Insurance : Due to the lack of sufficient information and experience, it is difficult for common people to make decisions about financial products such as investment in stock market, investment in life insurance, purchase of loan or savings certificate, purchase of collective investment fund.
Our decisions can be very effective when multiple benefits and pricing are determined. Some may buy financial products with enthusiasm for our hype or market hype, but soon find out that we have been sold fraud or false advice.
Such problems are prevalent especially in the sale of life insurance plans. Life insurance policies or its brochures are not written in simple language to be understood by common people. Due to the special words or complex technical terms used only in the insurance sector, the insured is deprived from getting enough information or understanding properly.
To participate in the election campaign, only to get clear information about the advantages, disadvantages, features and differences of the policies, one can make the right choice and decide which insurance policy is suitable for him or her.
In order to increase awareness regarding insurance articles and to stop the sale of insurance articles by giving any kind of confusion or giving false assurances to the insured, the Insurance Committee has been alerting them through the Life Insurance Articles Guideline 2078 and from time to time through public notices.
The tendency of insurance agents or employees of insurance companies to sell insurance policies by spreading the illusion that the insured is double the number of insured has not stopped yet. In order to control this trend, the insurance committee should publish a table in which the potential future returns are calculated based on the bonus rate of the last two or three years of the relevant insurer in any communication material related to insurance. In the neighboring country of India, the regulatory body there has made provision for this.
Selling life insurance is definitely not an easy task in our country with low income potential and very low public awareness about insurance. This is a challenging business. In such a business, the insurance agent has a general tendency to give various assurances to the insured and to tie the bonds in order to sell the policy anyway. But it is very important to confirm whether the information given by the agent is correct or incorrect by contacting the head office of the relevant life insurance company via telephone. It helps to us make the right decision.
The characteristics of life insurance are different from other financial instruments. Its basic purpose is to bear the potential financial risk of the insured and at the same time to save some money.
Currently, 19 life insurance companies in operation are selling life insurance policies with almost the same characteristics under the name of their respective companies. Before purchasing any insurance policy, you should be clear about your future needs and the continuity of your source of income. Before meeting the insurance agent and after meeting, you should get information from other sources about the insurance policy you are going to buy and confirm it.
Before buying a life insurance policy, you should get clear information about the sum assured, insurance premiums, features of the insurance policy, conditions for receiving payment. If something is said orally by the agent but is not mentioned in the policy, it should be clear that it is wrong.
You can check whether the information given by the insurance agent or the local staff of the insurance company is correct or incorrect by contacting the respective insurance company’s website, phone number, mobile number, Facebook page messenger, etc. If wrong information has been given, a complaint can be made to the insurance committee through email to seek legal remedies.
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