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Bad Insurance policy and Good investment policy

Setting aside the ‘bad insurance policy’ is a good investment policy

by Holistic Leave a Comment | Filed Under: Insurance

What is a Bad Insurance Policy?

Did your last insurance policy assure you only insecurity after you bought it? Do you feel that the insurance policy which you have just taken does not serve your purpose? Or, is it that the policy does not give all that your advisor promised you it would, while selling the policy? If this is so, then you need not despair, help is at hand. The fine print in insurance policy documents can be devastating at times for some policyholders, but recourse to such problems is now available.

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Insurance policies are long term commitments. They require due diligence in the form of timely annual premium payment. If it so happens that after having taken the policy it turns out to be something other than what you had bargained for then you need to act swiftly. Timely action will ensure that you do not have to continue with the policy if you really do not need it. There is no need to continue paying the premiums and regret your decision.

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Recourse during the Free-look in Period

Any policy can be terminated within 15 days from the receipt of the policy document if the holder of the policy finds it unsuitable for his purpose. The insurance company will then refund the premium amount after deducting the proportionate amount for the period of cover, the cost of conducting medical checkup and the stamp duty paid towards the policy.

Recourse through Grievance Redressal

Policy holders also have other options for their grievance redressal. They can lodge a formal complaint with the insurance company. Usually, all such companies have a definite hierarchy for addressing customer complaints. It is likely that the policy holder’s problems are not resolved at the first level, they can then take it up at the next higher level, if even then suitable action is not taken then the policyholder is within his rights to approach the highest level for alleviation. It is however likely that the policy holder will encounter a lot of resistance from the insurance company simply because he or she is going against the tide.

However, perseverance and the will to pursue the complaint can save the policyholder from monetary loss and the unsavory option of carrying on with a bad policy.

Recourse through IRDA

Sometimes insurance companies fail to settle the issue of policy surrender in a manner which is acceptable to the policy holder. In such cases, the customers can seek assistance from the Insurance Regulatory Development Authority (IRDA). The IRDA has an Integrated Grievance Management System in place which helps in resolving the complaints of customers.

Recourse through Insurance ombudsman

In case where the Integrated Grievance Management System fails to provide an acceptable solution, the customer can escalate it to the level of the insurance ombudsman who is an arbitrator of sorts. If, even the ombudsman fails to satisfy the customer, legal recourse is the next level and the policy holder can approach the consumer court.

Recourse through Alternative Routes

Many a time the policy holder may be reluctant to follow the grievance redressal route, they would rather opt to take recourse of other options available. Premature surrender of policy is such an option. Converting the policy into a partly paid up-policy would also be an option which can be explored by the customer.

Which form of redressal is best suited for the purpose will be decided by the terms and conditions, the period of time elapsed from the date of taking the policy and of course the type of policy. The policy type could be a traditional plan, a money back policy or an ULIP .

Good Investment Policy

Pursuing the complaint till the last frontier, if necessary, requires resoluteness, besides lots of time, energy and even money. It is often that customers give up hope before an amicable solution is reached but it is worthwhile to remember that this could be the most appropriate move under the situation as against the despairing alternative of having to carrying with the policy and face sufferings.

To take the right insurance policy whether it is critical illness insurance, health insurance, or life insurance preparing a fundamentally strong, fool proof financial plan is required. If you would like to create such a financial plan, then I would firmly vouch for you to take advantage of

If you have any comments or questions, write them in the comment box below.

