insurance news

hi bloggers,

heres some insurance news for you.

Bank customers now have the option to buy life and non-life insurance products from banks in a process that would be transparent and not motivated by the commission. By tying up with banks, insurance companies can save on distribution costs and cut their overall expenses.

The Insurance Regulatory and Development Authority (Irda) has recommended that banks be allowed to have a tie-up with any two insurers: Two in life insurance sector, two in the non-life insurance sector excluding health and two in the health insurance sector. The bank staff would be fully trained in handling insurance products to ensure transparency and full disclosure of features of the product. Any mis-selling of insurance products will be strictly dealt and the banking ombudsmen will accept complaints from policyholders in case the bank or its staff is found mis-selling the product.

Is there insurance in our day-to-day life?

Yes, of course, why not?  A small child gets a toy.  He is happy that he owns a toy which is his, and only his.  He takes pride in showing off the toy to his friends and others.  He takes care of the toy, keeps it always with him even when he sleeps.  One day, the toy breaks slightly.  The child is very upset. He cries as he feels that he has lost the company of the toy forever.  The toy which has given him so much happiness is broken.  The mother comes to the child and consoles him saying that the toy can be repaired.  She repairs it and brings it back to the same condition as before.  The child is happy that the toy is back to its shape.  The next time the toy breaks, he knows that it can be repaired and there is somebody who can bring it back to its original condition.  Now the child gets a secure feeling.  The child can be considered as a person who needs insurance and the mother in the place of the insurer.  And the secured feeling is what insurance offers.  In the absence of insurance, if something happens to our valuable assets, we have to shell out heavily from our pocket.  On the contrary,  with insurance, we know that we have to pay only a small known amount known as premium for a very big amount which may come to us in the form of a loss. I use the word may because insurance operates only when there is a loss,  the happening of which  cannot be pre determined or known beforehand.  And that is called as risk or uncertainity.

insurance

We always come across some insurance agent calling us or calling on us to ask us if we are interested in taking insurance.  Some of us say no immediately,  some after listening to him, some at the sight of him and some take keen interest in knowing what he has to offer.  If it is life insurance, people become interested if they need some savings in income tax.  Or if they know something about insurance.  Otherwise people do not take interest.  In todays scenario, insurance is the in thing and it has got a lot to offer.  Through this blog i would like to share with the readers many useful informations about insurance so that you can know many things at the click of a mouse rather than asking someone or feeling embarassed.