Insurance companies lost 15 lakh customers
Over the year, the insurance companies’ policy has decreased by 14 lakh 9 thousand. In addition the companies do not pay insurance claims and so the general people’s confidence has diminished due to harassment of customers. As a result, the number of new policy has reduced till December 2019 compared to 2018. However, the number of time barred policies has increased. This figure matches the report sent by the insurance company.
Insurance officials said, Insurance Development and Regulatory Authorities (IDRA) has taken stringent measures to stop extra commissions.
Customers say the companies’ take out insurance money by showing various temptations. But after the policy expires, he no longer pays any interest in customer. The policy holders have to face enormous hassles to get back the money after maturity or claim of a dead person.
Former IDRA executive director Khalilur Rahman, who is in charge of the overall affairs, told barta24.com, "The number of new policy has reduced in insurance companies in 2019. On the other hand, the claim for insurance was higher than the previous years. As a result, the number of policies has decreased by fourteen lakhs.
He added, "The big insurance companies have paid more attention to renewal of policies than they did last year. Time barred insurance policy has also increased. For these two reasons the insurance policy has reduced”.
According to data from the Insurance Development and Regulatory Authority (IDRA), the number of public-private life insurance in the country is 90 lakh 2 thousand. As of December 2018, this number was 1 crore 6 lakh 5 thousand. It means in one year, the number of policies has reduced by 16 lakh 3 thousand.
A total of 78 insurance companies, including Life-non Life, have a policy number of one crore 21 lakh till December 2019. in the same period of the previous year, there were 1 crore 35 lakh 9 thousand which is 10.97 percent less than the previous year. The number of these policies till December 2017 was 1 crore 31 lakh 3 thousand.