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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Private ownership of insurance companies in India has scant regard for ehical /integrity selling.In the name of liberalisation , we would soon see more street smart sellers.See , what has happended to the number one Insurer of the world-AIG.IRDA , BE WARE!
SAMAR