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Jey S
Jey S
24. September, 2021.
I have been using Holistic Investment Planners for the last three years. Mr. Srinivasavaradhan answered all my questions and doubts very patiently during the first free consultation. I was able to clearly define my short-, medium- and long-term goals once I signed up for the comprehensive plan and got their investment plan suggestion to achieve my goals. They are very polite and highly professional whenever I contact them for any queries or make investments. They never pressurize you to invest on their recommended financial products. I would have been lost money by investing directly without their help since I do not have time and knowledge about different financial products. Risk planning is also done as part of financial planning. Truly, they are holistic planners when it comes to your financial planning. They help you to define your life goals, understand your financial resources and establish a plan to invest towards reaching those goals. They do review your plan as you progress to make sure that you are on correct path to achieve those goals. Kudos to the team and keep up the good work!!! I am happy that I found holistic investment planners for my financial planning and management.
aksaswadkar
aksaswadkar
24. September, 2021.
I was about to retire and really not understanding how to invest money to have financial freedom and fulfilling my goals. Was desperately searching on internet way out and fortunately came across Holistic Investment Planners. I read number of articles on their website and realized that this is the agency which I want and engaged their services for my retirement planning. It is an excellent experience to be associated with Holistic. Right from day one our interaction was fantastic and they gave me such a wonderful plan that I had never imagined. I am fortunate enough to be in the client list of Holistic. I have recommended Holistic to my friends as well.
Lionel Faber
Lionel Faber
16. September, 2021.
I've been availing their services for the past year. They are highly knowledgeable in the field and are very patient with all doubts and queries. Personalized financial planning is provided keeping your short term, medium term and long term goals in mind. They do not pressurize you to purchase schemes of their choice. They provide their input and suggestions and leave the decision up to you which shows their honesty and high principle.
Sridhar
Sridhar
8. September, 2021.
Financial planning brings peace in life. Holistic Investment have supported in arriving financial plan based on future goals. My investments are regular since then. They are professionals in their business, will recommend others.
Nitesh Agrawal
Nitesh Agrawal
6. September, 2021.
I have been using Holistic Investment Planners from last one year. The journey has been fantastic. Being a finance person myself I always thought we can look after and plan own finances also. However, due to lack of time and deciplain the things are not always as desired. After joining with Holistic Investment for the first time Icame to know the Financial goals and quantified them. Some dreams were unrealistic based on the earnings and savings so had a reality check. Also got the information and deciplain of investing on regular and more rewarding securities. I definetly suggest to use Holistic Investment Planners. They are professionals, available and hear youor full story before presenting plans. They are flexile in the sense if there are some urgent deviations required, they help to plan the same. For all professionals/individuals I would suggest using professional help of Holistic Investment Planners for best results in long term investment and financial goals achivements. Last advise will be to start early in your life. It really pays well to start in the beginning itself else the dreams needs to adjust :)
Swetha Vasanth
Swetha Vasanth
6. September, 2021.
This is my first year service with the Holistic Team and I would say that they are very much helpful in creating a financial plan and follow ups during the year. I would definitely suggest them if anyone who is willing to proceed with their savings professionally.
Joseph Mathias
Joseph Mathias
6. September, 2021.
I came to know about Holistic Investment Planners online while searching for different investment ideas. Once I contacted them the journey was very smooth. Mr. Ramalingam explained all the aspects of Financial planning in detail and it opened my mind. I realized how important it is to have a Financial planning. Mr. Rajan suggested all the requirements as per my goals and made a Investment plan keeping in mind of my goals. I started my Investment journey with them. I wish I had done it some years back then it would have been in a different level. Review meetings were held every six month to check the implementation of the plan and check the results as per the requirements and to check if any changes required. Overall it was a good experience with Holistic Investment team and would like to continue in the years to come.
Srinvas Kannan
Srinvas Kannan
30. July, 2021.
I came across Holistic investment planners almost 5-6 years back, but I did not have the trust since I had met a few of them who did not sound promising. Then I started investing through a financial advisor of my friend. After 4 years of investing the returns were very low. I was disappointed and started looking for financial advisors when I came across Holistic investment. I had a detailed discussion about my goals and the way they would approach achieving my goal before deciding to switch my investments to them. After a thorough analysis of my then existing portfolios, they suggested new ones and we zeroed-in on 6 schemes/funds where our investment would be split. I am glad I made the decision of switching over and taking Holistic planner's advise, my returns are handsome and I only wish I could have taken their help/advise 5 years back itself. Neverthless, I would like to recommend their services for investment and financial advise if someone is serious about their investments.
Shivaram Andiappan Selvaraj
Shivaram Andiappan Selvaraj
3. July, 2021.
I got a free first time consultation. I got my doubts resolved. They also gave additional advises for investment planning which was also useful.
Nellai B
Nellai B
26. June, 2021.
I have been associated with them for the past three years. They are very professional and polite in answering all our questions. I have complete trust in their suggestions. I strongly recommend for anyone. I am looking forward to have strong and successful association with them.
Google rating score: 4.4 of 5,
based on 61 reviews

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