Did someone promise you a certain return?
Did someone tell you how flexible the policy would be?
Did you think you were buying investment, only to discover it was an insurance product?
Now you want to know
“Did I get mis-sold this policy?”
Before jumping to that conclusion, let’s look at the facts in 10 warning signs:
1. The Policy Does Not Match What You Were Told
I know this might seem obvious – but go ahead and ask yourself:
What was I promised?
Now check if it’s mentioned in your policy
If there is a significant difference, dig deeper.
2. A Projected Return Was Presented as Guaranteed
Let’s revisit the information you received on your benefit illustration, and your policy. Was the figure:
- Guaranteed
- Projected
- Illustrative
- Non-guaranteed
- Or something else?
A projected number should rarely, if ever, be taken as a guarantee.
3. Important Charges Were Not Explained
Check your policy for applicable charges and compare it to what you were told prior to buying. If you feel important information about costs wasn’t explained properly, keep the relevant documents and/or communication.
4. You Were Told You Could Withdraw Anytime
Revisit the terms and conditions regarding:
- Surrender
- Withdrawal
- Policy continuation
- Applicable deductions
While a verbal promise of complete flexibility is concerning, it should be compared to the specific terms and conditions stated in the policy.
5. The Product Was Presented as Something Different
Let’s answer two simple questions:
What did I think I was buying?
What did I actually buy?
If the product was significantly misrepresented, keep the documents and communication from the sale.
6. You Were Pressured to Buy Immediately
A promise of “sign now” or “this offer is only available today” shouldn’t pressure you into making a decision you’ll regret. Pressure, while not a definitive sign of mis-selling, is a good reason to re-examine the sale.
7. Someone Filled Your Proposal Form Without Proper Verification
Make sure the information entered on your proposal form was correct. Pay special attention to:
- Medical history
- Existing policies
- Occupation
- Income
- Personal details
- Other declarations
Incorrect information can cause problems later, so if the correct information wasn’t given, retain the documents and/or communication.
8. The Policy Does Not Match Your Original Requirement
Ask yourself why you purchased the insurance in the first place – was it for:
- Family protection?
- Health security?
- Saving?
- Investment?
- Tax benefit?
- Loan requirement?
Now, determine if the product actually fulfills the purpose for which it was purchased.
9. Important Conditions Were Not Explained
Revisit the following information:
- Exclusions
- Waiting periods
- Charges
- Surrender conditions
- Coverage limits
- Guaranteed and non-guaranteed benefits
If any of this information was misrepresented, retain the documents and/or communication.
10. Your Documents Contradict the Sales Explanation
This is actually your most powerful tool.
Create a simple comparison – sales explanation vs policy wording. For example:
- Guaranteed ₹X – policy says projected ₹X
- Withdraw anytime – policy has surrender conditions
- Full coverage – policy has specific exclusions
- The more obvious the contradiction, the easier it will be to establish your case.
What Documents Should You Keep?
If you suspect that you were mis-sold an insurance product, here are some documents you may want to retain:
- Policy document
- Proposal form
- Benefit illustration
- Brochure
- Premium receipts
- Emails
- WhatsApp messages
- SMS
- Written sales material
- Other relevant communications
ECS also provides insurance policy mis-selling assistance for policyholders who may need help understanding their grievance.
What Should You Do After Finding a Possible Problem?
Don’t jump to the conclusion that your policy will be cancelled, or your claim instantly approved. Instead, follow these steps:
- Step 1
Document what happened
- Step 2
Gather the relevant documents
- Step 3
Determine the exact mismatch
- Step 4
Retain supporting evidence
- Step 5
Raise the issue formally
- Step 6
Escalate if applicable
For eligible unresolved grievances, the Insurance Ombudsman provides an established grievance-redressal channel as per the applicable rules.
Insurance Ombudsman – Council for Insurance Ombudsman
A Simple Question to Ask Yourself
Instead of asking yourself “do I regret buying this insurance policy”, ask
“Was this insurance policy accurately represented to me?”
Final Takeaway
Possible cases of insurance mis-selling should be investigated through documents, facts and evidence. If what you were told differs materially from what your policy says, don’t dismiss it – go through the documents and options available to you.
Eternity Claim Solutions can help you understand your insurance mis-selling grievance, and the options available to you through the grievance process.
Think you may have been mis-sold an insurance policy? Speak with Eternity Claim Solutions.
