Public & Pvt. Sector Banks Must Stop Miss Selling 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 become 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.
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