Too many times we have screamed that the BFSI space is customer unfriendly….let us see what we can do about it. More importantly, what the IRDA should do:
1. They should be allowed to sell ULIP ONLY to a person who already has a term insurance of Rs. 10,00,000.
2. When they are selling to a senior citizen (buying on behalf of somebody else because a 70 year old cannot buy life insurance anyway for himself) 2 managers of the life insurance company should sign a personal declaration that THEY (not just the agent) have explained the product to the client. One of them should be from operations or compliance.
3. When we go to shop and ask for Bournvita he gives it to us. Ditto when we ask for horlicks. However, when we ask for sleeping pills, we are asked ‘do you have a prescription’. Exactly like this ULIP should be sold only on a prescription.
4. There has to be a proper sales process, and the client’s signature should be obtained in the ‘customer appropriateness form’. This should be counter signed by the ‘beneficiary’ (if the father is buying on behalf of a major son/daughter). A copy of all this should be sent to the customer.
5. Why the hell cannot a company refund the premium after 45 days? why this 15 day deadline (which is from the date of receiving the policy document) and brilliantly manipulated by the operating staff?
6. Customers who find the TV/ fridge INAPPROPRIATE can return it even after some time…why can this not be made applicable to life insurance too? Cut the costs like medical expenses, stamp fees and give the refund.
7. Mis selling is far far greater than selling. If the CEOs and the IRDA do not know this, I will be amused. High time the managing director started issuing a monthly statement saying ‘there has been no mis-selling by any of my staff or agents’.
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