Insightful Observation of Biased Practices followed by Insurance Companies : With Reference Life Insurance Contracts

It is witnessed by IRDA (Insurance Regularity Development Authority) governing Body of Insurance Council in its recent report that insurance corporations and their agents are often involved in foul, mis-selling while endorsing of insurance products especially life insurance products. Therefore researcher thought that there is acute need to high point this curb practices. It has been noticed only when insurance companies refuse the genuine claims upraised by policyholders on any dappled and trivial grounds. While refusing the claim Insurance Companies take the advantage of the contract (Policy Document) which is signed by the policy holders in good faith. It is generally mention in the policy document that Insurance Companies reserve the right to accept or reject the claim. Complaints regarding the above are observed by Insurance Ombudsman very frequently