FRAUDULANT SELLING OF INSURANCE POLICIES BY MNC FIRMS
WHILE SELLING THE POLICIES THE AGENTS LURE THE GULLIBLE CUSTOMERS BY PROMISING HIGH RETURNS AND BETTER CUSTOMER SERVICE. BUT IF WE HAVE TO SURRENDER POLICIES AFTER 3 YEAR PAYMENT OF PREMIUMS MNCs SAY THAT WE WILL GET ONLY 30% OF PREMIUMS PAID EXCLUDING THRE FIRST PREMIUM. I HAVE BEEN DUPED BY TATA-AIA AND KOTAKMAHINDRA AFTER INVESTING MORE THAN 2 LAKHS. NOW THEY SAY I WILL GET ONLY 50,000 IF I SURRENDER AFTER 5 YEARS.HOW IRDA HAS APPROVED SUCH DUBIOUS POLICIES. EVEN IF I HAD INVESTED IN FIXED DEPOSITS I WOULD HAVE GOT MINIMUM 108% OF INVESTMENT MADE .I HAVE COMPLAINED TO IRDA .BUT THEY ARE NOT HELPFUL. more
I have experienced with Gurgon Consumer Forum, "Hryn Stte Commission and Nationl commission where these bodies relied on (a) layman's opinion ignoring valid documents and facts, (b) these bodies have found nothing wrong in the insurnce company filinng fake, fabricted, doctored, forged document's photocopy and without even verifying the original of the fake document, ordered in favor of the insurance company and the advisor who happened to be its group company - a bank.
Would Mr. Dattatraya like to state that fke documents are the proper documents as against genuine and valid documents.
Coming to invest products being dealt by the insurnce companies, why should an insurance company be allowed to cater to investment products when there are investment professionals and companies?
Secondly, the legal or otherwise conditions apart from their standard conditions, they pre-print the same in very small print to discourage the consumer who intends to go through the same. Also, these T&C forms are not given for perusal berfore the policy is bought and paid for.
In this regard, even the Hon'ble Supreme Court had in its ruling stated that such pre-printed forms do not necessarily mean that the signing consumer has read and understood and agreed to the same as they are not specifically drawn independently for the consumer.
Thirdly, these insurnce company deplete your invested money under the guise of "FUND MANAGEMENT FEE" which they don't disclose before one makes the invesment and once hoodwinked into committing the investment, the consumer is handicapped and learns that his investment has actually been reduced to adjust the fund management fee and the original invested amount stands reduced.
As one gentleman reflected, even in an ordinary fixed deposit scheme, one earns interest accruals albeit meagre amounts but investment with these insurance companies and banks would actually find the original amounnt eaten away than gaining any profits. more
G.K.Naidu, Hyderabad more