What is the process to report misselling of Life Insurance

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These days we come across many stories where the customers are sold insurance not on the basis of the need but with promises of extra bonus, getting money stuck in old policies, a gold coin, free health insurance and OPD cover, loan, promise of Job or agency and many more

Insurance is the most important protection for the family but when sold with wrong commitments often create mistrust and a bad experience with the customers. Some customers are sold multiple policies as Fixed Deposits with commitment of high returns and they realise in the next year that it was a regular premium insurance. This also accounts for a kind of misselling.

Insurance Samadhan

The Insurance companies are trying to do their best by doing verification calls where they explain the product and also ask if any incentive or loan is offered on the policy. We must listen carefully and answer such calls for our own good and safety. Some companies are doing video verification calls also to safeguard the customer. Insurance company also gives you 15 days freelook period to read your policy document and check if what was committed is given in writing. In case you have found something, which was wrongly told and you do not agree to the contract, contact your insurer immediately and they will refund the premium paid.

Also Read: How life insurance agents are mis-selling Insurance Policy?

Still if you get trapped in misselling what should you do?

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How to make a Life Insurance Mis Selling Complaint:

  1. Immediately call and inform your Insurance company and submit the complaint in writing to the nearest branch or write a mail informing them.
  2. Stop your ECS to stop auto debit of the next premium in case you cannot continue the policy.
  3. Insurance company will initiate investigation based on your complaint.
  4. They will give you response within 14 days.
  5. In case you are not happy with the resolution, you can call or write to IRDA.
  6. The company will again investigate and will provide you resolution in 14 days.
  7. You can move to Ombudsman where you submit the complaint in writing after the insurer rejects your compliant.
  8. If required you can file your case in consumer court or other courts depending on the type of complaint and the amount involved.

The Insurance companies are happy looking and investigating your complaints. You must represent complete facts truly and share all the relevant information required by the investigating officer assigned to your case.

In case you are unable to understand how to represent your case at various forums or your complaint is rejected and you strongly believe that the policies have been missold you can reach out to Insurance Samadhan. We shall understand your experience and will help you through the entire process of correctly representing your case. The entire journey will need your involvement and patience to get the desired resolution.

Insurance Samadhan

Insurance Samadhan has provided resolutions in over 13500 cases related to insurance grievances in last 20 months and aims to build a grievance free eco system for the growth of Insurance Business.

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To reach us at Insurance Samadhan

Call us at – 9513631312

Mail us at – corporate@insurancesamadhan.com

Register your insurance complaint here

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Shilpa Arora

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