Mis-selling of a different kind: Are PMJJBY, PMSBY statistical illusions?

If awareness remains low, frauds persist and genuine claims continue to be rejected, these initiatives will be successes only on paper, with negligible on-ground impact

We are all aware of the phenomenon of mis-selling of insurance and mutual fund products at bank branches across India. Some banks are more aggressive in this respect than others. A few relationship managers are more target-driven than their peers. On social media, we often come across videos of bosses abusing branch bankers for missing targets.

 

This is, however, only one side of the story. There’s another, where the sufferers are mostly poor people -- those who form the bottom of the pyramid.

 

Two insurance products involved here are the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and the Pradhan