Mis-selling products has become the bane of the insurance industry and it appears no one is untouched by this scourge. One of them was financial services secretary Rajiv Takru. Way back in 1992, he ruefully narrated at an event in Mumbai, he had been a victim of such mis-selling by no less than state-owned Life Insurance Corporation (LIC). After duly paying the premium over the term of the policy, he approached LIC for the maturity value - only to be told he would get the money when he turned 80. Takru said he now needs to wait for 24 more years to get this amount.
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