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Review LIC not paying claims - may be short of funds!
Review Text
Comments (2) Login to post your comment puttu wrote on 29/04/08
With all the inefficiency in Public Sector, one thing that is sure is that your money is safe. I agree that it takes tremendous patience and tact to get the amount due to you from them. As far as loosing in Share Market, LIC is not an exception. The whole Market scenario is very volatile. That does not mean LIC will go bankrupt and will not be able to pay its clients. The only thing of worry and which has to be taken up with their Authorities is their lethargy in Claim settlements, particularly when, God forbid, there is death of an insured.
RP_Singh wrote on 29/04/08
Yes, puttu is right, you money is safe in LIC but it is the typical inefficiency of the public sector which is responsible for the delay in claim settlement. But I find there is objectivity lacking in your review, why don't you mention your actual case so that the officials at LIC can take notice. I have information that many private insurers are actually spreading misinformation about LIC with vested interests. To be honest, there may be some risk associated with these private insurers.
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