Why should a Policyholder suffer due to fraudulent marketing strategies of the Insurance Companies & Agents?

For the past 3 to 4 years, every insurance company, was marketing ULIP policies on war footing. Tall claims were made by insurers, especially LIC wherein returns as high as 80% were quoted. Agents used to tell prospective buyers “Pay 10,000 for 3 years and take back 1 Crore after 25 years” Can you believe this ? Today when the stock market has crashed and the NAV’s of most schemes hitting rock bottom, the big question arises as to what will happen to the dreams of the middle class policholders who dreamt of getting a maturity of 1 Crore. In the first place it was foolish of them to have even believed these figures when the agent canvassed them. But what about the agent who cheated the customer with such mind blowing figures ? The agent earned his hefty commission but the policyholder suffered. Is this a justified manner of selling policies ? Even after 60 years of independence, cant any action be taken against such Agents.

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