There is a need to review the products sold by insurance firms
IRDA against mis-selling of insurance products
MUMBAI: Lashing out against the practice of mis-selling of insurance products, the IRDA on Monday asked the industry to offer simpler products to customers that are very easy to understand.
Stating that some of the products, which have come into the markets recently has not been able to address the real needs of the customer, T.S. Vijayan, chairman, IRDA said that there is a need to review the products sold by insurance firms.
While addressing the 16th annual insurance conference organised by FICCI, he said, “At some period of time, the industry has lost focus on the customers. It is time that the regulator takes a view on the products and innovations and puts in place a regulatory mechanism where reasonable protection can be given to the consumer.
The industry should make a consumer understand so that the tag of mis-selling can be removed”.
( Source : dc correspondent )
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