How are vulnerable groups mis-sold life insurance policies?
The elderly and low-income individuals are more susceptible to these unethical practices
- Oct 26, 2023,
- Updated Oct 26, 2023 8:48 AM IST
Unfortunately, mis-selling and dishonest practices in different sectors of the economy are common issues affecting many consumers. Certain demographics, in particular the elderly and low-income individuals, may be more susceptible to these unethical practices due to various reasons. Here, we examine how and why these groups are more vulnerable and look at the protective measures that have been put in place to guard against such exploitation.
Elderly or low-income groups tend to be more susceptible to mis-selling insurance policies and dishonest practices. Typically, insurance companies and agents target senior citizens, homemakers, and other low-income groups in these ways -
Individuals can also raise a complaint at Irdai's Bima Bharosa platform, which the company will respond to within 14 days.
“They can opt to contact the Insurance/Banking Ombudsman if the response they availed from the company and Bima Bharosa is dissatisfactory. If all fails, they can seek a grievance at the consumer court,” said Arora.
Unfortunately, mis-selling and dishonest practices in different sectors of the economy are common issues affecting many consumers. Certain demographics, in particular the elderly and low-income individuals, may be more susceptible to these unethical practices due to various reasons. Here, we examine how and why these groups are more vulnerable and look at the protective measures that have been put in place to guard against such exploitation.
Elderly or low-income groups tend to be more susceptible to mis-selling insurance policies and dishonest practices. Typically, insurance companies and agents target senior citizens, homemakers, and other low-income groups in these ways -
Individuals can also raise a complaint at Irdai's Bima Bharosa platform, which the company will respond to within 14 days.
“They can opt to contact the Insurance/Banking Ombudsman if the response they availed from the company and Bima Bharosa is dissatisfactory. If all fails, they can seek a grievance at the consumer court,” said Arora.