Tuesday, October 23, 2007

Prompt and fair settlement of claims

Hi Mr Tan

I have some question need to ask u regarding making a claim at NTUC insurance. I have heard my friend said NTUC income making a claim is quite troublesome and have a lot of procedue taking sometimes. I mean those policy which family member is dead. Isit true?

REPLY

This statement is not true. The insurance agents from other companies spread these lies, so that the customers will pay a higher premium to buy the insurance policy from their company. This has been happening for 30 years.

NTUC Income has a policy on prompt and fair settlement of claims. There were many claims that were paid without hassle by NTUC Income. Similar claims from other companies took much longer to settle.

2 comments:

Loh Hon Chun said...

I think it may also come down to who is your financial adviser. If your FA/IFA simply take his time, then you will get your claim processed slower.

hongjun

Khiat Han Hwee Adrian said...

Other than the possibility that other advisers bad-mouthed NTUC Income that damage its reputation, I can share another 2 other possibilities.

1) NTUC Income, being a composite insurer, have many problems pertaining to general claims. Other life insurers do not have this problem. Consumer cannot differentiate between Life and General Claims.

2) NTUC Income, being a cooperative, brings good value to customers and able to attract more lower income and less educated customers. They may not fully understand or remember the policy when they sign up. When they cannot claim, they will blame the company.

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