Friday, January 29, 2010

Dirty insurers

I intend to increase my life insurance cover once I join a company and I started looking for the most economical term plan. (Comprehensive plans are not for a person like me who wants more than the normal returns of 6% on an investment and I don't want Ulips as there is no guarantee that I will die when the market is on a high. Chances are more likely that a market crash will get me a heart attack.)

So, my search started. First went back to my current insurer's website and found the premium tables. There were 4 "bands" in the premium table pdf with no explanation what the bands are. Under each band, there is indeed a very understandable table of "your age" v/s "years of insurance required". The value in the table is the annual premium for every Rs.1000 insured.

Unable to understand the bands, I tried using their premium calculator.
"Please provide the details in the given format to calculate the appropriate life insurance cover to meet your family’s needs.
Your Name  
Your Age  
Pin Code
Email ID
Mobile Number

Click next to continue"

I don't know whether to laugh or cry at this point of time. How come a mandatory email id, mobile number and name is required to calculate a premium for a scheme?
Am I mad enough to give these to get some much needed spam for giving away my limitless time?

I looked at another insurer. This company has many plans under  protection plans itself, namely:
Reliance Super Golden Years Term 10 Plan 
Reliance Super Golden Years Basic Plan
Reliance Super Golden Years Plus Basic Plan
Reliance Super Golden Years Plus Term 10 Plan
Reliance Super Golden Years Value Basic Plan
Reliance Super Golden Year Value Term 10 Plan
Reliance Wealth + Health Basic Plan 
Reliance Traditional Super InvestAssure Plan 
Reliance Term Plan
Reliance Simple Term Plan
Reliance Wealth + Health Term 10 Plan 
Reliance Special Term Plan
Reliance Credit Guardian Plan
Reliance Special Credit Guardian Plan
Reliance Endowment Plan
Reliance Super Five Plus
Reliance Connect 2 Life
Reliance Whole Life Plan
Reliance Cash Flow Plan

Wow! I am so excited! I feel like a kid in a toy store...Yay! (Ya right!)

I would personally like to slap the marketing manager for the ease with which one can make out the plan looking at the name.

I remembered a subsidiary of which enables you to compare the premium rates across various insurance schemes. Here's what I need to provide to compare policies.
Wow! A free credit card on offer....

^#@*^# Marketing managers and insurers.
I feel saddened to know how inconvenient and un-user friendly and non-transparent online marketing is.
Marketing has evolved from looting blind people to forcing a non-blind person into a dark, non-lighted alley to loot him.

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