Category: Blogs
Friday, December 21, 2012
Misselling or Misbuying Whats your case

  


 

In the last decade or so Insurance as a product has surely featured amongst the must haves of working adults in India. But when a young adult goes about identifying the right insurance product in the market he sometimes falls victim to either Misselling by the Insurance agent or Misbuying of the product by himself.

Let’s look at Insurance as a product, where both mis-selling and mis-buying seems to be happening here more frequently in recent times. Let’s understand first why does Misselling by an Insurance agent occur, in my opinion when there is an Insurance Agent ‘selling’ a policy for his company the chances of misselling occurs because there is possibility that the customer may not need the policy being ‘sold’ to him.

I am calling the sale here a mis-sell as there is the possibility that that the applicant may not need that particular policy and he would have probably signed or opted for policy for other reasons apart from a need being taken cared of in the policy.

There is also the case of Misbuying which happens when an applicant directly applies for a particular policy totally on his own research and good will, doing one’s own research is good but again it would always be prudent to take the help of an independent expert as he would be able to look into the finer details of the insurance policy.

Today applicants can avail of the services of an insurance broker who being qualified would be in a better position to offer the applicant various insurance policies which he can choose to compare, the broker would also advise him on which of the policies would be better suited to cover the insurance needs of his and his family.

Thus the broker would act like a suitable bridge between the applicant and insurance company. Here we at SIBPL we have a team of professionals who are experts and would surely guide you on which would be the right insurance policy for you, so why wait do call up and speak to us right away to identify which is the right insurance policy that you need.

Disclaimer:

1. Views as are mentioned in the article are personal views of Author and nothing to link with Co., its Director and Employees.

2. All investments are subject to market risk and you need to consult your financial advisor/consultant before investment

 

  • Katerina

    This is a most usuefl contribution to the debate


  • Mabelle

    This has made my day. I wish all potisngs were this good.


Leave a Reply
ATTENTION INVESTORS:
Precautions for clients dealing in options • || • Investor Charter : Annexure A – Stock Broker | Annexure A – Research Analyst (RA) | Annexure A – DP | Annexure B - DP • || • Advisory for KYC updation • || • Advisory for Investors • || • Investor Awareness regarding the revised guidelines on Margin Collection • || • Link your Aadhar number with us here. • || • IPO Subscription: " UPI Mechanism is Compulsory for Retail Investors, No Cheque Required. No worries for refund as the money remains in investor's account." • || • Prevent Unauthorized Transactions in your Demat Account remains in investor's account." • || • Prevent Unauthorized Transactions in your Demat Account- Update your Mobile Number with your Depository Participant. Receive alerts on your Registered Mobile number for all debit and other important transactions in your demat account directly from CDSL on the same day. “ISSUED IN THE INTEREST OF INVESTORS” "Prevent unauthorised transactions in your account --> Update your mobile numbers/email IDs with your stock brokers. Receive information of your transactions directly from Exchange on your mobile/email at the end of the day . Issued in the interest of Investors."
Registered Office : Sushil Financial Services Private Limited., 12, Homji Street Fort Mumbai-400 001 • Tel. No. +91-22-40936000 • Fax No. +91-22-22665758 • Email: info@sushilfinance.com

KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary. Receive alerts on your Registered Mobile number for all debit and other important transactions in your demat account directly from CDSL on the same day. Prevent unauthorised transactions in your account Update your mobile numbers/email IDs with your stock brokers. Receive information of your transactions directly from Exchange on your mobile/email at the end of the day.
Sushil Financial Services Private Limited - Member : BSE/ NSE. SEBI Registration No. - INZ000165135. Depository Participant (CDSL) SEBI Registration No.- IN-DP-504-2020. Research Analyst SEBI Registration No.- INH000000867. Distributor of Mutual funds and IPO - ARN No.77875. Sushil Capital Private Limited - NBFC No. N -13.01901
© 2022 Sushil Finance. All rights reserved.