NEW DELHI: Financial services secretary Vivek Joshi has said that public sector banks have been asked to check mis-selling of insurance products and ensure protection of account holders‘ interest. Banks have been sensitised on the matter, as the Department of Financial Services (DFS) regularly gets complaints that fraudulent and unethical practices are being adopted by … Read more
NEW DELHI: Soon, insurance agents may be required to maintain audio-visual records of their sales pitch, where they must read out a summary of the policy features to prospective buyers.With multiple cases in consumer forums and thousands of complaints of mis-selling, the consumer affairs department has written to the finance ministry seeking a change in … Read more
MUMBAI: If you realise that you have been a victim of mis-selling by an insurance agent, and wish to surrender your policy, you are unlikely to lose out a major portion of the premium paid.Irdai has proposed new rules to protect policyholders‘ interests under which insurance companies will have to substantially increase the amount they … Read more
NEW DELHI: Insurance companies have to keep a check on incidents of mis-selling, Insurance Ombudsman Delhi region Sunita Sharma said on Monday. Stressing that customers are the king and insurers are in existence because of customers, she said companies should avoid mis-selling products. Sharma, a former LIC MD, said usually companies engage customers till the … Read more