Insurance Industry in India is one of the leading sectors of our economy and is a significant contributor behind the rise of country’s GDP. But it is haemorrhaging because some fraudulent minds are draining the endeavours of real insurers by misinterpretation of the policies and also due to some fraud entities committing insurance frauds. IRDA has been issuing warnings to common public to stay alert so they are not harmed by these misinterpreted policies offered online.
The question is how alert you are?
Consequence of misinterpreted Insurance Policies in India
With growing possibilities of getting contagious diseases and potential health concerns, insurance is one of the most powerful shields in the hands of human that can safeguard them from their financial difficulties during their unpredictable times. Imagine the consequences of Misinterpretation of Products where the seller strongly pitches an insurance policy without understanding your actual needs and due to their inadequate knowledge about the product. Yes, after buying such a policy, you would be left with paying unwarranted premiums for years. During the time of claiming the insurance for your needs, you will realize that the policy does not cover those risks, expenses or claims. Misinterpretation of Insurance Policies is inevitably thriving in the market and causing major destruction on the hard earned incomes of the consumers. Unfortunately, the responsibility is born by the consumer only, to first gauge his needs and then thoroughly understand what that policy covers other than the premium amount.