THE NEW RECOMMENDATIONS GIVEN BY Mr. SWARUP FOR INSURANCE INDUSTRY IS LIKE DIGGING A BURIAL PLACE FOR INDIANS SAVING MENTALITY.
Dear Sirs,
Having come to know about the new norms on Commission to Agents of various financial products, I wish to give my opinion to yor benign attention as follows.
1. Saving Instruments are not asked products; only to be sold by the intermediaries
2. We are knocking the doors of Customers many repeated times and the possible business is around only 5%
3. May be the FEE based advisory model is doing well in UK and US; becasue there the peoples are well educated and wealthy. there is no big difference among people. But in india, the difference is very much.
4. Our Nation is having maximum uneducated people and not well being
5. Though the MOTOR Insurance is Mandatory, lakhs and lakhs of vehicles are running without coverage. This is because of our people's mindset.
6. So the Govt should pass a bill for SAVINGS & INSURANCE is must an mandatory to everyone. Then only the Fee based advisory is ok in india.
7. Among all things, first, the intermediaries must get the proper knowledge in this field. So make available of such institutions, courses, studies in india. Then only the new implementations will be right.
8. Interestingly, in our India, new thoughts and products are reached very speedy than the realisation of how to handle, use , service the product or concept. [IT-counterfeiting the software, AUTO-violating the traffic rules, CELLphone-talking on riding], the products are very latest; but the user is always misusing and making injuries ato himself and other public.
So I'm requesting you on behalf of 30 million agents in India, pls implement the scheme after the pre preparation of field, people and agents etc., thanking you
Secretary, LIC Agents Association, Tiruppur, TamilNadu
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The Oppose to Swarup's Committee Recommendations petition to Insurance was written by Senthilkumar and is in the category Law Reform at GoPetition.