TODAY -

I hate 'terms and conditions'

Samarjit Kambam *



'Rules and Laws' for the government. 'Terms and conditions' for the private corporations.

At the initial phase, your attention gets absorbed by the advertisement for any product be it a palpable item or a financial one.

Say, a company may advertise for investment in mutual funds citing benefits galore, benefits that momentarily carry your mind to the other side of the moon but at the end of the advertisement you will definitely come across a phrase stating, "Mutual Funds are subjected to market risks".

Insurance companies are the ones with the greatest number of terms and conditions.

Now-a-days, over and above insurance companies of the country comprising of public sector and private such as Life Insurance of India, National Insurance Company, Oriental Life Insurance, New India Assurance, ICICIPruLife, Birla Sun Life, Bajaj Alliance, Reliance Insurance, Tata AIG, Bharti AXA etc etc., there are umpteen multinational insurance companies treading their feet in India such as Max Life, Aegon Life, Edelweiss Tokio, Aviva, IDBI Federal, India First Life etc., all registered under IRDAI.

The traditional way of life insurance has become old school due to neck to neck competition among various insurance companies and fast evolution in the insurance sector thereby coming up with eye-catching plans and packages to attract more clients.

Now-a-days, one has the privilege to be a policy holder for whatever insurance plan one wants be it for life or vehicle or house, small or large scale industrial sector through the Net thereby saving time as well as the commission you have to pay to the insurance agent who never stops talking.

I had not bought any insurance policy until recently when I was just browsing the Net I came upon a policy of a new life insurance policy. Sorry, I won't expose the name of the insurance company, it would be too unethical.

The policy was advertised at Rs. 490/- p.m. with a life coverage of 1 Crore rupees. Quite attractive. I was totally brainwashed by the ad of that policy so I intended to purchase the policy.

As I started to fill up the application form online, I was stuck and could not get any further when I was on the verge of completion of filling up the form. During the moment, an agent from the company rang up to me telling me the reason for getting stuck.

I was told that as per my monthly income I am not eligible for the Rs. 1 Crore, so I had to reduce it to Rs. 80 lacs or below. Lastly, I went for Rs. 70 lacs. Only then, the application form could be completed.

In the ad was mentioned coverage for 34 critical illnesses, accidental benefits, disability benefits and a host of others but as I delved in deeper I found out that they were only Riders which I had to pay extra for the additional coverage/benefits.

One ironical thing I found out was that the policy turned out to be a Term Cover Insurance not Whole Life Coverage and the policy holder's minimum age should be 18 years and the maximum number of years of coverage is 32 only.

Now, let's do the math. When an 18 year old opt for this policy and by God's grace, if the policy holder lives beyond 50 years (18+32), then all the premiums he had paid for the 32 years can be considered as 'lost money' since there is no condition for refund of sum assured with bonus in that policy.

That means the policy is not insured throughout life after all. The term 'life coverage' should not have been mentioned in the ad of that policy. The ad was really misleading and unfair, just like an act of foul play.

I don't mean to imply that its detrimental to buy such a policy. There's nothing wrong in opting for such kinda policy even if you are only 18 years old as we can't predict our lifespan. We may die any second, any minute, any hour or any day as there are lots of unseen contingencies around us. However, the terms and conditions coming up are quite disappointing.

The policy is meant for persons who have reached their middle ages but duping people with ads containing words such as "Rs 1 Crore Coverage for Life" is totally unscrupulous. This happens to many other policies of almost all insurance companies as terms and conditions keep on cropping up every step as you delve in further leaving you in a frustrated state.

As for me I have already bought the policy for I have reached my middle age and apart from unforeseen contingencies, I can feel the vibration within myself that living 30 years from now on seems quite dim to me due to a lifetime of bad habits and sedentary lifestyle.

Now-a-days with insurance companies as thick as thieves, new policies are coming up like bees in a beehive. The ads of the new policies will steal your heart for some moments but as you introspect deeper, you will come across so many terms and conditions.

