Hi,
Few years back it was like a horror when one looks at a Life Insurence Corporation of India (LIC) agent stand in frount of them. They start think of sudden escape from the seen, even though the agent came for causel talk. Those days are gone, people have become inteligent and know the importence of safty,savings and risk factor in the life. Looking at the trend in the last decade more insurence companies have established there market in India selling different insurence products and used this opportunity to there benefit. Earlier it was different. LIC was the only player. It made rules. It was like one man show. What ever there in the market it was only there product. Now time changed. Even though LIC is the leader in the sector, a large percent age of market has gone in the hands of other opperators.
Since the LIC is not a private operator, even today it is offering insurence products at lower sum assured and primium, and even low earning people can afford this products. LIC's aim is not only of making profits, but provideing service in this sector.
As far as private operators are concerned there sole moto is profits. Even though the private oppretors investment in the sector is minimal they harvest large profits from the money invested by comman man's who invest his money for his life security. Private operators use a large amount on advertisements and promotions from the money invasted by the people. They gift there agents(so called advisers) with laptop's, cameras, watches,cell phones etc at the cost of money invested by individuals. The smart dressed agents are paid with low commision. To win the confidence of agents they will arrange parties all from the amount paid as primium. As a result the riterns from this investment will be low. It is the same people that ran away from LIC agents years back caught in the trap laid by pivate insurers for lower riturns at the cost of advertisements.
It is for the perticular investor to decide which policy, primium, sum assured, term,etc. Before going for a insurence policy compare them with simmilar products from other insurers. Dont get carried away by just the looks and presentations they do. You will be the looser if go for wrong one. Every one be care full in future.
"Jai hind".
