE. Especially,peoples of your calibre can help in further purifying the system.

 Note:Inspite of these isolated cases ( comparing the large volume),LIC has a unique position in the field of Insurance not only in India,but in  the entire world.

  Eventhough,i could provide statistical data to support my arguements,i am refraining from it now.

Swami Sadashiva Brahmendra Sar (Nil)     06 February 2010

dear Mahendrakumar,

I will be obliged if you kindly provide the data. I want to make a research irrespective of my personal experience.

Thanking you,

Dr. V.N. Tripathi, Advocate

Chamber no. 34 A, High Court , Allahabad, U.P.

Mob: 9839527421

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