An amazing case of an old man (70 years of age) – I hope all of you read this.
Here was a man who was approached by a life insurance agent who pitched him a product. Not sure if he understood anything of what was told or shown, he nicely signed (alas) and parted with Rs. 25L. This could have been a substantial chunk of his liquid net-worth, and he bought the policy in the name of his daughter. It is a different story that she does not need any life insurance.
He says (as a person who is reporting, I have no clue whether he is lying) that it was sold to him as a SINGLE PREMIUM POLICY. However either the agent or the branch manager at his branch converted it to a regular premium product (2% commission vs 69% commission as was explained to me by another manager).
The clients daughter saw this and screamed MURDER! Of course she was not granted an audience. She went to the police, who said ‘maybe the signatures have been forged’. AS usual the life insurance company told her ‘the 15 day free look in period is over’. Well, as usual she was not even allowed to speak, so the case was closed.
Like many people she wrote to Priyanka Sambhav who runs Pehredar on Cnbc Awaaz – perhaps one of their most recognized programs!
Then the rigmarole started. Priyanka’s emails got a response, and to cut the long story short, the company decided to give the client a refund. The client got the money.
Now the client got greedy. They wanted 16% interest! How lovely.
Here was a person who was not even allowed into their office, was wanting interest! Well the company did pay 6% interest.
Why does it take a Sucheta Dalal or a Priyanka Sambhav to shout, scream, threaten for a customer to get justice?
Why does it take Moneylife, or a Pehredar to get a refund for a customer?
What happens to customers who cannot reach any of these people?
I know the person who gave the refund – I refuse to mention his/her name – and that person has spent his/her lifetime in this industry. Does that person not know a mis-sell when he/she sees one?
Why does the @#$%^&&* client sign papers without understanding what he/she is signing? Does it require a PhD in rocket science to know that he/she does not require a life insurance product at age 70? Why could the client not say ‘ask my daughter she looks after my money’?
Why does the CEO not have an internal committee to look at complaints?
Happy to have been part of the program where we discussed this case. By the way did u notice that Pehredar is the only program which calls me for a view? I have now been branded in that category, I presume. Grrrrrrrrrrr….!!
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