Purchasing financial products can be difficult. An array of choices, multiple benefits and pricing can greatly influence our buying decision. Sometimes we end up purchasing with much gusto only to realise that we were misled - some features are missing, the offerings are very different from what was mentioned in the label and soon enough, you know this was a classic case of mis-selling. This is especially true for life insurance products. The complexity involved in understanding financial products like life insurance is one of the reasons behind low insurance penetration in India. It can be a significant setback for customers, considering the financial commitment being made by our customers, only to realise the policy is unsuitable and does not meet the needs of the policyholder.
Date : 21 Feb 2022