Make correct disclosures with your agent to avoid 'mis-selling' of policies

Even if the agent fills up the form, it is your responsibility to ensure that there is no suppression of key facts

A 70-year-old Mumbai-based gynaecologist (name not revealed on request) was sold a life insurance policy. The agent told her that she would become entitled to pension for life by paying just one premium. When the policy document arrived, she put it away without examining it. Later, she found that she had to pay the premium of Rs 300,000 for 20 years before she would start receiving the pension. In this case, the insurer relented after a while and refunded her money. But a large number of customers who are mis-sold life insurance policies fight an uphill battle to get their