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Recently, the National Consumer Disputes Redressal Commission (NCDRC) has asked the Insurance Regulatory and Development Authority to look into the practice of life insurance agents who sell policies to consumers. The Consumer commission has asked the IRDA to prepare guidelines and establish a format for proposal forms which clearly state to the consumer that hiding/non-disclosure of a medical condition will repudiate the contract.
A bench presided by Dr Sm Kantikar, and Binoy Kumar stated that this would safeguard the customer from mental agony and expenses.
IRDA should issue guidelines on the role of Insurance Agents selling Life insurance: NCDRC
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