Collection of insurance premium in installments !!
Querist :
Anonymous
(Querist) 24 October 2009
This query is : Resolved
Dear sir,
I want to know about the above subject in details whether first year life insurance premiums can be collected in installments or not personally from customers under certain schemes? Helping them to purchase the policy in parts, as when the customers tooks the policy by paying the balance amount in full, giving them an opportunity to earn more out of the commission the respective agent will earn that he will distribute the same ahead through the respective scheme of his.
please answer, my email id is sasankar.boruah@rediffmail.com
thanking you
sasankar boruah.
A V Vishal
(Expert) 24 October 2009
What is your query
Raj Kumar Makkad
(Expert) 24 October 2009
I think you are asking whether the insurance premium amount can be collected on daily basis?
My answer is yes if the policyholders have faith in you. You cannot invest the money so collected from the policyholders for your own use rather can start any scheme with their consent and license from Ministry of Finance, Govt. of India because no economic collection and scheme based thereon can be started without its permission.
SANJAY DIXIT
(Expert) 24 October 2009
I couldn't understand the legal aspect of the query.
I think Mr Makkad has given suitable reply regarding daily collection of insurance premiums.
A.P.Manoranjan
(Expert) 24 October 2009
I presume your quierry is matching Rajji's advise.
adv. rajeev ( rajoo )
(Expert) 25 October 2009
confusin question, I think you are also in consfusion to ask the question.
Shashikant V. Patil
(Expert) 25 October 2009
Dear Sasankar Boruah,
You mean to say that, some agent gives some relief by not collecting few one or two premium instalments from the customers in the beginning as they pays from their pocket ,then your question is right because they do in the interest of their Insurance Co. and their own target they have to achieved. Its simple as they do like this, more customers will attracts and consequently their business network will expand.
Querist :
Anonymous
(Querist) 25 October 2009
sir, i have asked my queryr again in details today so as to get a more clear reply from you all honoured person, pls answer again...
thanking you
sasankar.boruah@rediffmail.comm
