Life insurance is plagued with several issues of mis-selling by intermediaries and even more by banks. Moneylife Foundation has handed over a memorandum to IRDA which highlights the citizens' concerns
Insurance Regulatory and Development Authority (IRDA) has the task of keeping insurance companies in check from mis-selling and profiting from toxic products. IRDA has initiated several steps in this direction. There is always scope for improvement and hence Moneylife foundation decided to meet number of activists, experts, eminent citizens and citizens groups to get their feedback. The issues along with required actions were put in memorandum and given to IRDA on May 10, 2012.
Life insurance issues range from mis-selling by officers of insurance companies which includes forgery and falsification of documents, bancassurance channel which has seen rampant mis-selling, deep reluctance on the part of insurers to sell term plans, traditional products carrying high commission which means poor returns for customers and insurers profiting from lapsed policies and toxic products and so. These are other issues are contained in the memorandum Moneylife Foundation has submitted to the IRDA. A copy is uploaded here.
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