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How Agents are Misselling LIC’s Wealth Plus


What other Govt bodies have to say

Ministry of Consumer Affairs, Food and Public Distribution through “Jago Grahak Jago” also acknowledged that such misleading things are taking place and hence warned investors to refrain themselves from such high return promises.

D Swaroop(PFRDA Chairman) committee on investor awareness & protection states that “The chief cause of mis-selling is the incentive structure that induces agents to look after their own interest rather than that of the customer. If that were not true, the average sum assured of the insured Indian would be higher than the current Rs 90,000.”

Now when a bread earner of an average Indian family dies untimely, do you think his family will survive for the rest of their life with less than Rs. 90,000 ? Insurance is meant to cover risk of untimely death first and investment and tax savings are secondary criteria. But we the Indians, have been taught Insurance as an investment first, tax savings second and then somewhere in the last we talk of insurance as well. Now again such practice of mis-selling has emerged and agents are targeting LIC’s new product Wealth Plus.
What is LIC Wealth Plus Product
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