Settlement Ratio
LIC : Private - 1000 : 94
(i.e. for every thousand claims settled by LIC, Pvt. Players settle 94 claims!)
Repudiation Ratio
LIC : Private - 1000 : 1374
(i.e. for every thousand claims repudiated by LIC, Pvt. Players repudiate 1374 claims!!)
One may argue that it is inappropriate to compare Pvt. with LIC because of the size/volume. But at the same time he/she must agree that the repudiation by Pvt. is much much higher to their size/volume.
A friend in need
is
a friend indeed!
An insurance policy must do the same.
What if an insurance policy is repudiated when the breadwinner unexpectedly loses life?
Main purpose of insurance policy is family protection.
Private cos. defeat that very purpose in most of the cases!
Explain your policyholder the truth!
That is
"LIC only protects your family!"
-Arivukkadal
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