One of our free-thinking readers Mr B K is writing: Before reading the following The Editor of this blog feels it is apt to recall that the Corporate Frauds Watch filed a criminal case against Team Life Care and Bajaj Allianz for indulging in money circulation scheme in selling life insurance policies.
Why the fuss is only about 500/- membership fee when everything TLC is doing is unethical n illegal? Can any of the TLC supporters explain the below violations by TLC and still say TLC is LEGAL?
1. Amended IRDA regulation clearly says procuring business by any means other than by specified agents is a violation. Procuring insurance by Referral method (popularly known as MLM and Chain system) and passing on commission to referrers is being done by TLC which is a clear violation.
2. The defending members of TLC are unaware that TLC has two different companies to carry out their fraudulent ways intelligently.
3. TLC universal is the company in which all the members are working under and paid their commission. TEAM LIFE CARE Co. I Pvt Ltd is the company which has a corporate tie up with Bajaj Allianz and supposed to procure business through their specified agents licensed by IRDA.
4. Sourcing of insurance business by TLC universal members and submitting to Bajaj Allianz through Team Life care is a clear violation of IRDA regulation act which is not known to most of the members.
5. Every single insurance proposal form should have Specified Person attestation about details of how long he has known the policy seeker .In case of TLC Universal sourced business, the same is done by Team Life care staff later on before submitting to Bajaj Allianz. The customer who receives a policy bond through TLC doesn’t even know the attested licensed agent as mentioned in the policy bond. Doesn’t it ring any bells?
6. None of the pending petitions are against IRDA regulations and allows getting the business in the above mentioned methods and doesn’t regularize the violations of IRDA Corporate agent’s policy.
One can access the amended regulations on 12th July 2010 in this respect by pasting the below link in browser…
http://www.irda.gov.in/
The purpose of inflicting regulations is to avoid mis-selling and allowing transparency to the insurance seeker to know the complete details of the policy being taken. This can only be done by an IRDA licensed agent.
Now, the said company has many people sourcing business by inducing the money to be earned by being a member of the system. To be a member one has to buy insurance policy and refer more people for income. The members are not aware anything about insurance and products being sold. One can verify the same by attending their seminars as listed on their website which incidentally happens in Mr.Shyam’s town also regularly.
The owners of the company are getting richer and richer by getting huge commission from Bajaj Allianz by fooling the members about the legality of the TLC Universal P Ltd & Team Life care Co I P ltd and suppress the facts. For a corporate agent the commission received would be around 40 % to 60% product wise on the sourced business. For every 1 lakh they get about 50 k first year the amount spent for commission would not be more than 10k for all sort of commission payments to the members.
One has to decide what is fair….. real pain to see that none of the above bloggers even think about the poor man who has bought insurance only because of the dreams shown to him about earning in lakhs which doesn’t serve his purpose …TLC claims to be having over 30 lakh members, but never mentions the success ratio.
Why the fuss is only about 500/- membership fee when everything TLC is doing is unethical n illegal? Can any of the TLC supporters explain the below violations by TLC and still say TLC is LEGAL?
1. Amended IRDA regulation clearly says procuring business by any means other than by specified agents is a violation. Procuring insurance by Referral method (popularly known as MLM and Chain system) and passing on commission to referrers is being done by TLC which is a clear violation.
2. The defending members of TLC are unaware that TLC has two different companies to carry out their fraudulent ways intelligently.
3. TLC universal is the company in which all the members are working under and paid their commission. TEAM LIFE CARE Co. I Pvt Ltd is the company which has a corporate tie up with Bajaj Allianz and supposed to procure business through their specified agents licensed by IRDA.
4. Sourcing of insurance business by TLC universal members and submitting to Bajaj Allianz through Team Life care is a clear violation of IRDA regulation act which is not known to most of the members.
5. Every single insurance proposal form should have Specified Person attestation about details of how long he has known the policy seeker .In case of TLC Universal sourced business, the same is done by Team Life care staff later on before submitting to Bajaj Allianz. The customer who receives a policy bond through TLC doesn’t even know the attested licensed agent as mentioned in the policy bond. Doesn’t it ring any bells?
6. None of the pending petitions are against IRDA regulations and allows getting the business in the above mentioned methods and doesn’t regularize the violations of IRDA Corporate agent’s policy.
One can access the amended regulations on 12th July 2010 in this respect by pasting the below link in browser…
http://www.irda.gov.in/
The purpose of inflicting regulations is to avoid mis-selling and allowing transparency to the insurance seeker to know the complete details of the policy being taken. This can only be done by an IRDA licensed agent.
Now, the said company has many people sourcing business by inducing the money to be earned by being a member of the system. To be a member one has to buy insurance policy and refer more people for income. The members are not aware anything about insurance and products being sold. One can verify the same by attending their seminars as listed on their website which incidentally happens in Mr.Shyam’s town also regularly.
The owners of the company are getting richer and richer by getting huge commission from Bajaj Allianz by fooling the members about the legality of the TLC Universal P Ltd & Team Life care Co I P ltd and suppress the facts. For a corporate agent the commission received would be around 40 % to 60% product wise on the sourced business. For every 1 lakh they get about 50 k first year the amount spent for commission would not be more than 10k for all sort of commission payments to the members.
One has to decide what is fair….. real pain to see that none of the above bloggers even think about the poor man who has bought insurance only because of the dreams shown to him about earning in lakhs which doesn’t serve his purpose …TLC claims to be having over 30 lakh members, but never mentions the success ratio.
