Now-a-days insurance companies have tied up with banks to sell their insurance policies. The bank staff sitting at front desks whom you have to contact for your routine bank functions insist you to buy a certain insurance policy. If you do not oblige them, they turn vindictive and create hurdles in your day-to-day bank transactions. What to do? If you are a regular visitor to bank, you have to fall prey to such mis-selling by bank staff whose insistence for selling a certain insurance policy is more vigorous insistence than a beggar sitting outside a temple.
Re: Investors is helpless to mis-selling
by dinessh pherwani on Nov 22, 2017 10:03 AM
There should be a law making it binding upon bank staff to not to insist for a certain insurance policy to a bank customer second time whom you have informed or requested once.
As a distributor, too often, I face only 3 questions from investors buying insurance or even other financial products. Firstly, whether it offers 80 C benefits, second where do I sign and thirdly, what name do you want the cheque in ? Investors tell me that they do not have the time to understand the product, it must be good, though it is their own money at risk. As pointed out correctly, investors have no clue what product they have bought and get very defensive when they are asked for details, because I try to sell useful products. Mis-selling is rampant, undoubtedly, but I wish that investors asked some questions before they signed the cheque !
