A 67% growth should be good news, right? Not when it is in the number of complaints. The Insurance Regulatory and Development Authority (Irda) says that customer complaints against life insurance companies increased 67% in 2012-13. Almost 75% of the 1.68 lakh complaints received by the insurance regulator during the year related to malpractice, mis-selling and outright cheating.
Our cover story this week examines the modus operandi of agents who sell expensive, unsuitable and unwanted insurance to unsuspecting customers. One big lie currently doing the rounds is that some of the best-selling plans from LIC are going to be discontinued after the new Irda guidelines come into effect. From 1 January 2014, claim the rumours, policies will become costlier because you will have to pay service tax as well. In the following pages, we separate the facts from the fiction.
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