Before I joined a public sector life insurance company in 1968,
I worked for three years in a research organization as a
Research Assistant in the southern part of India
near Rameshwaram. This was immediately after my college days. All
these years, one friendly gentleman was always approaching me for
taking a LIC policy. He did not explain the features of any plan, but
simply pleaded that I take a policy of an amount of Rs. 25,000 or
Rs. 50,000 (I learnt later that he meant that amount as the sum to
be insured). I did not oblige him till the end, although he kept
chasing me wherever I went. Despite being an educated person, I could
not understand much of what he was saying.
Today, after nearly 40 years, when I think of the condition of
a customer for life insurance (in the insurance parlance a `prospect'
for business), I wonder whether he is in a better position to
understand the features of a life insurance product and whether he is
getting better, professional advice from the field force whether it be an
agent, an insurance consultant or an insurance advisor.
Ideally, the position of a would-be customer for life
insurance should be better than yesteryears in view of the opening up of
the sector for private companies since 2000. Before going into the
needs of a customer, let me highlight some of the benefits of
competition for the general public and insurance customers in particular
The general awareness of life insurance has increased since the
22-odd companies doing the life insurance business are bombarding the
public regarding their products through print and electronic media and
other publicity activities. Although, even now specific knowledge about
insurance may not have improved but the general awareness has gone up. |
