How Insurance Companies can rip youPosted: April 19, 2012
How you can get ripped off by the staff of insurance company themselves!
Many implicitly trust insurance companies. We present you the chilling story of what can happen when a gullible customer walks into an insurance office
Arvind Injamuri, 65, a 9th std fail, retired railway employee living at Solapur, decided to use his retirement kitty to secure his complicated family’s future. This financial kitty included some money from sale of land as well. His understanding of insurance was probably shaped by the advertisements on television and he thought it was simple enough to walk into an insurance company’s office to buy the right policies. He has some vague idea about tax savings, but is so financially illiterate that he refers to all insurance policies as LIC (Life Insurance Corporation of India) policies.
The first thing that strikes you about Mr Injamuri is his lack of sophistication. He is the kind of customer that fancy private banks don’t even want in their lobbies and his knowledge of English doesn’t go beyond the most basic. But he had over Rs17 lakh in his bank accountand was looking for financial products to shop!
Click Here for the full story by Sucheta Dalal & Raj Pradhan