Insurance Grievances - Inputs Needed

Many insurance grievances have been reported by members. To put some structure around it and drive change, we request you to submit your insurance services grievances as a response to this post. The idea is not to address individual grievances but understand top 5 areas of grievances and then propose solutions to Dept of Consumer Affairs and other affiliated Bodies/Ministries with the industry to drive corrective action.

We look forward to your inputs! more  

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stop printing instructions in VVV small letters more  
Super fast charges
Trains are labeled super fast and each passanger has to shell out charge for it unnecessarily. Look back at many super fast trains. They take nearly same time to reach the destination ten years back too. THEN WHY SUPERFAST CHARGES ? more  
None of the sectors say insurance, mobile communication, etc are giving a clear plan and direction. Every company/corporate is interested to keep the things hazy and make profits out of gullible customers. All act smart at the time canvassing and clinching the business. Thereafter poor customer is left to care for himself.The benefit and purpose are defeated by meaningless jargon in the written agreements and a honest appraisal of systems and procedures is to be brought out by all concerned and make it understandable to the common man.
Suggestion: The rules and regulations are to be studied by citizens' forum at village,town, district, state and central level and then only they must be approved for implementation. more  
My apologies there was some inadvertent editing mistakes in previous post. The corrected post is below:

In case of any complaints the insurance companies would always give an excuse that the policy document is approved or filed with IRDA. As IRDA doesn't have resources , the Insurance companies should be asked to get each current or new policy, evaluated by an independent agency:(like Care/crisil),with following objectives:

a)easy to understand simple and unambiguous language,

b)The terms and conditions are not favoring the company.e.g: the "Life Stage Assure pension of Icicipulife" specifies that first year premium will be paid after 10 years only if the customer has paid 5 premiums. The payout after 10 years would be only first year premium,with 0% interest. After 15 years it would be only additional 20%,i.e: simple interest of 1.4% per annum-etc.

c)all the applicable terms and conditions have been transformed in an easy to understand tabular form-with the specific pay out in case of regular premium payment/ stopping of payment.The table should be for entire period of policy duration.

d)Assess level of Transparency in the document and give indicative transparency score to the policy document. e.g: 100 % score, if all the clauses have been transformed to easily understandable tabular form and there is no hidden clause-

e)May be some agents/manager/or customer of existing product ,picked up randomly could be questioned to assess how well they understand various terms and conditions of policy.. more  
In case of any complaints the insurance companies would always give an excuse that the policy document is approved or filed with IRDA. As IRDA doesn't have resources , the Insurance companies should be asked to get each current or new policy, evaluated by an independent agency:(like Care/crisil),with following objectives:
a)easy to understand simple and unambiguous language,

b)The terms and conditions are not favoring the company.e.g: the "Life Stage Assure pension of Icicipulife" specifies that first year premium will be paid after 10 years only
In case of any complaints he insurance companies would always give an excuse that the policy document is approved or filed with IRDA. As IRDA doesn't have resources , the Insurance companies should be asked to get each current or new policy, evaluated by an independent agency:(like Care/crisil),with following objectives:

c)easy to understand simple and unambiguous language,

d)The terms and conditions are not favoring the company.e.g: the "Life Stage Assure pension of Icicipulife" specifies that first year premium will be paid after 10 years only if the customer has paid 5 premiums. The payout after 10 years would be only first year premium,with 0% interest. After 15 years it would be only additional 20%,i.e: simple interest of 1.4% per annum-etc.

e)all the applicable terms and conditions have been transformed in a simple to understand tabular form-with the specific pay out in case of regular premium payment/ stopping of payment.The table should be for entire period of policy duration.

f)Assess level of Transparency in the document and give indicative transparency score to the policy document. e.g: 100 % score, if all the clauses have been transformed to easily understandable tabular form and there is no hidden clause-

g)May be some agents/manager/or customer of existing product ,picked up randomly could be questioned to assess how well they understand various terms and conditions of policy. more  
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