missell of insurance policy
ashutosh
(Querist) 13 September 2015
This query is : Resolved
Dear Team,
I am a banker and i sell a life insurance policy to the customer with the customer concet. The customer sign the proposal form and also attend the welcome call by the insurance company in which the company agent discuss all the product and features of the policy plan with the customer and take the customer concet for issuing his policy.
And after 6 months the customer guided by his friend that you can be cheated by bank and the customer call me and threatening me that he case the f.i.r against me and take the legal action against me that i missell the policy to him
Pls guide me is this a missell to him by me and if he goes to the court is the legal action taken against me.
Regards
Ashutosh
8146889166
Kumar Doab
(Expert) 13 September 2015
Insurance is most profitable product for the banks.
Banks have been getting as much as 60% of First year premium as commission and then commission each year the premium is paid.
Banks have been considered a hotspot as Banks have ready made data of HNI, NRI,PIO, etc................... customers, and usually people believe in bank and banker.
The bankers that are involved in selling insurance get fat incentives.
You must have cleared the III Exam and must have been trained by the Bank as well.
Since you have been selling insurance on behalf of the bank you must be knowing how the insurance is sold in and out.
According to you what is mis-selling!
ashutosh
(Querist) 13 September 2015
Sir,according to me misselling is if you sign the forge signs of the customer in the proposal form and you attend the customer call by providing my mob no in the customer policy that is misselling
But when i discuss all the terms and conditions to the policy holder and also the insurance advisor discuss all the features of the policy to the customer and the customer give his consent to issue his policy and he also knows the 15 days freelook period in that case i want to know that is the legal action taken against me.
Anirudh
(Expert) 13 September 2015
Let him file the case. Then only you will come to know what he is alleging and what your answer for that is. Presently your query is too premature.
Kumar Doab
(Expert) 13 September 2015
Upto an extent your understanding is correct.
You may handover the brochure of the insurance policy as printed by the insurance company and having UIN and printing date on it and also illustration showing tentative returns and let the customer fill the proposal form himself/herself.
If your company has mandated that upto limit of the premium/SA.................in addition to the insurance adviser, UM/BM etc shall also call comply to the procedure..........and check what was conveyed by the insurance adviser!
Rajendra K Goyal
(Expert) 14 September 2015
Let the customer take legal steps and proceed accordingly his steps.
Kumar Doab
(Expert) 14 September 2015
Answer the points raised by Mr.Sudhir Kumar.
ashutosh
(Querist) 15 September 2015
No i am not promising anything to the customer that was not in brochure
Sudhir Kumar, Advocate
(Expert) 16 September 2015
then on what grounds he is saying that you missold the policy.
T. Kalaiselvan, Advocate
(Expert) 21 September 2015
What is the reason that the customer holding your for cheating him by selling the insurance policy, do you have any idea, if you know the reason, why dont you discuss that issue instead of discussing the general concept?
Let the customer initiate any action, see what is pointed against you is genuine or not then take defensive action accordingly.
