Insurance as sold in Manipur : A message to our Fellow Manipur Residents
Dinesh S *
This mail, I am writing to tell you about an important issue, that, I firmly believe is veyr important for our fellow brothers and sisters. It is about the recent growth of Life Insurance Business, and especially, the way it is being conducted in Manipur.
My brother in law, who is in a good job outside Manipur and was in Imphal recently was approached by atleast 3 life insurance agents, who are known to us. They spoke to us about Insurance Plans and how these plans can give people a good monetory benefit. All three of them said one thing in common... growth in money. This particularly got my attention as I have come across quite a few articles and news pieces that make people aware of how insurance has recently been sold in India.
An agent, would ideally get a commission for selling insurance policies which may go upto 40% of the money we pay. Of course, this commission is payable from our own money itself. The way all the three people told us about insurance was that it would give a return of 16 to 18 percent and that too guaranteed.
This is not true. IRDA, that governs the Insurance business in India, strictly stipulates that an agent should only tell about a growth of 6% or 10% and that too non guaranteed, specially in Market Linked policies. However, this is not the way it is being told currently, it seems from our experience.
You can see the following links that will tell you about recent rise in mis-selling of Insurance in India, that made the people who put their hard earned money suffer. I have also attached a report by Ernst & Young that talks about how Frauds in Insurance have been rising and how much loss do they bring to us.
I would sincerely request you to go to these websites, study them and share this important imformation with our brothers and sisters so that they can make an informed choice.
Some important links are -
http://ininsurepro.blogspot.in/
Frauds blow a hole in Insurance Firms
http://indiatoday.intoday.in/
Insurance Frauds Research
http://insurancefrauds.blogspot.in/
* Dinesh S is a regular contributor to e-pao.net
The sender can be contacted at lets(dot)change(dot)for(dot)better(at)gmail(dot)com
This article was posted on July 03, 2012
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