What happens next is that you are sold a Policy on which the Agent gets a hefty commission.
Though the commissions are said to be uniform some policies do attract a better commission than the others because of the high risks to the insured and better returns to the insurer.
Many simply sign on the dotted lines, asking the agent to fill in the necessary details, and hand him over the originals even for photocopying.
As it is there is fine print, where your risks are mentioned in such a corner and in such a font type you can not read it, even if you read you can hardly understand it, such is the jargon.
The Agent if asked to explain will normally say it is just for the records and you will get your returns or use further confusing arguments.
So much so the complaints against Insurance mal practices, forgery have increased, as disclosed by IRDA.Read more