Acknowledging the fact that banks mis-sell insurance policies, the Insurance Regulatory and Development Authority of India (Irdai), on 1 August, issued a circular stating that it had received complaints from policyholders on mis-selling of insurance policies by banks and other non-banking financial companies (NBFCs) that are corporate agents. The circular also elaborated on instances of mis-selling. Read on to know how banks can mis-sell or force an insurance plan.
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