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Mis-selling in Insurance Industry

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India is a country with a population of over 1.3 billion. There is a substantial percentage which is still unable to pay for the medical expenses. This is where insurance comes into play. There are 35 insurance companies in India. They sell insurance policies which provide protection against financial risks, medical emergencies and accidents. However, these insurance policies have been mis-sold by many people, who have exploited loopholes in the law to sell them without informing customers about their limitations and exclusions. This can lead to huge losses for policyholders due to the lack of information about their coverage. Despite the awareness drives by IRDAI and the Insurance Companies, common man are falling in trap of insurance mis-selling and Fraud. Such instances bring down the trust in Insurance and also spoils the reputation of the company. Read how one of our customer was misled into purchasing an insurance policy involving a premium of Rs 60,000/- Mr. Ganesh Gowd
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6 Reasons Why Insurance Companies Might Reject Your Claim

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  When you buy an insurance policy, you expect that in your difficult times the insurance company will help us financially. But what if the claim gets rejected at the time of loss?? When a loss occurs, you need to send an intimation to the insurance company with the policy form and the necessary documents. Subsequently, the insurance company will investigate such a claim and thereafter, decide whether to approve the claim or deny it. If your claim gets approved, the company will pay the amount to the insured or the beneficiary. However, if your claim is rejected, then the company will send you a claim rejection notice wherein they will mention the reason for the insurance claim rejection . Reasons for Insurance Claim Rejection 1.     Concealment of Facts : If you have not disclosed your correct information, which might affect the level of risk involved in insuring such risk, then the insurance company can reject the claim. 2.       Suicide : Claim is not payable if death has happened
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