In fact, the biggest issue in the complaints related to insurance through NCH and other mediums is that the agent hid the fact of not receiving the claim. Explained the benefits of insurance but hid the conditions required for the claim.
It often happens with customers buying an insurance policy that after taking the policy, many conditions are revealed. It is understood that the insurance agent did not disclose many of the terms and conditions of the policy. Or hid many conditions regarding the claim. But now a recommendation has come from the Consumer Ministry regarding this.
The Consumer Affairs Secretary has written a letter to the Financial Services Secretary, in which some rules have been proposed regarding the disclaimer of conditions.
What are the proposals?
The Consumer Affairs Secretary has proposed that agents will not be able to mislead while selling insurance policies. The letter suggests that agents should keep audio video records of conversations with the customer while selling the policy. Also, it will be mandatory to give details of every party related to the policy to the customer.
In fact, the biggest issue in the complaints related to insurance through NCH and other mediums is that the agent hid the fact of not receiving the claim. Explained the benefits of insurance but hid the conditions required for the claim. These proposals from the Consumer Affairs Secretary are in the interest of the customers. However, the decision in the matter has to be taken by IRDAI.
