IRDA and insurance in India

IRDA and insurance in India

IRDA and insurance in India

3rd party insurance covers are not available online inspite of all other types of insurance having come online for a long time now.

As per law it is illegal to drive a vehicle on Indian Roads without a valid 3rd party insurance cover.

As per law IRDA has been entrusted with the duty to regulate the insurance business in India.

Today more than 60% vehicles ply on Indian Roads without effective 3rd party insurance.

It is complete failure of IRDA and government to regulate the insurance business in India.

In view of complete failure of IRDA to regulate the insurance business to fulfill the statutory needs, it has no right to survive.

How to get 95 to 100% Marks in Exams

The Theory that may help students get 100% marks in Board Exams. and Later in life

The theory is that after class 5 the child should be set free to learn on his own from books and discussions with other students and teachers.

The discussions should only be to go beyond books.

From the first day in class every one keeps telling a child that he is no good to go beyond books. We forget that the books are also written by people (by people with much less resources at their disposal). There is life beyond books. That is what the children have to uncover.

The teachers and tuition make the children handicap, crippled. I did not make my Child depend on any one.

My Child was an average student from class 1 to class 11. The Child asked me to teach in class 11. I asked the child to open book and start reading. Every explanation given in the book was to be practiced. The portion that I asked my child to cover was not supposed to be asked in question papers. But I considered that as the base on which entire chapter was depended.

The child said since it is not necessary and it is wastage of time, will not do the things my way. I resigned and quit. For next 7-8 months the child was on its own. The child was not allowed any tuition. In Jan the child was very upset about final examinations. Again the child asked for help from me.

I repeated the very same question. That made the child extremely upset and said that it is going to take 3-4 days with no gains. There was hardly any time left.

I told the child to leave the time calculations to me and do as suggested. The child took almost 7 days. The child was more confident but worried that will not be able to complete the course.

I gave confidence that there is more then enough time if the child keeps basics strong. The child completed every thing much before time. The child was now happy and confident. Did every thing on its own.

The child started 12 class on a happy note. Did all maths chapters much before it was to be taken up in school

The child was told not to learn any thing from school. Teachers or other students. The child had to learn every thing on its own. The child was not supposed to attend the schools regularly. The child used to stay at home and enjoy learning on its own. The child just got minimum attendance to enable it to appear in board exams.

The child had completed every thing much before her 2nd term exams in Dec. The child was told not to ask for any kind of help from me unless it had tried the problem for more than 1 hour on its own.

Now I asked to taste the success in pre-board exams. Because one has got to be used to success. The child did not listen to that. The child gave her pre-boards without any preparations or studies. All these days the child was living at relatives place in connection with some religious ceremonies. Where presence was not required. But I did not intervene. I had set it free.

Before exams the child was over confident and could anticipate its results. The child was very confident of 95% and above marks. During all exams days it would see all TV programs on regular basis.

The child forgot to learn the killing instinct which was very important to score perfect 100 in all subjects.

There the child failed miserably. Had the child trusted me on that, it would have scored perfect 500 today.

Anyway I am happy for the child. The child learnt some good lessons of life. The child still has enough mile stones to reach.

State Bank of India Cheats

On 26th March 2015 I went to State Bank of India, Vikaspuri, New Delhi.

There I saw an old sikh couple being offered an insurance policy by an officer of the bank. Insurance policies are never a good investment product.

I asked this couple what is being offered to them by the Bank officer. They told me that if they pay Rs. 50000/- per years as insurance premium under the policy they will get guaranteed Rs. 1200,000/- at the end of 10 years. Besides this there will be lot of other insurance benefits. I calculated in my mind and I found the return to be extremely high.

I asked the bank officer. He confirmed that it is the offer he had given the couple. I asked him whether it is equity linked plan. He denied first. Then said it is growth plan. On further questioning he accepted that it is equity linked plan.

I asked about the guarantee part in the insurance scheme. He confirmed that there is guarantee that Rs. 12 lacs will be paid back to them after 10 years.

There was another lady sitting nearby. She was listening to all this. She also spoke of her experience. She said that she had taken similar policy and had suffered a loss. She did not get even the amount paid as insurance premium on maturity.

In view of Bank officer manipulating the scheme, the couple was confused and wanted to invest the money thinking that I must be wrong. How can a banker like State Bank of India make false statements like that. But when this lady also spoke they were terribly moved. They asked the officer straight questions. And with our support to the old couple, finally the bank officer accepted that there is no guarantee of the amount. The insurance premiums shall be invested in equity and whatever is the result of such investments, shall be paid on maturity. And it can be even less then Rs. 5 lacs.

On 28th March 2015 I confronted the Bank Manager of SBI Vikaspuri about the issue. Even the bank manager said that it is possible that the policy holder gets Rs. 12 lacs on maturity. But she refused to make a statement on the guarantee part of the deal. She kept saying that she has even helped policy holders get even higher amounts. I fail to understand what is the role of the Bank Manager in getting higher returns on an insurance policy.

May God reward such Bank Managers in most befitting manners.