When you focus too much on returns on risk ignoring your requirement, there is a fair chance that you may be mis-buying.
Even as a RBI report released on June 28 favoured distribution of insurance products by banks, it warned of possibility of misselling, especially in the light of reported attractive performance-linked incentives for banks' staff and management
Concerned over "mis-selling" of third party products like insurance by banks, the Reserve Bank has warned of regulatory action against them.
SBI Life, the life-insurance arm of State Bank of India, will contest a Rs 275-crore refund order that the Insurance Regulatory and Development Authority issued Tuesday in relation with a case of alleged misselling of a group insurance policy, MD and CEO Atanu Sen told CNBC-TV18.
Insurance regulator Irda‘s continuing campaign to curb misselling of insurance products has caught web aggregators in its cross-hairs. The regulator has proposed stricter rules that these websites which compile and provide information on policies of various insurance companies must adhere to, reports CNBC-TV18‘s Manasvi Ghelani.