We have seen a significant growth in the insurance market around the globe and this sector has also progressed significantly in India. Rapidly growing insurance market in India is luring many private and public sector companies. Many renowned companies want to take advantage of this time and that’s why, the list of insurance companies (public and private sector) by IRDA (Insurance Regulatory and Development Authority) is increasing day by day. In India, all insurance companies run under the guidelines and rules of IRDA (Insurance Regulatory and Development Authority). In terms to provide insurance related products in India, a company should have an approval from IRDA (Insurance Regulatory and Development Authority); therefore, it’s mandatory for customers, to see whether their company has approval of IRDA or not? In this article, we are showing you a list of life insurance companies; which are approved by Insurance Regulatory and Development Authority to provide life insurance services in India.
Insurance is clearly a legal contract between insured and insurer and it works on utmost good faith; which means both parties (Insurer and Policyholder) are supposed to disclose all the facts clearly. In insurance contract, insurer has a legal obligation to honor the claim.
Usually, no insurer rejects a claim request unreasonably because of stringent guidelines of IRDAI; however, if you think that your claim deserves to be honor but your insurer is not doing so. Then you can force him to pay your insurance claim by approaching authorities setup by the government. You can also take this matter to civil courts but before that, you should approach the authorities that are especially established to handle insurance related disputes.
If you have filed an insurance claim and it’s been rejected by your insurance company and you think it’s unfair, then there are many ways to file a complaint against the insurer. Generally, no insurance company rejects a claim request unreasonably; there are many reasons due to which an insurer may refuse to honor a policy claim. However, if you think that it’s unfair and you have supporting documents (like: policy wording, premium receipts etc) to prove that your claim should be honored then don’t embarrass, there are some authorities setup by the government to help you.Continue Reading
Insurance is a strategic way to protect ourselves financially against unforeseen events. Modern insurance products are tailored to help an individual to achieve his/her future financial goal along with insurance protection. Usually, we buy life insurance policies for longer periods say 15-20 yrs and there are some probabilities that insured person might be unable to pay the premiums or he/she might feel that current insurance policy does not meet with his/her insurance requirements. In such scenarios, policyholder may think to surrender existing insurance policy and replace it with a new one; that meets with his/her budget and future needs. In this post, we’ll be discussing on pros and cons of surrendering a Life Insurance policy and questions related to it.Continue Reading
Insurance plays a vital role in an individual’s life. It helps an individual to achieve his/her future financial goals and simultaneously it protects his/her loved ones against financial outbreaks upon his/her premature death. Withdrawing an insurance policy before maturity would not be a good decision; however sometimes reluctantly, we need to take such steps under certain circumstances. If you’re going to surrender your policy then in this post we’ve highlighted some pros and cons of surrendering a policy.Continue Reading