Misselling of policies continue to plague the industry at large.
Parama Dasgupta, a PR professional from Kolkata in her late 20s, wanted to make a short-term investment and approached an insurance agent. The agent proposed a policy where Dasgupta had to pay three premium of `30,000 each and a maturity period of five years. She was happy with this policy and opted for it. But to her surprise, when the welcome kit arrived, she realised that it was not really a short-term policy and that the agent had misled her. The policy document stated she had to pay seven premium and can withdraw the money only after eight years from the last premium paid.
Feeling cheated, Dasgupta contacted the agent to set a meeting, but he kept delaying it and only showed up after a month. By that time, the free look period of the policy was over and she could no longer surrender it. While the insurance agent assured her that she would be able to withdraw the money after five years, still in doubt, she contacted the customer care only to be left disheartened. She could not contact the insurance agent again who seemed to have disappeared from the face of the earth.
There are thousands like Dasgupta who are cheated by insurance agents despite all the regulations in place to protect interests of the policy buyers.
Misselling refers to unfair practices adopted for soliciting and selling insurance. It includes the activity of selling policies, which do not fulfill the financial needs of the customer or the one, which is different from what the customer is actually looking for.
Sharing his views on the same, Anil P.M, Head of Legal and Compliance, Bajaj Allianz Life Insurance, said that misselling by insurance agents takes place when an agent misrepresents facts and benefits of an insurance policy. It may include giving a wrong picture of product benefits, assuring incorrect guaranteed returns, erroneous premiums, forgery and even holding back terms and conditions of the policy.
この記事は Outlook Money の September 2019 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です ? サインイン
この記事は Outlook Money の September 2019 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
Stay Ahead Of AI-Powered Cyber Fraud
AI has become an integral part of our lives, right from customer service at banks to insurance claims. But it has now become a powerful arsenal for the fraudsters too who are increasingly using AI to scam individuals and corporations alike to commit fraud. The key is to stay vigilant
Travelling To Europe? Pack In The Essential Covers
Smart travellers must know that insurance is a must-have. From essential health coverage to theft protection and trip interruptions, know what you need for a worry-free Europe trip
How To Spend Wisely This Year-End
We all spend during the year-end. But the trick is not to overspend or borrow, either from friends, or your own investment, to fund your indulgence. Maintaining balance is the key
Travel Now Pay Later (TNPL)
Travel now, pay later (TNPL) is a close cousin of the more popular buy now, pay later (BNPL) schemes.
12 Books Devina Mehra Loved Reading In 2024
Listing books of her choice, among the ones she reads during the year, is ace investor Devina Mehra's favourite year-end activity. She says it's a daunting task to pick around 12 books from a list of 50.
Here's How To Avail Of Ayushman Bharat Yojana
Launched in 2018, the Ayushman Bharat Yojana aimed to provide health coverage to targeted benefi ciaries from the Socio-Economic Caste Census (SECC) 2011, based on deprivation and occupational criteria.
'Focus On The Business, Assess If You Want To Be A Partner For 10-20 Years'
Professor Sanjay Bakshi, a value investor, behavioural economist and adjunct professor at Flame University, Pune, gives his unique perspective on how to choose a stock, in an interview with Nidhi Sinha, editor, Outlook Money, as part of the Wealth Wizards series. He also shares his learnings from role models Warren Buffett, Charlie Munger, Benjamin Graham and others, and how being a chartered accountant, economist, investor and teacher make him into what he is today. Edited excerpts from the interview
The New Trump Card For IT, Pharma
Donald Trump has been re-elected as the 47th President of the US after a gap of four years. Here's how it will affect the Indian markets and how it will benefit sectors such as IT, pharma, export-oriented sectors and others
European Sojourn
Tight on budget? Dump the popular European destinations for the little-known wonders that are equally attractive
Gold ETFs And FoFs
While Indians love to invest in physical gold, even mutual funds offer the option, but in paper format.
