In the year 2010 IRDA came heavily upon insurance companies against misselling of insurance policies ,as a result many of the ULIP policies have been asked to be withdrawn. IRDA license made compulsory for those selling insurance policies for the benefit of the the public.
But still many corporate agencies,broker houses, and NBFCs are selling insurance policies flouting all the rules and stipulations made by IRDA. Policies are being sold by giving false promises to the investors telling them they get their money doubled after 5 years .
There is no transparency in selling the policies, even public sector and private sector banks are doing misselling of policies
The very purpose of taking an insurance policy is to compensate the income loss to the family in case of any untimely sudden death happens to the sole bread winner of the family who should be the policy holder. Here policies are being sold to people who dosent have even any regular income or no income. The policies are being sold as an investment. Even the signatures required in the proposal forms are being forged and duplicated since the policy holder resides outside india concealing the very fact.
It is high time the IRDA authorities look into the matter by thorough inspection and audit so that the culprits are to be identified and the innocent public being saved from being stashed away their hard earned money
As a word of caution – INVESTORS BEWARE OF UNSCRUPLOUS INURANCE AGENTS.
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