“Don’t trust everything you see. Even salt looks like sugar.”
Indian government has opened up the insurance sector in 2000. Big players had setup their shops and were out in the market grabbing the customers. ICICI Prudential Life Insurance was one of them.
In 2006, ICICI Prudential Life Insurance sales team, through ICICI Bank, had come to offer their financial planning services.Insurance products are sold in the personal face-to-face meetings by exploiting the emotional needs. My elder son was few months old. ICICI Prudential Life Insurance team exploited my emotions of a new father. They highlighted rising cost of education and living, and need for insurance to take care of his future in case of my unfortunate death. They sold ICICI Pru Smart Kid and ICICI Pru Life Time Pension.
ICICI Bank, one of the India’s largest private and reputed bank, is the promoter of ICICI Prudential Life Insurance. I gave little importance to the financials of the company. Since most of the insurance companies were new reputation and the brand of the promoters played more than the track record. However, financials and track record of the company are critical in selecting the insurer.
After sales service is important in choosing an insurer. Customer service is not the eagerness to help or prompt follow-ups of sales team while selling the product or renewals. Like in my case – ICICI Prudential Life Insurance sales team was so eager that after taking the cheque for ICICI Pru Smart Kid policy for my elder son said – “Please share password we will actively manage the funds in your policy and switch them for better returns on your behalf.”
Choose an insurer, for your specific need, after evaluating the financials, reputation, track record and customer service of the company. Remember insurer has to keep its promise when you are not there.
Broken Insurance Promises 