There is a lot of mis-selling of insurance products due to incomplete information and the insurance agents and financial planners need to have complete knowledge of the product to ensure that the investor or customer gets the correct policy, said A.K. Sahoo, Zonal Manager of South Central Zone, LIC.
Addressing the three-day 10th annual convention of the Life Underwriters Guild of India (LUGI) here on Friday, he thanked its members and employees of the Life Insurance Corporation (LIC) for helping the company retain the trust of the investors and making it the market leader. LIC has 76 per cent of premium and 80 per cent of policies in the market today, he said. The LIC has 31 crore customers making it the largest in the world and on an average its collections are Rs. 1,000 crore per day and it pays Rs. 450 crore everyday in claims settlement, he added. He took the opportunity to mention the names of two agents from the city who were top performers in the State and said that the city was a wonderful location for such a meet. This year 49 insurance and finance professionals graduated and took their certificates of Fellow Chartered Financial Professionals (FChFP) at the LUGI convention, LUGI president P. Srinivasan announced.