When Mumbai resident M.K. Shedha travelled to Geneva two years ago on an official trip, he bought a travel insurance policy from a private general insurer. His ordeal began when his baggage was stolen at the airport. The insurer rejected his baggage loss claim on the ground that it was not included in the coverage plan. Shedhas contention that the company had mailed him only the soft copy of the policy document, which did not contain the terms, fell on deaf ears.
ULIPs cannot be advertised as investment product: IRDAI
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