06-07-2006, 01:03 AM
It is claimed today that corruption has finished from our country. Yes of course traditional corruption has gone but same is more available today under different brand names rather than the earlier traditional generic name. For example selling of steel mills on throw away price, selling only those assets which are giving golden eggs PTCL Habib Bank, commissions through other ways etc all are new brands of same product.
National Bank of Pakistan has introduced an insurance scheme for its account holders without their prior information or consent. Rs. 20/- per month are deducted from all account holders. The first and the foremost is that before enforcement of such a scheme where there is a fee on user clients or account holders, they are first informed and their consent is obtained. In this case circular letter to all account holders together with a brochure was prepared. But since there was vested interest involved in this scheme hence this circular letter was just prepared for file purposes and was not dispatched to account holders. With this circular letter there was another pre printed letter from the account holder addressed to the N.B.P in case the account holder does not want to participate in the insurance scheme. This informatory circular letter was withheld so that majority remains silent and thus the insurance company gets maximum premium.
The insurance covers only âdeath by accidentâ. As the insurance companies generally are famous in rejecting the claims under one undisclosed condition or the other, the N.B.P insurance company would dishnour claims on one ground or the other as the coverage language is deliberately very vague. For example a claim could be rejected on the ground that the accident occurred due to negligence of the account holder himself whereas the insurance covers only that accident in which fault was of the other party. Insurance arrangement has been made with a U.S based American insurance company though it is registered in Pakistan leaving the local well reputed insurance companies. The sum assured is Rs. 200,000 @ Rs. 20 per month premium ie. Rs. 240 yearly. State Life Insurance has introduced very good group insurance schemes. For example it has at the moment Overseas Immigrants Insurance at a total lump sum premium of Rs. 600, cover is for two years and sum assured is Rs. 200,000. It covers death natural or accidental, full or partial disability with no hidden conditions. This insurance is much economical and cover is extensive with no hidden strings attached. Since State Life being a state run organization cannot pay âcommissionsâ hence it was ignored.
There are some very interesting âeye openerâ things in this insurance which clearly leads to untold âCommissionâ theory. The insurance covers accidents which are âun-intentionalâ. The insurance coverage is for âunfortunateâ accidents. Is there any accident which is âfortunateâ. It covers death by accidental injury only and not by illness even if this illness is aftermath of an accident. This the company can reject a claim if an account holder dies 6 months after the accident due to prolonged injury which in simple word is âillnessâ. The company may take shelter that accidental injury means which causes death instantly and in a day or a week of accident. For example a mini bus collided violently with an account holderâs motorbike, he fells down, due to helmet there is no physical injury but after few weeks, as usually happens, due to some internal damage not visible at early stage, he starts vomiting with head aches resulting in death say after 4 months. This would not entitle his heirs for claim as the death in this case was not due to accident as âafterâ accident he was OK having no injury. The insurance is between insured and the company, the National Bank is not responsible or answerable to you in any case. The role of NBP is only to have negotiated the insurance on high premium without your consent, to ensure premium is deducted timely and huge collected amount goes into coffers of foreign based company to make it more richer. In case the company rejects the claim because the premium for the month death occurred had not timely been paid, the N.B.P is not responsible for rejection of this claim even though the NBP computer had automatically timely deducted the premium but efficient NBP staff did not deposit the same with the company timely. This is day light pickpocketing.
National Bank of Pakistan has introduced an insurance scheme for its account holders without their prior information or consent. Rs. 20/- per month are deducted from all account holders. The first and the foremost is that before enforcement of such a scheme where there is a fee on user clients or account holders, they are first informed and their consent is obtained. In this case circular letter to all account holders together with a brochure was prepared. But since there was vested interest involved in this scheme hence this circular letter was just prepared for file purposes and was not dispatched to account holders. With this circular letter there was another pre printed letter from the account holder addressed to the N.B.P in case the account holder does not want to participate in the insurance scheme. This informatory circular letter was withheld so that majority remains silent and thus the insurance company gets maximum premium.
The insurance covers only âdeath by accidentâ. As the insurance companies generally are famous in rejecting the claims under one undisclosed condition or the other, the N.B.P insurance company would dishnour claims on one ground or the other as the coverage language is deliberately very vague. For example a claim could be rejected on the ground that the accident occurred due to negligence of the account holder himself whereas the insurance covers only that accident in which fault was of the other party. Insurance arrangement has been made with a U.S based American insurance company though it is registered in Pakistan leaving the local well reputed insurance companies. The sum assured is Rs. 200,000 @ Rs. 20 per month premium ie. Rs. 240 yearly. State Life Insurance has introduced very good group insurance schemes. For example it has at the moment Overseas Immigrants Insurance at a total lump sum premium of Rs. 600, cover is for two years and sum assured is Rs. 200,000. It covers death natural or accidental, full or partial disability with no hidden conditions. This insurance is much economical and cover is extensive with no hidden strings attached. Since State Life being a state run organization cannot pay âcommissionsâ hence it was ignored.
There are some very interesting âeye openerâ things in this insurance which clearly leads to untold âCommissionâ theory. The insurance covers accidents which are âun-intentionalâ. The insurance coverage is for âunfortunateâ accidents. Is there any accident which is âfortunateâ. It covers death by accidental injury only and not by illness even if this illness is aftermath of an accident. This the company can reject a claim if an account holder dies 6 months after the accident due to prolonged injury which in simple word is âillnessâ. The company may take shelter that accidental injury means which causes death instantly and in a day or a week of accident. For example a mini bus collided violently with an account holderâs motorbike, he fells down, due to helmet there is no physical injury but after few weeks, as usually happens, due to some internal damage not visible at early stage, he starts vomiting with head aches resulting in death say after 4 months. This would not entitle his heirs for claim as the death in this case was not due to accident as âafterâ accident he was OK having no injury. The insurance is between insured and the company, the National Bank is not responsible or answerable to you in any case. The role of NBP is only to have negotiated the insurance on high premium without your consent, to ensure premium is deducted timely and huge collected amount goes into coffers of foreign based company to make it more richer. In case the company rejects the claim because the premium for the month death occurred had not timely been paid, the N.B.P is not responsible for rejection of this claim even though the NBP computer had automatically timely deducted the premium but efficient NBP staff did not deposit the same with the company timely. This is day light pickpocketing.
