Mis-selling in Insurance Industry
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