re: IRDAI withdraws 3/5 year insurance plans over viability Good move by IRDAI. Supreme Court should end over stepping in matter regarding to policies. This 3 year mandatory insurance was hard on pockets for new car buyers and only led to confusion. The 2 years mandatory third party premiums doubled the initial premium payments.
The mandatory third party policy was again a show of mental bankruptcy by our policy makers who always look to weste and implement their policies for our problems. The days are not far away when amerikan type motor insurance policies will enter India and instead of cars the insurance will be ridden on drivers and their driving habbits, previous accidents, marital status, credit score, asset ownership, age, gender and location. The lack of understanding of India's sociological and economical background by our professional policy makers will somehow also bring in monthly insurance policies. Those American premiums are already sexist as premium charged to males are higher than females. Then age and health conditions also drive up the premiums. To not have money to pay premium is another matter but to forget paying premiums excuse does not suit adults. It is a basic life skill.
Off topic: Now if IRDAI can shut the digital insurance companies who have no office, employ part time surveyors, cheat customers with lower premium amounts and false promises just to take money while their settlement ratio is near 80% and in that too the amount paid is less than their rivals, it will be commendable. |