2007-03-16 08:53:48 · 8 answers · asked by Anonymous in Business & Finance ➔ Insurance
which one more trusted insurance policy?
2007-03-16 08:55:42 · update #1
LIC is the best.
Is your friend an agent making commissions out of Max-NewYork Insurance?
LIC is guaranteed and has no other terms/conditions.
All MNC Insurance companies have a star(* asterix) with a conditions apply and include all legal terms and conditions making it difficult for you to get money in case you die.
Your nominee would be running pillars to posts to collect the money.Ultimately he/she will decide to leave as they cant fight against them at court and get a case won(this is not US where you sue a person and justice is provided instantly, this is India where cases go for years).
Any claim that MNCs give you that you keep the money with them for 25 years and they will give you 30/50 lakhs are all dubious like chit fund companies. LIC is straight and simple. Even LICs have Money plus schemes(max benefits).
An MNC could very well close its operations in India and run out of our country and all your money is lost where MNCs give a percentage of share to politicians and they escape leaving you only to post scraps and questions on sites.
LIC is the best - Be Indian, Buy Indian, Trust Indian.
2007-03-16 10:29:33 · answer #1 · answered by Chennai Talkies 2 · 1⤊ 0⤋
Hi Friend,
I believe you are right. The reasons are as follows.
Once up on a time there were around 40 private insurers in India. Due to the problems created by them to their policy holders, The Government of India passed an ordinance to take over and merge all the companies and the act passed was the lic act 1956. With this act LIC was responsible to settle all the claims and continue to run as monopoly in Life insurance business in India.
LIC pays 5% of its net profits to The Central Govt. for the Govt promises the returns to its policy holders in case of any problem to LIC. and the balance 95% is returned to its policy holders as bonus.
Now you can decide.
You may write to me at pnkmurthy@yahoo.com
Good luck
2007-03-16 20:16:49 · answer #2 · answered by toknowmore 4 · 0⤊ 0⤋
One is New York Life Insurance - India. The other is Life Insurance Corporation - India.
New York Life has been around for over 150 years in the U.S. LIC appears to have been founded in India in the 1800's. Both appear to be well run and managed companies.
I don't think there is really an good answer to your question. Go with the one you feel comfortable with. They're both good companies.
2007-03-16 09:03:27 · answer #3 · answered by Faye H 6 · 0⤊ 0⤋
Every company has some advantages and somedisadvantages. But insurance plans are same as per govt. guidelines ( IRDA ). Premium may be differ from one co. to another but it as not more than 1% to 2% on depending on plan to plan. if you you some insurance plans as given below , you can understand that the basic plans are same in all co. but name of the plan is different in all co, but objects are same as per plans . some name of plans are as follows :
COMPANY NAME ( (ENDOWMENT PLAN )
ICICI Prudential Life Insurance
1. Save 'n' Protect
2. Cash Bak
3. Secureplus
4. Cash plus
TATA AIG Life Insurance ,
1. Assure 21 money saver
2. Life Plus
3. Shubh Life
4.Assure Security & Growth
AVIVA Life Insurance,
1. Wealthplus/ Easy Life Plus
2. Lifesaver
Birla Sunlife Insurance,
1. Flexisave plus
2. Flexicash
3. Flexi Long Term Saving Plan
4. Life Companion
5. Flexi Access Money
HDFC Standard Life Insurance,
1. Endowment Assurance
2. Money Back Plan
Bajaj Allianz,
1. Invest Gain
2. Cash Gain
Max New York Life Insurance,
1. Endowment 60
2. Endowment 20
3. Lifegain plus
SBI life insurance,
1. Sudarshan
2. Sanjeevan Supreme
3. Money back plan
LIC,
1. Table 14
2. Table 48
3. Jeevan Shree
4. Jeevan Sathi
5. Jeevan Mitra
6. Jeevan Samridhi
7. Bima Gold
ING Vysya
1.Reassuring Life,
2. Maximising Life (Money Back) Plan
3. Maximising Life (Money Back) Plan
4. Powering Life (Limited Premium Paying Plan)
Om Kotak Life,
1. Kotak Capital Multiplier Bond
2. Endowment Plan
3. Money Back Plan
COMPANY NAME OTHER PLANS
ICICI Prudential Life Insurance,
TATA AIG Life Insurance,
1. Health Protector
2. Health First
Birla Sunlife Insurance ,
1. Medicare
2. Woman First
3. Bima Kavach Yojna
KAJAL Allianz,
1. Health Care
2. Keyman Insurance
Max New York Life Insurance ,
SBI life insurance,
1. Keyman Insurance
COMPANY NAME
(WHOLE LIFE PLAN )
1.ICICI Prudential Life Insurance ,
Life Time Premium Life
2.TATA AIG Life Insurance ,
1. Mahalife
2. Mahalife Gold
3.AVIVA Life Insurance,
1. SaveGuard
2. Lifelong
4.Birla Sunlife Insurance ,
1. Flexi Lifeline
5. HDFC Standard Life Insurance ,
1. Whole of life
6. BAJAJ Allianz ,
1. Lifelong Gain
2. Life Time Care
7. Max New York Life Insurance,
1. Whole life (participating)
2. Whole life (non-par)
8.SBI life insurance ,
9. LIC ,
1. Jeevan Anand
10. ING Vysya ,
1. Fulfilling Life
2. Rewarding Life
You can understand that object of plans are same in one categary while name of the plan is different in different insurance companies.
For detail you can visit following websites :
http://www.poonam.reliancefresh.info
http://www.reliancelife.reliancefresh.info
http://www.kajal.reliancefresh.info
http://www.redfort.reliancefresh.info
htto://www.joinderkathuria.ignou.info
2007-03-17 21:59:55 · answer #4 · answered by RAVINDER PAL 2 · 0⤊ 0⤋
LIC is Gharwali, MAX is Baharwali.
Trust / decide yourself.
None is bad / unsafe.
All are safe. Go ahead.
2007-03-17 02:33:46 · answer #5 · answered by Anonymous · 0⤊ 0⤋
do not go by word of mouth do in your own research across all the insurance policies then choose the best which suits in your needs and requirements
2007-03-18 19:26:50 · answer #6 · answered by ruchikabhattad 1 · 0⤊ 0⤋
Both are old companies trust what your perception says
2007-03-16 15:09:35 · answer #7 · answered by Sumit S 3 · 0⤊ 0⤋
both ,it all depends on type of policy u r looking for.
2007-03-16 15:58:25 · answer #8 · answered by yuvraj S 2 · 0⤊ 0⤋