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Articles: My Thoughts | Hints to Policyholders
- Mr. SESHAGIRI RAO P.L.
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1.Insurance Agent is an adviser by profession. He has acquired knowledge by spending time and energy along with money like a Doctor, Lawyer or Scientist and became finally an adviser.
2.You have to select a good professional Agent in order to guide you properly in all financial aspects like an Employer select an employee to fulfill the duties and responsibilities on behalf of him. You have to treat him as one of your family members.
3. If you think about Rebate / Discount / Commission for few months in the first year premium, you are the looser or sufferer in your life in order to get the valuable services from the Agent.
4. After Sales Service for the period of policy say, 20 years or 25 years period is more valuable than the present discount.
5.Once you take the policy from one agent with high rebate, you cannot get service from other agent, if first agent fails to do service during the period of policy.
6. Please remember once again that if the agent is providing discount from his commission, he is trying to escape from the services to be provided to you.
7.As per the survey conducted by LIC”most of the policy holders are suffering by taking their policies through agents whose only sales point is rebate. They offer a temporary temptation to secure business and leave you in the lurch thereafter. After all, in a policy involving twenty full years’ premia, do you think all your troubles will be over by just hitting at a short cut solution for three months premia? You should be more in realizing the full benefits of the policy. Look at from the point of view of 20 years and not only three months. If you leave the agent dissatisfied, he will not be grateful enough to rise up to your expectations. Leave him grateful enough. Allow him to remember years to come and be worth his salt”.
Even though you may be thinking that he is getting 25% commission this is only gross and his man. Commission is much less. He has to pay out of this Income tax, Conveyance, Postage, Telephone, Printing, Maintenance of his Office etc., and these eat away a sizable portion.
Example: when a famous doctor was asked “why do you charge a thousand rupees, doctor, for an operation which did not take you more than ten minutes to perform?” He replied’ my dear friend! You must not forget that it has taken me thirty years to learn how to do such an operation in ten minutes”.
8. If you are asking rebate from the agent, indirectly, you are asking bribe for giving policy to the agent.
9. A doctor does not reduce or part with his fees fearing that his patients may leave him and go to some other doctor. Similarly, an advocate does not charge less than his usual fees with the fear that he may go without any briefs. In the same way, the professional Agent cannot give rebate for the premium payable by the policyholder. If he is giving, you can assume that he is not fit for giving better service to policyholder or he can escape from the responsibilities to serve by satisfying with rebate desired by policyholder.
We as Agents do tell the policy – holders that we will give them continued service. What does this “service” imply? In my opinion “Service” can be classified in to two kinds. Viz. policy - servicing and policy-holder servicing. While the former can be done by the L.I.C. and the latter can be handled by he Agent only. The L.I.C. does not know when a bachelor policy-holder gets married, when married policy-holder gets a child, when does he get a fat promotion or when does he inherit a big estate. The Agent alone knows by being in constant contact with the policy –holder.
Service of an agent, in the true sense, does not mean or end with sending New year Birth day cards, or for that matter, sending premium reminders, changing address and nominations, or arranging loans etc., Such policy –servicing are elementary functions arising out of a policy contract and the L.I.C.is already geared up to perform these, whether there is an agent behind a policy or not. Agents’ main work is a much superior and different one i.e., the role of a financial adviser, estate planner, taxation expert-in a nutshell freeing, philosopher and guide of the family, which L.I.C.can not do.
The ideal Insurance Agent service is as follows;
1.After a thorough review and intelligent appraisal of the prospects’ needs, makes certain that they are properly and adequately insured.
2.After issue of the policy, a) to keep constant touch with the policy holder, watch whether the premiums are adjusted regularly b) to maintain complete personal data about the policy holder, his family relations and friends c) to advise him to buy additional and suitable insurance d) to advise regarding any change in tax laws, introduction of new Insurance plans and improve his insurance portfolio step by step. His final responsibility is to see that the L.I.C.’s cheque reaches him or his family.
Awareness created by: P.L.Seshagiri Rao, Insurance Adviser, Contact # 9849719365
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