Dr. P. Nandagopal,
Managing Director and Chief Executive Officer
What
insurance benefit does an Indian citizen expect from Budget 2011? He would want
that the minimum amount for Life Insurance be raised, the premium he pays for
the insurance be lowered and claims can be made available easily without any
hassles.
The
major problem faced by the common man in the insurance sector is a
communication gap between the insurance company and the insurance policy. This
happens most of the time because the agent does not disclose all the terms and
conditions of the insurance policies. Several customer complaints have been
based on these grounds.
Secondly, with a multitude of insurance players in the market, it
not only becomes difficult but also complicated for the common man to decide
which insurance plan to take and which provides the maximum benefits. This also
happens due to major mis-communication in the advertisements put by various
insurers where everyone says that they offer the maximum benefit.
Thirdly, there have been complaints that many-a-times, the
procedure to recover claims has been a long and tedious one leading to
disinterestedness and a corrosion of faith among the customers.
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