Why many bankers hard-sell guaranteed insurance plans
- While they earn hefty commissions on these products, investors benefit from the tax sops.
Being a bank relationship manager is not easy, especially if one has to meet a sales target that is typically in multiples of the take-home salary. These bankers have the unenvious job of convincing their high net-worth clients to invest in various financial instruments, including fixed deposits and mutual funds. However, they prefer to hard-sell guaranteed insurance plans, according to industry executives. And that is because of the huge commissions dangled by the insurance sector.