We've also urged private sector insurance companies to implement same callback mechanisms. These will help reduce mis-selling: M. Nagaraju
FinTech BizNews Service
Mumbai, February 17, 2025: The government and the RBI has adopted a tough stand against the mis-selling of insurance products in any manner. “We have introduced a one-year look-out policy and encouraged insurance companies to extend look-out period from one month to one year. If a customer wishes to surrender their policy within this period, they have the flexibility to do so, said Shri M. Nagaraju, Secretary, Department of Financial Services, Ministry of Finance. He was speaking at the post-budget stakeholders’ interaction in Mumbai on Monday.
“Once a Insurance policy is sold, a follow-up call is made to customers to confirm whether they are satisfied with the product or not. We've also urged private sector insurance companies to implement same callback mechanisms. These will help reduce mis-selling, hoped M. Nagaraju.