Sometimes the policy goes divergent or totally in contrast to what was promised earlier in the ad. Many a times I have witnessed 'coerced registration' to become a policy holder of an insurance company of certain policies by the insurance agents/advisors. They are really good talkers. They can talk a barrel out of a tin can and are quite manipulative also.

Even if the policy holder doesn't know anything about what is being talked about, they anyhow manages the incumbent to buy the policy. They will talk about future benefits, taking loan from one's own policy, rider benefits, ULIPs, portfolios, investment in equities & stocks, free risk taking, exemption from taxes, lumpsum pay out plus regular income, flexibility of the policy, non claim bonus, annuity, settlement option, subrogation, mitigation…. endless blah blah.

The policy holder usually ends up feeling like watching a Chinese movie in Chinese subtitles. Cool.

Better not to go straightaway for an insurance policy just because the insurance agent/advisor says so. They will talk only about the bright sides and benefits of the ibid policy.

So, you need to go through the brochure thoroughly and I am sanguine that many terms and conditions will arise. I am not against insurance of any kind. Buying an insurance with life coverage is in fact one of the greatest acts of responsibility you take for your family.

However, before going for an insurance policy of any sort, you thoroughly need to delve into the terms and conditions of the policy so that you don't regret later on for buying a policy not suited to you. Further, it is not advisable to take financial decisions under insurance agent pressure, family pressure or any other peer influence. Assess before you buy a policy and the decision should be purely yours.




* Samarjit Kambam wrote this article for The Sangai Express
This article was webcasted on March 27 , 2018.



* Comments posted by users in this discussion thread and other parts of this site are opinions of the individuals posting them (whose user ID is displayed alongside) and not the views of e-pao.net. We strongly recommend that users exercise responsibility, sensitivity and caution over language while writing your opinions which will be seen and read by other users. Please read a complete Guideline on using comments on this website.




