Insurance industry in India is one of the leading sectors of our economy and is a significant contributor behind the rise of country’s GDP. But, it is hemorrhaging because some fraudulent minds are draining the endeavors of real insurers by mis-selling policies and some fraud entities committing insurance frauds. IRDA has been issuing warnings to common public to stay alert and not to become prey of mis-selling policies offered online. The question is how alert you are?
Consequence of Mis-selling Insurance Policies in India
With growing possibilities of getting contagious diseases and potential health concerns, insurance is one of the most powerful shields in the hands of human that can safeguard them from their financial difficulties during their unpredictable times. Imagine the consequences of mis-selling wrong products where the seller hard-sell an insurance policy without understanding your actual needs and due to their inadequate knowledge about the product. Yes, after buying such a policy, you would be left with paying unwarranted premiums for years. When the time will come to claim insurance for your needs, you will then realize that the policy does not cover those risks, expenses or claims. Mis-selling of insurance policies is inevitably thriving in the market and causing serious havoc on the wallets of consumers. Unfortunately, the responsibility falls on the poor consumer to first gauge his needs and then thoroughly understand what that policy covers other than the premium amount.
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