The client is a senior citizen who has (had) a 49 year old daughter. Father deals with a different bank, daughter deals with a different bank.

Father’s banker asks the daughter to take a ULIP (AS usual). Daughter reluctant takes a policy. Banker as usual goes with a clerk (called manager of course) from the life insurance company.

As usual the daughter only signs the form. The details have been filled in by the clerk (aka manager) and the RM. Of course both being close to illiterate may not have filled the form correctly.

Client signs the form. Pays premium.

Tragedy strikes. Daughter dies after contracting an illness which was not there (allegedly, I am just an advocate, not a judge, I do not know the facts, just quoting what was told to me).

Claim gets rejected. Premium refunded.

Insurance company says “she already had the illness”.

Bank tells the senior citizen “Insurer’s decision is final”. Bank does not even protest. RM oblivious to the problem.

Senior citizen indifferent – has no ability to fight the system.

THIS IS THE IMPORTANCE OF HAVING A GOOD AGENT. No, in term insurance I am not suggesting that you go through an agent, but at least know what you are filling in the form.

In this country you need a huge army to fight the BFSI system even to get what is rightfully yours.

http://www.subramoney.com/2010/06/best-rewards-for-efforts-story-part-2/?frame-nonce=6d134aa52d