Public & Pvt. Sector Banks Must Stop Misselling Life Insurance - Focus On Banking.
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Life Insurance is a Major Industry In India where Insured Population and Indian Population ratio is not Healthy. it is around 20% are Insured after nationalization and also privatization.
Recent Times, It has became a common practice in every nationalised as well as Private sector banks to talk about Life Insurance with their clients other than their Core Banking Job. When an existing client walk in to the Bank and want to do an FD, Many occasions, their Investments are diverted to Life Insurance as Single Deposit than as Banking Fixed Deposit. Many Qualified Clients were also cheated in this way.
In Particular when a client walks in to a Bank for a Loan or for any project loan to be sanctioned, they are forced, requested or obligated in the name of Branch Life Insurance Targets and Clients are forced to invest in the Life Insurance, as the managers have their own pressures from higher offices.
This has become a very big harassment even for Bank Employees also, if they don't achieve the given target for the particular Branch.
People Who are facing Problem with this practice :
1. Common Citizen of India, who is visiting the Bank, 2. Bank Employees, 3. People who sell Life Insurance as a full time career.
Why this practice should be entertained, when it is not the job of a Bank Employee. We have feedbacks from Bank Employees that they will be absued by higher officials, if they dont achieve Life Insurance Targets.
Statistics say, Majority of Policies sold by Bank Employees are lapsed in the first three years.
The Facts can be known from IRDA Books Very Easily.
Life Insurance is a Need. It should be sold based on the family needs but not on the obligation of a Bank Employee or someones request.
We need professionalism, Let Banks open separate Branch, Exclusively for Life Insurance sales and that Branch should declare, that fro this branch, we will Sell Life Insurance. But, The existing Practice should be Stopped.
Banks for Banking Operations - Life Insurance Companies for Life Insurance Sales Should be A Professional Practice.
Need your voting to take the representation to the Decision Makers for the welfare of every citizen and healthy competition.
You can go through many print media articles that the suggestions what bank employees give doesn't suit their need but for obligation it is considered.
It should be stopped NOW.
Banks for Banking Operations - Life Insurance Companies for Life Insurance Sales Should Only be Allowed.
Human capital is exploited by the Banks in what ever the way they want.
Just because of the authority as employer even with out interest all are forced to sell Insurance.
It is against employment contract.
Employees must be allowed to do core banking works and must be allowed to work with out targets.
Banks must open separate their branch or open another insurance company if they feel it is much attractive and profitable business.
IRDA must not allow Bank assurance channel to be operated with in the bank premises.
Insurance agents are losing their lively hood because of banks wrong selling.
Bank employees are losing jobs in frustration and because of unexpected pressure of LI Targets.
Bank Employees are diverting clients money from account to LI, with notice without notice also.
This Pressure selling is against work norms and should be banned and stopped by all banks across the nation.
We need clear instructions from IRDA/ RBI on the burning issue.
We are growing by petitions and strength.
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