According to Law and Economics the insurance is the process to defense a person against those losses which have uncertain possibility of occurrence. In another words it is a method to transfer a kind of loss from one entity to other.
Insurer is the person or institute which provides insurance to the policy holder. The insurance policy is a plan which decides various aspects like payment, premium, etc about the insurance plan. There are many financial institutes or banks all over the world which provide insurance.
The different kinds of insurance includes
Accident or sickness insurance
Credit insurance and many more.
Some people also get pet insurance, livestock insurance, etc. Vehicle insurance policy is an insurance purchased for cars, trucks, motorcycles or any other kind of automobile. The insurance policy may insure the whole vehicle or some parts of the vehicle. The insurance company has to make the payment of loss occurred to the vehicle or loss occurred to insured parts of vehicles, if the loss occurred due to any natural or manmade calamity.
Auto insurance for all the new vehicles is compulsory in India.
These insurance companies also have association with big auto dealers and manufacturers. Amount of premium is directly proportional to the price value of vehicle to be insured. The documents required to claim vehicle insurance in India are
Copy of registration certificate (RC) of your vehicle
Driving license copy
First information report (FIR) copy
Original estimate copy and
The vehicle insurance is of following types
Private car insurance
Two wheeler insurance
Commercial vehicle insurance, etc
You may buy travel insurance due to reasons like cancellation of flight, your passport or visa or wallet being stolen; you can have a medical emergency in a foreign country, etc. To apply for home loan you will need following documents like Identity proof which can be your driving license, voters id, passport, pan card, bank’s pass book , address proof which can be utility bill or any other authorized document with your address mentioned on it, financial proof like income certificate or salary slips etc.
There are many institutes in India which provide life insurance policies to the clients. They popular ones includes life insurance corporation, Aviva life insurance and Bajaj Allianz life insurance. Aviva Life insurance is a joint corporation by Dabur India group and Aviva plc of United Kingdom. Bajaj Allianz is also a juncture of two brands Allianz Se and Bajaj Finserv.
The customer’s complaint against Aviva life insurance is that they were not pre informed about any delay in their premium payments and were directly charged 10,000 rupees. Another customer has complaint about the no response behavior of the organization at the time of claim of insurance. Bajaj Allianz customers face problems regarding incomplete information provided by agent.
Our aim is to provide sophisticated information about market and industries. We at Akosha, actually work for protecting consumer’s right & to get their complaints resolved. In this article we are writing on Market scenario of Aviva Life Insurance Co. India Pvt. Ltd services and its Complaint and same statistic of Bajaj Allianz Life Insurance Company Limited services and complaints.
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