Mis-sold an insurance? Know your rights

I approached my bank to open a fixed deposit. I later discovered I had been sold a life insurance policy with a substantial premium. I immediately requested cancellation, but despite repeated assurances, no action was taken. I was never informed that I was buying an insurance policy, and I have recordings to support my claim. What are my options?

- Shilpa Arora

Cases where insurance products are sold under the guise of fixed deposits or investment schemes constitute one of the most common forms of mis-selling. Insurance and fixed deposits are entirely different financial products, and a customer must always be informed about the nature of the product being purchased, its benefits, risks, premium commitments and surrender conditions. If an insurance policy has been issued without informed consent or through misrepresentation, the policyholder has the right to challenge the transaction.