Do you think the IRDA should take initiative to educate insurers about choosing the right insurance?

I was mis-sold LIC’s Jeevan Anand policy by an agent who I believed was sincere in advising me. At that time I did not even know that something known as “term insurance” exists. I thought I was doing well since the said policy would play three roles simultaneously: as life insurance, long term investment and tax saving avenue. The premium I paid was over Rs 19000 (yearly).
Now I know I am not alone, many people are cheated by such agents. I know I behaved like the stupidest person on earth, but I also feel that many people even today are not insurance-literate. I think somebody should take the responsibility of making people aware about this, specially the IRDA should take this initiative. What do you think about this issue?

3 Replies to “Do you think the IRDA should take initiative to educate insurers about choosing the right insurance?”

  1. Any authority like IRDA can REGULATE only- buyers are expected to apply their mind, study any product of any insurer at closer quarters,especially the small print and then buy which is purely their choice only.The marketers will resort to all kinds of brain washing the public.
    IRDA can step in only when wrong steps are put by the insurer in implementation/service etc., and certainly not in choice of the buyer in selection of policy etc.
    LIC has got its own grievance redressal mechanism which can be resorted to, by our friend on matters of deficiency in service etc.

  2. Insurance is basically a loss reducing avenue for unforeseen events.

    No insurance policy will make you rich at maturity , nor will it be enough to cover the financial loss suffered by your nominees in your absence.

    Insurance is an expense , not an avenue for investment.

    For INVESTMENT , there are better avenues. Go for a combination of PPF / SIP IN MUTUAL FUNDS / DIRECT EQUITY.

    For Insurance , go for PURE TERM COVER.

    Visit .

    Have a look at their online policy , increasing cover policy and critical illness riders.

    Their rates are one of the lowest in the market.

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