Скачать или смотреть How Insurance Is Mis-sold In India 🇮🇳 Watch Carefully !

How to scam someone?

🔹Step 1: You get a list of loan seekers from the bank and start calling them offering a 0% interest rate loan if they purchase a life insurance policy
🔹Step 2: After they purchase the policy keep stalling them for 30 days (free-look period)
🔹Step 3: Collect the 30-40% commissions from the insurance company and block the number

This is how 70% of insurance mis-selling happens in India. In reality, it is possible to take a loan against your insurance policy but only on the surrender value which is usually just 30% of the premiums paid.

➡️ For example, let’s say you purchased a 10 year insurance policy of 2 lakhs premium per year with a maturity amount of 20 lakhs payable after 20 years.

If you paid for 5 years (total premium paid: 2*5 = 10 lakhs), the surrender value would be 3 lakhs (30% * 10 lakhs) and the loan amount would be ~2.4 lakhs (80% of surrender value) at 10% interest rate. But the scammer will tell you that you can get the 20 lakh loan as soon as you purchase the insurance policy at 0% interest rate.

➡️ Bottom line: If it sounds too good to be true, tell him "Kya phook ke aya be?"

➡️ Source: Mint
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