SBI Life Found Guilty For Mis-leading Policies


BANGALORE: Recently the Allahabad High Court found SBI Life guilty for selling a policy without giving the exact information to the customer, which then led to the complete wipe out of his investment. The court further ruled out that the insurer could not even reply satisfactorily on whether he had explained the terms and conditions to the policy holder correctly. Also if the insurer would have explained all the consequences of taking this particular policy along with the deduction of mortality charges at 625 percent then the policy holder would not have chosen it as an investment for sure. In this case even IRDA was found guilty for not examining the policies well. Thus according to the verdict, the policy holder will be getting his investment money back along with the expenses for filing petition.

Insurance policies and United Linked Insurance products are some of the essentials in an individual’s life. But whenever you go for such insurance products try to be a bit careful. There are many who sell life insurance policies for their own gain and for this they can mislead the customers to the core. In simple words few insurance companies make a trap to squeeze money from the customers.

Every individual in this world will have their own bank accounts in a bank and there are also chances that there might be people who have most of their accounts in one bank. If a customer has more accounts in one bank then he or she believes in that particular bank blindly. This trust of a customer to his or her bank is taken for granted by the agents of the bank. As the bank is aware of all the balances in your account, they would start suggesting you to buy certain insurance products. Their next step would be explaining you about the benefits of buying these insurance products. While explaining they would have everything ready with them the brochures, numbers will be circled, final return values will be discussed.