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Product mis-selling top-most complaint in life insurance but shows y-o-y decline

The finding was made by Integrated Grievance Management System, the repository of the insurance industry complaints

M Saraswathy  |  Mumbai 

Mis-selling complaints which dominates the type of grievances in the life insurance industry has seen a reduction in FY15 compared to FY14, said Insurance Regulatory and Development Authority of India (IRDAI) Annual Report 2014-15. Data showed that unfair business practice complaints, also called mis-selling, constituted the largest class of complaints accounting for 52% of the complaints in life sector during 2014-15. However, they saw a drop as against 56% during 2013-14. This was followed by policy-servicing related complaints, which constituted 20% of the total complaints in the life ...

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First Published: Thu, January 28 2016. 14:03 IST
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