Insurers flout norms, use pyramid selling schemes
Pyramid schemes, where recruiting more sellers is more important than selling, aren’t new in India. An investigation by ‘Outlook Money’ magazine, the content partner for Mint’s personal finance coverage in the Business of Life section, reveals that such schemes are now being used by corporate insurance agents -- in violation of norms laid down by the Irda
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Dear sir,
It shows that IRDA has got no control over private insurance companies. They can have their own rules and regulations to make money and to show that they are also in the insurance industry. If this trend continues for some time, people will teach them a good lesson. Only then IRDA will open its eyes. Please do something to save this industry and to save people's hard earned money.
Munuswamy