These days selling life insurance is very difficult, well that is what we are told. That is true if you explain all the features in the policy. If you were to simply do a mis-selling, then like other things in life, it is possible to come out unscathed!

So the people in the industry try all kind of tricks – mostly with the covert co-operation of the powers that be. Some tricks are obvious, some are not so obvious that is all…here is a story, which you must hear (well, read! in this case)

A new agent joined a private life insurance company. He took about one month to start and then started blazing all records in sales. Like they say “Din Dhugni raat Chougni” sales was happening. He was brilliant, absolutely brilliant. His immediate manager wanted to go with him on a sales call – one does not know whether out of sheer admiration, or take credit, or sheer jealousy.

The call started…the client agreed to buy a policy. Then the client asked the most hated, but most asked question¬†¬† “Is it not better to buy from Life Insurance Corporation of India” (a.k.a LIC?)

So, the agent gave a billion dollar reply…”Sir India is a growing market. LIC is unable to reach all places, so the government has asked LIC to open many divisions…so we are all “ABC Life insurance coroporation of India”. “DEF Life insurance corporation of India”….

so sir now LIC has 14 more divisions….that is all.

Obviously everybody is happy with the sale….who will complain?

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  1. Time for LIC to change its name from something so generic to something specific…say like MNLIC, JNLIC, IGLIC, RGLIC, or SGLIC. Or maybe to make it party independent, we can have Sardar Vallabhbhai LIC, Subhash Chandra Bose LIC, or even the ultimate: MGLIC!

  2. 7 years back when my friend studying MBA, he was introduced to this ULIP selling business of a private insurance company. Even he doesn’t know this is mis-selling (his aim is only meet target & generallly share the info of how much commission he gets to the buyer). His father introduced him to some of his friends who agreed to buy policies from him. In mean time my friend took forms & reached them, they took ADVICE of an LIC agent & they were told “LIC policy return is guaranteed by Government of India & that private insurance policy is NOT”.

    when my friend visited them with forms he was asked to give a written confirmation that their capital is PROTECTED. My friend doesn’t know what to say & simply left.

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