LATEST IN E-PAO.NET
  • Pari Imom (Film Scenes) #1 :: eRang
  • Chunglenyanba, Awa Leima :: eMing
  • Manipur State Constitution Act, 1947 #1
  • 7th anniversary of PCRM
  • Funding TB response is smart investment
  • The Broken Stone:: Poem
  • 15 Ceremonial Horses handed to Myanmar
  • Needs for realizing the truth
  • Time to put education on track
  • Bor khoiramba @Hiyangthang #1 : Gallery
  • Kuki Black Day: desperation to Nagas #2
  • Finance knowledge to make better decision
  • Naga Peace Process :: News Timeline
  • Bunglawn Remembers Dr Kalam's Visit
  • No baab tree :: Poem
  • Official website of Sangai Photo Festival
  • Beauty care with natural ingredients
  • Deportation of Rohingya against intl law
  • Noting efforts to put MU on track
  • MU: Teachers/students released : Gallery
  • Death Anniv - Bhagyachandra #3 : Gallery
  • Ithai Barrage Impact on Environment
  • Rural development as career option
  • Put the kibosh on ochlocracy
  • Chronic Kidney Disease (CKD) in women
  • India International Cherry Blossom Festival
  • Marketing Assistant @ PiCiDi, Canchipur
  • 'Ram Madhav is wrongly briefed' : NPF
  • Uniforms for school teacher: What purpose?
  • Marangwon at @Mt Khorung #3 : Gallery
  • Police Day Marathon #1: Gallery
  • I call it life :: Poem
  • International day for Disaster reduction
  • Contested territorial demands in Manipur
  • WhatsApp & mobile usage study results
  • Physics Programme in Nowgong College
  • Rejoinder to NDPP [15 October]
  • Stop bluffing Nagas
  • The state of the states
  • Gearing up for Oct 31 rally
  • Historical Evaluation of Puya Meithaba #4
  • MU: Student/police clash -10 Oct #2: Gallery
  • X-Jam -Extreme Sports & Music festival
  • Urban Local Govt in Mizoram :: Book
  • 3 perspectives in context of present Manipur
  • Figures in the Shadows :: Poem
  • To UNC, Zomi Council, Hmar Inpui on ST
  • HC acted in good faith for MU
  • Jarnail Singh @ MU : Gallery
  • Heikru Hidongba #3 : Gallery
  • The undeniable subtlety of Atingkok
  • Kuki Black Day: desperation to Nagas #1
  • Let me shower moonlight :: Poem
  • On allegations issued by NPF : NDPP
  • Challenges to the digital dreams
  • Eyes now on K Yugindro
  • Lamyanba Irabot- March Past #3: Gallery
  • Death Anniv - Bhagyachandra #2 : Gallery
  • Meetei Tribe wont grab land of Hill Tribes
  • Making a tangible difference
  • Contradicted journey of IPC Section 377
  • Free open defecation & open pee
  • Act East & Importance of Myanmar & NE
  • Vacancies at Multimind Software
  • Waiting for "Sorry"
  • Out Yugindro in Jarnail Singh
  • Mera Chaorel Houba #1 : Gallery
  • AMAND Pune: Cultural evening : Gallery
  • Management Convergence at Mizoram Univ
  • Observation of World Mental Health Day
  • Cry of a Dying River - 49 :: Poem
  • Buddhism is free from compulsion...
  • 7th AGM / Cultural evening of AMAND, Pune
  • Forsaken farmers - food for thought
  • Second police raid at MU
  • NESO opposes Indo-Nepal Treaty in NE
  • British Council, NEC sign MoU
  • MU: Student/police clash -10 Oct #1: Gallery
  • Death Anniv - Bhagyachandra #1 : Gallery
  • Anglo-Kuki War 1917-1919
  • University :: Poem
  • Remembering class boycott 2009-2010
  • Hair stylist as career option #2
  • Training of Trainers on Gender Justice
  • Manipur University fresh violence by police
  • MU Crisis- admissions and omissions
  • Issues besetting State before LS polls
  • Langban Heitha Leithaba #2 : Gallery
  • Sizo Festival @Saikot : Gallery
  • Opening of Moreh-Tamu Border Gate
  • Forest Cover of Nagaland :: Book Review
  • Ingocha Chingtham: Cycling from Mumbai ..
  • Blood Transfusion service- future in Manipur
  • IT Enabled Employment Generating Course
  • NDPP condemns statement of NPF
  • Beyond the reality
  • Need for MUTA to approach Court
  • Kang Tournament @Kongba #2: Gallery
  • Elangbam Sonamani : Sahityaratna 2017
  • Celebrating the rights of wildlife- Are we
  • The sky's gone wonderful :: Poem
  • Communal Harmony and Integration
  • Opportunity for India in Indo-Pacific Region
  • To be a good man
  • Education : Why no private players here ?
  • Tarpon Sonba : Gallery
  • mtM :: Seireng
  • MN Singh promoted as IG of CBI felicitated
  • Loktak from different perspectives #2
  • The Killing Fields 2013-18 : News Timeline
  • The Journey of Happiness :: Poem
  • A personal discourse of Manipuri people
