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Mis-selling happens when insurance products are sold with false promises such as:
Interest free loan or low interest loans will be issued on the insurance policy
Issuing insurance policy in the name of Fixed Deposit (FD) by banks
Issuing insurance policy in the name of getting premium & bonus in lapsed policy
Free health cards will be issued along with the life insurance policy
Regular income from installation of towers on purchase of high value insurance policies
Sold a new policy with the renewal premium payment
Job, free gold coin, international travels etc. on purchase of life insurance policies
With over 100 years of combined insurance expertise, our experts assist you in representing your genuine case to ensure you receive your
rightful claim amount.
Mis-selling of insurance policies refers to the unethical practice where an insurance product is sold to a customer under false promises or without fully disclosing important information about the policy.
You may have been mis-sold an insurance policy if you were provided with misleading information, if the policy does not meet your stated needs, if important terms and conditions were not explained clearly, or you were promised some false benefits that were not fulfilled after the purchase.
If you suspect that you have been mis-sold an insurance policy, you should gather all relevant documents related to the policy, including all the correspondence with the seller. You first need to write to the Insurance company customer care/ GRO. They will respond in 14 days as per the IRDAI guidelines. If you are not satisfied with the response then you can raise the same on Bima Bharosa (IRDAI). If still not happy you may raise to the Ombudsman or consumer court based on the claim amount. In case you need assistance in going through the process with an expert view you may reach out to Insurance Samadhan.
As a consumer who has been mis-sold an insurance policy, you have the right to file a complaint with the insurance company or regulatory authorities. You may also have the right to seek compensation for any financial losses or damages incurred as a result of the mis-selling.
If you believe you've been mis-sold an insurance policy, it's important to keep all documentation related to the policy, including sales materials, policy documents, correspondence with the seller and records of any payments made.