It is not only unfair but also unethical to hold the total insurance community responsible for a small no. of agents who may be doing wrongful business. Can you believe that LIC has lost 28% business due to private players, in spite of the fact that they have enjoyed absolute monopoly for over 50 years. Selling insurance is not an easy task. Apart from this, with Unit linked Insurance Plans, it is becoming common to buy term care through investment plans. There is governing body called IRDA to regulate the whole business and each plan brought into market by each company has to be pre-approved by IRDA. It will be better to analyse the company's performances over the past 6 years before commenting. LIC also pays highest commissions to the agents. In spite of that what is the guarantee that good services will be continued by the agent for next 20-25 years ? Despite all comments, it must be understood that everybody will try to maximise own benefits, as no agent receives a regular salary and PF, ESI, Gratuity benefits. Finally all agents are human beings and their rationale will be similar, whether they are LIC agents or private insurers' agents. Each policy has a 15 days "free look period", allowed by IRDA Act and anyone who feels has been deceived by the agent, has every right to return the policy documents without losing any premium except medical expenses if any and handling charges. Not even 1% policy buyers know this clause and go through the policy document for details. Let us not make baseless allegations on the entire community. There are many who have taken this as a noble profession.