  • Improper use of loud speakers in Manipur
  • Art Exhibition @Art College #3: Gallery
  • Sudip Kongbrailatpam -recording engineer
  • Dismantled 9th times & safer in 10th times
  • Remembering Irawat: Are we following ..
  • State Level Archery Championship 2018
  • Stop religious encroachment at Kangla
  • Navratri (festival) make up
  • khongjang changsinnaba sem sarey : ST
  • MU crisis: Emerging questions
  • Lining up five days blockade
  • Dhol Chollom @Sangai Fest: Gallery
  • A Road Trip to Myanmar #2
  • Maroi napakpi in Manipuri dishes
  • National Integration Tour Team
  • Cry of a Dying River - 48 :: Poem
  • Ending antimicobial resistance to #endTB
  • Condoles death of Pu Kaikhokam Kipgen
  • Rejoinder to NDPP (5th Oct) : NPF
  • Responsibility required - not restriction
  • After Thuingaleng Muivah who ?
  • Paddy dry up due to deficit rainfall
  • Lamyanba Irabot- March Past #2: Gallery
  • Binalakshmi Nepram : RAW in WAR Award
  • Agribusiness & Carbon Management : Book
  • Is Gandhi (ian) relevant today ?
  • Guidelines for Hostels for Children
  • ATM based frauds : Router compromise
  • 'Rio's announcement as just mockery'
  • Training Program on Mushroom Cultivation
  • 'Chadong' - the victim of development
  • Poles apart : Pandey and Singh
  • Manipuri Diaspora in Myanmar #2
  • Why has Egg become Danger for Manipur?
  • Speech by Atif Anik on Irabot Day 2018
  • Wounded tree :: Poem
  • Hair stylist as career option
  • Synopsis of Sizo Festival 2018
  • Traffic regulation still a Flop show
  • In the evening of his life : Th Muivah
  • Langban Heitha Leithaba : Gallery
  • World Bamboo Day #2: Gallery
  • Where have all the lights gone ?
  • Mahatma and non-violence
  • Detention of students/professors of MU
  • Gandhi Jayenti at Itanagar
  • IBSD cleans Imphal City
  • MU: Abide by wisdom of Sr citizens
  • Power of humility
  • Ghost of Pandey : Four teachers suspended
  • Lamyanba Irabot- March Past #1: Gallery
  • October Calendar for Year 2018 :: Tools
  • Looking at Loktak from perspectives #1
  • Morning - a Haiku :: Poem
  • R&V Art House curates 'Land of Polo'
  • Show for football fans at NEUFC Fan Park
  • Indigenous People: Stand against Fascist
  • Clarification on Tamei Residential School
  • Organic Farming Tour to Sikkim
  • System error- or is this real democracy
  • Autonomy for Naga- Stakeholders on board
  • Th. Muivah hospitalized
  • Lamyanba Irabot- Floral Tribute #1: Gallery
  • Choidev Chongba @Kang Fest : Gallery
  • A Road Trip to Myanmar #1
  • The day after Sahnit-Ni
  • Cry of a Dying River - 47 :: Poem
  • Observation of World Alzheimer's Day
  • Benefits of almond oil for the hair
  • NEUFC Fan to host musical performances
  • ..but Irabot may still shed tears in heaven
  • Heikru Hidongba #2 : Gallery
  • Lamyanba Hijam Irabot :: Read all about
  • Tingmila Doungel : Manipuri Boxer
  • Tarpon: Annual offerings to dead by living
  • Manipur: Past & Present (Vol.2) :: Book
  • Genesis of Naga-Kuki clash in early nineties
  • 9th Children's Cultural Meet 2018
  • Parakram Diwas : 2nd Anniversary
  • International Visitors Leadership Program
  • He calls state Govt as unrecognized..
  • Tough stand of Govt noted
  • Historical Evaluation of Puya Meithaba #3
  • MU: General Srtike [27 Sep] #2 :: Gallery
  • Tribute to Oja Nandiram with 'In Memoriam'
  • The resurgence of Hijam Irabot
  • Love for post of MU vice-chancellor
  • Condemns arrests of MU student/teachers
  • Spot Enquiry by MCPCR Team
  • Seriousness with sincerity matters
  • 48 hours bandh on, then what ?
  • MU: General Srtike [27 Sep] #1 :: Gallery
  • Hijam Irabot - Our 'Icon of Revolution'
  • Food preparation among Zeliangrong
  • Is it the final countdown to #endTB?
  • Let's give time a chance :: Poem
  • If Buddhism Is Not A Religion Or Philosophy
  • Using false identity to mislead
  • In response to CM's appeal
  • CM's call against bandh
  • MU: Hunger Strike[25 Sep] :: Gallery
  • Irabot's letter to Assembly :: 18 Oct 1948
  • Ringui Village, Ukhrul :: Gallery: Gallery
  • Front Page Photo 2018 #4: Gallery
  • Tuilha Kol waterfall #2: Gallery
  • Eyek Tamba :: Learn Manipuri script
  • Kuki Black Day @CCpur : Gallery
  • Sit-In: Naga Peace Talk #2 : Gallery
  • Inner Line Permit (ILP) Demand :: Timeline
  • Jangou Rah : eRang Classic
  • Manglandasu Nang - OST :: e-pao Radio
  • Old Manipuri Movie #1 :: eRang Classic
  • SPONSORED ADS