One more set of people who deserve to be cheated……

‘Subra this representative came and explained the product to me…..I hated it. However as the bank was giving me a loan, I said ‘give me a LEAST damaging product’. He explained a product ‘X’ but i seem to have got product ‘Y’.

Me: why did you not scream the day you got it?

Client: Funnily Subra they sent it to a WRONG ADDRESS….and it went back to them…after that they sent it to me.

Me: Did you tell this to the bank?

C: Yes of course, but the bank says ‘You should have sent it to us before the FREE LOOK IN was over’.

Me: So let me summarize. You applied for a bank loan of ‘X’ amount, so the bank sent another representative who cajoled you into buying a life insurance / pension plan which you actually did not want.

C: Yes, Subra perfect.

Me: The guy came and made a presentation to which you did not pay attention because the premium was ‘ONLY’ 2% of the loan sanctioned.

C: Partially right. I knew I was buying a ULIP and it had 30x the sum assured. So i was getting a decent life cover, so I was not unhappy.

Me: So at least you read through the brochure.

C: Yes Subramoney.com ensured at least that much.

Me: thanks, I was fishing for compliments.

Me: What product did you end up getting?

C: I got a child plan. It pays on my death and pays at the end too, and has much higher charges than the one that was promised to me….

Me: What all did you do?

C: I screamed at the branch manager (the girl who sold the plan to me is now a branch manager in another branch)…then complained to the insurance arm, wrote a letter, and am now planning to complain to the Ombudsman.

Me: If you are so smart, why did you do the super stupid thing?

C: I have not done anything STUPID Subra, mind your tongue.

Me: Oh la la la. You surely signed the BLANK form did you not?

C: Oh….that…..yes…..well,….er….but….lekin, kinthu, paranthu,……………

Me: I rest my case. I think you deserve to be cheated, so pay up the premium for 5 years…..and have fun….

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  1. Hi Subra,

    Unfortunately signing a blank form is not a stupidity in India. It is considered as outsourcing some of your headache in your smart fast life.
    I did like this story. The title of your stories and the take home part of your story does make long lasting impression.

    Thank you,
    Nikhil

  2. Completely agree with this point! Anybody who doesn’t do the homework and purchases any asset deserves to be punished. Not sure if the readers saw the results of Pricol! I reiterate I will not dare to buy a company with such fundamentals. Now, that doesn’t mean the likes of Subra sir will not make money in this company. For retail guys like me, if there is an insider info like if the company plans to de-list or is getting sold, obviously I will not be aware of it 🙁

  3. How can one sign a blank form, without reading name of the product in the heading of the form or a tick mark to select the needed product and crossing out others. That was not a good idea.

  4. We all know the open day light robbery which is happening in hospitals which has only increased in the recent past, but we are not talking about this fraud.

    The medical expenses are increasing day by day and it is beyond the reach of mangoman these days. Many mangomen are insuring themselves to avoid cost. Now the doctors ( Indians are very innovative and unique) started charging more (mostly unnecessary treatments only to rip him off) for the people who are insured.. Ultimately it iis loss to the insurance companies. Unfortunately the insurance idiots are not realizing that. Now who is going to take this on? Another side effect is, once you get used to high costs they costs will be charged to non-insured also.

    On second thoughts, I also cannot say insurance guys are idiots. They will just increase the insurance premium for next year. So ulitmately sufferer is mangaman. That is YOU and ME. A treatment to cataract costs 16K last year is 24 K this year. Imagine the kind of money the hospitals are making.

    Long live India. Jai Hind.

  5. Subra

    This is very common in insurance industry

    Signing a blank document

    Document not getting delivered-and the agents who are mis selling you will ensure that document reaches in your hands when the free look period is over. Insurance Agents know that if you are not taking trouble to fill the form, you will definitely not go to ombudsman.

    All in all, a great article. Just loved it

  6. If you must sign blank form to the agent the insist on the photocopy of the original after it has been filled. In that case, al lease you know where the hole is.

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