Despite the efforts to stamp it out, mis-selling continues. But we can avoid mis-selling. Want to know how?
Get it in Writing – When an agent approaches you with promises of high returns. Ask him to write down his advise on paper and have him sign it.
Jot down notes: Be methodical when you meet the broker. Jot down his answers on a notepad and confirm his identity by asking for his irda license number. This shows you mean business and cannot be taken for granted.
Drop a few names: Don’t show that you are alone. Tell the agent that you will discuss the plan with a friend or relative who is an expert before you invest.
Take your time: Don’t let the agent hurry you into taking a decision. Insurance is not a FMGC product bought from a roadside vendor. Don’t buy in the first of meeting.
Seek professional Help: The worst mis-selling happens at banks, where relationship managers try and push high commission products to unsuspecting customers.