Seminar on Life Insurance - FY 2012-13
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Seminar on Life Insurance - FY 2012-13

IRDA - Seminar on Life Insurance - FY 2012-13
A seminar on “Life Insurance” was organised by M/s Consumer Guidance Society on August 26, 2012 at Vijayawada, Andhra Pradesh.There were around 100 participants representing local consumer bodies operating in coastal areas, RTI activists and lawyers from the various Districts and States, with rural/semi-urban background.

Mr AML Narasimha Rao, President, District Consumer Forum has inaugurated the seminar and was the chief Guest for the occasion. He advised the public at large to be truthful, candid and honest in filling proposal forms. Mrs KGPL Rama Devi, Deputy Director and Mr DVS Ramesh, Deputy Director of IRDA attended the seminar and gave presentations on “ “Policyholders’ Protection and Education” and “Life Insurance –practices and procedures”respectively. The importance of insurance education to the buyer, as a part of Caveat Emptor to prevent mis-selling was also stressed upon by the IRDA speakers. Mr M VSyam Sundar, Secretary, Corporate Frauds Watch, Vijayawadaand Professor Rajasekhar Mouly made presentations on the topic “Addressing issues relating to unfair trade practices, mis-selling and deficiencylife insurance policies” . Mr Syam Sundar, cautioned the people to subscribe a unit linked policy only after thoroughly knowing the risks involved in it.Dr. Diwakar Babu, Secretary, Consumer Guidance Society and Advocate spoke on Consumer Rights in Consumer Protection Act , Grievance Redressal Mechanism and other formal remedies available to the aggrieved policyholders and their nominees.

The participants are well acquainted with information on consumer rights and there was a unanimous opinion expressed by most of the participants that IRDA should play a more proactive role in safeguarding the interests of the policyholders and curb unfair trade practices in the insurance sector.

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