GTO, i have earlier read the article and other related threads but the situation am facing is bit different.
I knew i can't avail NCB of previous owner, but if i have to transfer the policy onto my name, is it must that i have to pay the NCB discounted? That , i think , is not fair.
Consider my case: The current insurance policy(with Bajaj allianz) is valid till 31 Jul '08 . That is a good 6 more months to go. Now with about 45% NCB the policy premium amounted to something like 2000.That means the actual policy could have been around 3.5-4k then ,without NCB. Now, for the sake of transferring the policy to my name, if i had to pay the full ncb discounted (that is 1.5-2K) for validity of just 6 months, then i think i can better get the policy canceled and go for a new one @ something like 3k for another 12 months period. Also, when i enquired, the insurance guys said that at the time of next renewal(read 1 august 08) i cannot avail 20% ncb on the current policy because i had held it for 6 months only,though the policy itself will have no-claim for one year.
Instead of all this mess up, i thought i would better ask the previous owner to cancel the policy ,get the refund and NCB certificate(he don't know of its value). I will then go for a fresh policy.
Another feasibility is , i will pay up whatever amount they ask,after getting policy transferred i will ask them to cancel it ; get the pro-rated refund and then will go for a new policy.
The second approach seems better but i have to make sure if it is practical. |