Games Agents Play To Mis-Sell Ulips

Some distributors and agents use spiels such as promising returns comparable to mutual funds to emotional manipulation to mis-sell Ulips. Here’s how to watch out for the red flags When Kolkata-based Aranya Sen, 72, booked a fixed deposit (FD) with his bank in 2022, he had no idea he was buying a unit-linked insurance plan (Ulip). It was only later that he realised that he was mis-sold a Ulip in the guise of an FD. “It was my bank’s relationship manager (RM) who lured me into investing in this FD, convincing me about its high, assured return. Only when I had put in the money, I found it was a Ulip. I do not need this. I have been mis-sold,” says Sen. He opted to invest in an FD for regular income and guaranteed returns. Mis-selling means selling someone something that is not the right fit for his/her needs. For instance, if you are going to Canada in winter and...