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POSTED BY ON December 5, 2013 8:33 am COMMENTS (5)
Yesterday, i got a call from policybazaar executive. I told her that i have aterm cover of Rs 1 cr (annual package of 10,00,000)
She was saying that as per IRDA rules and (some) government rule the risk cover should be 20 times your CTC and hence I should buy Rs 2 Cr risk cover. Do you have any such experience of misselling and confusing customers ??
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Just to add on the earlier point, in order to justify her nonsense she told me that the call is getting recorded . I asked her to give me the reference no. She simply refused, and cut the call! Jago grahak jago……
Rahul
I am not sure if I can put this in misselling/confusing category, but when seeking for a car insurance renewal, they did go out of their way to prevent me from buying TATA-AIG….I asked them to provide me with solid data instead of just indulging in slander and mud-slinging. Never heard back again!
There is no IRDA or government rule for this. At the most, there can be guidelines.
Still, I have another view for this.
Whoever suggests you a term plan is your well-wisher and whoever suggests you a ULIP is his/her own well-wisher.
Dear Rahul123,
I could not understand the meaning of “term cover of Rs 1 cr (annual package of 10,00,000).”
Please clarify,
Thanks,
Kuntal.
Dear Rahul,
U meant that your annual income is 10,00,000. Sorry that I could not understand clearly. My mistake. I am SORRY. U have done the right thing by taking a term cover @ 10 times your annual income.
Thanks,
Kuntal.