You buy insurance for security. So be extra careful when you buy it. It is worth taking care of a few crucial aspects during this process.
Mis-selling by insurers and their intermediaries is something you have to be cautious about. IRDAI keeps a tab on unethical practices by entities selling insurance based on unfounded promises.
Your insurance company and intermediary have to act according to the Code of Conduct prescribed by IRDAI, the industry councils and the relevant recognised professional association
In case of complaints about mis-selling IRDAI examines the matter and issues an appropriate notice of caution on its website for public information.
Here are some Dos and Don’ts for buying insurance carefully:
- Do not sign a blank proposal form or leave any portion unanswered
- Do not conceal relevant information or make any misstatements as it may lead to disputes at the time of a claim
Click here to see Press Release on Misleading Sales Literature on a ULIP