Insurance Regulatory and Development Authority of India (IRDAI) has proposed new measures to improve accountability for insurance salespersons and insurers. The consultation paper identifies 12 problematic insurance selling practices, including selling single premium policies without explaining the risks, selling ULIPs to customers without explaining mortality charges, and selling insurance policies to customers who are not in the target age group.
The proposed framework could create a clearer trail of accountability from the policy sold to the person who sold it.
The IRDAI consultation paper highlights 12 problematic insurance selling practices, including:
1. Selling single premium policies without explaining risks
2. Selling ULIPs without explaining mortality charges
3. Selling insurance policies to customers outside the target age group
4. Misleading customers about policy benefits
5. Misleading customers about policy exclusions
6. Misleading customers about policy conditions
7. Misleading customers about policy features
8. Misleading customers about policy returns
9. Misleading customers about policy fees
10. Misleading customers about policy conditions
11. Misleading customers about policy riders
12. Misleading customers about policy guarantees
The IRDAI consultation paper highlights 12 problematic insurance selling practices, including:
1. Selling single premium policies without explaining risks
2. Selling ULIPs without explaining mortality charges
3. Selling insurance policies to customers outside the target age group
4. Misleading customers about policy benefits
5. Misleading customers about policy exclusions
6. Misleading customers about policy conditions
7. Misleading customers about policy features
8. Misleading customers about policy returns
9. Misleading customers about policy fees
10. Misleading customers about policy conditions
11. Misleading customers about policy riders
12. Misleading customers about policy guarantees
The Insurance Regulatory and Development Authority of India (IRDAI) consultation paper highlights 12 problematic insurance selling practices, including:
1. Selling single premium policies without explaining risks
2. Selling ULIPs without explaining mortality charges
3. Selling insurance policies to customers outside the target age group
4. Misleading customers about policy benefits
5. Misleading customers about policy exclusions
6. Misleading customers about policy conditions
7. Misleading customers about policy features
8. Misleading customers about policy returns
9. Misleading customers about policy fees
10. Misleading customers about policy conditions
11. Misleading customers about policy riders
12. Misleading customers about policy guarantees
The Insurance Regulatory and Development Authority of India (IRDAI) consultation paper highlights 12 problematic insurance selling practices, including:
1. Selling single premium policies without explaining risks
2. Selling ULIPs without explaining mortality charges
3. Selling insurance policies to customers outside the target age group
4. Misleading customers about policy benefits
5. Misleading customers about policy exclusions
6. Misleading customers about policy conditions
7. Misleading customers about policy features
8. Misleading customers about policy returns
9. Misleading customers about policy fees
10. Misleading customers about policy conditions
11. Misleading customers about policy riders
12. Misleading customers about policy guarantees