What will arise to my money if any private insurance company bankrupt within india.Will IRDA compensate my money?
If any private insurance company bankrupts Then whether IRDA will pay the money.This can be possible company is showing false solvency rate for a long time.The solvency rate the company maintain whether it is in the control of IRDA or in the control of company itself
Answers:
IRDA is only a regulatory authority and they will not pay. Privatisation have happened recently, Public Sector company enjoy a very stronger position in lingo of finance. Prior to nationalisation (think 1972) of insurance companies there be several private companies which went astray and then the Govt grouped the companies and made it as a 4 key players and after several years, the govt had now openned the sector and nearby are number of companies emerging. We got to wait and keep watch on. However we wish such a situation should not arise as it affects all. YOU AND ME.
the concern is valid. IRDA is a regulatory body. It regulates the fair practices and performance of the insurance company. so the likelihood of the insurance company going bust is remote. however, technically it is not impossible. insurance functions in probability. as per historical data and hypotheses. if adjectives the insured claim against the policy; naturally the company would bust. i don't think that IRDA would foot the bill. I hear that in the case of LIC, senate of india has guaranteed. however, these days, organization comes out to bail out private companies to sustain the economy. allowing them to fail would mete out more harm to the economy than the cost of supporting the company !! honourable luck..
--
Best Wishes and Warm Regards,
Karpaka Rajan. V Chettiar,
Insurance advisor / Internal Auditor / Banker,
tel - 00971 50 5210891 (from 5.00pm to 9.00pm unless it is an exigency)
email - karpaka(a)gmail.com Source(s): self
Will, simply put, the answer is NO. IRDA will not pay dues of any pvt natural life insurance company.
While LIC is backed up by Govt of India under a sovereign guarantee.
I deem you are right... but from where i have done my insurance, I am self-righteous with my company...and about your concern that what if the company return with bankrupts, we can go to IRDA and sort the issue...for your insinuation I advised you to go Apollodkv for Health Insurance, personal coincidence insurance and many more insurance plans suitable to your need... Source(s): http://www.apollodkv.co.within
As we hold seen Satyam issue, this is not impossible to show wrong solvency data. Though money within funds are safe as it is investors money.
I mean that money within many ULIP funds are kept in stock bazaar & insurer only manage funds. This money belongs to investor & investor will procure it , even if whatever happens to company.
Sec. 37 of LIC Act, 1956, all guaranteed payments including bonus declared on policy are payable by Central Government surrounded by case of LIC policy. Source(s): I am LIC Agent
Private insurance company in india submits their insuring part to IRDA i.e IRDA will recompense the money in any circumstances.only your investment piece will be at risk with the company.
Don't verbs...IRDA body is strong...and never ever Insurance company bankrupts in india ... because indian goverment is strong gov...and "BRIC" scheme Brazil,Rusia,India,China should invest money in this four country...and IRDA under LIC,Max New York Life,Icici and adjectives 22 insurance company is satrong but i like Max New york life i know history something like 4 company MAX is best company india ranking number 1st comany in insurance and number 7th company in allover comany number 1st is microsoft...bye clutch care Source(s): Max NYL Gujarat
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Answers:
IRDA is only a regulatory authority and they will not pay. Privatisation have happened recently, Public Sector company enjoy a very stronger position in lingo of finance. Prior to nationalisation (think 1972) of insurance companies there be several private companies which went astray and then the Govt grouped the companies and made it as a 4 key players and after several years, the govt had now openned the sector and nearby are number of companies emerging. We got to wait and keep watch on. However we wish such a situation should not arise as it affects all. YOU AND ME.
the concern is valid. IRDA is a regulatory body. It regulates the fair practices and performance of the insurance company. so the likelihood of the insurance company going bust is remote. however, technically it is not impossible. insurance functions in probability. as per historical data and hypotheses. if adjectives the insured claim against the policy; naturally the company would bust. i don't think that IRDA would foot the bill. I hear that in the case of LIC, senate of india has guaranteed. however, these days, organization comes out to bail out private companies to sustain the economy. allowing them to fail would mete out more harm to the economy than the cost of supporting the company !! honourable luck..
--
Best Wishes and Warm Regards,
Karpaka Rajan. V Chettiar,
Insurance advisor / Internal Auditor / Banker,
tel - 00971 50 5210891 (from 5.00pm to 9.00pm unless it is an exigency)
email - karpaka(a)gmail.com Source(s): self
Will, simply put, the answer is NO. IRDA will not pay dues of any pvt natural life insurance company.
While LIC is backed up by Govt of India under a sovereign guarantee.
I deem you are right... but from where i have done my insurance, I am self-righteous with my company...and about your concern that what if the company return with bankrupts, we can go to IRDA and sort the issue...for your insinuation I advised you to go Apollodkv for Health Insurance, personal coincidence insurance and many more insurance plans suitable to your need... Source(s): http://www.apollodkv.co.within
As we hold seen Satyam issue, this is not impossible to show wrong solvency data. Though money within funds are safe as it is investors money.
I mean that money within many ULIP funds are kept in stock bazaar & insurer only manage funds. This money belongs to investor & investor will procure it , even if whatever happens to company.
Sec. 37 of LIC Act, 1956, all guaranteed payments including bonus declared on policy are payable by Central Government surrounded by case of LIC policy. Source(s): I am LIC Agent
Private insurance company in india submits their insuring part to IRDA i.e IRDA will recompense the money in any circumstances.only your investment piece will be at risk with the company.
Don't verbs...IRDA body is strong...and never ever Insurance company bankrupts in india ... because indian goverment is strong gov...and "BRIC" scheme Brazil,Rusia,India,China should invest money in this four country...and IRDA under LIC,Max New York Life,Icici and adjectives 22 insurance company is satrong but i like Max New york life i know history something like 4 company MAX is best company india ranking number 1st comany in insurance and number 7th company in allover comany number 1st is microsoft...bye clutch care Source(s): Max NYL Gujarat
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