Mis Selling by banks of Insurance products

 Mis selling of Insurance products is more seen in private sector banks and many of the individual investors lose money and suffer silently. Banks and Insurance Companies generally take cover under the clause "investments are subject to Market Risk"and they resort to all sorts of gimmicks to trap the bank customers and market the insurance products and have their own ways of fooling the investors whether they are literate, illiterate or gullible .The weaknesses to fight involving technology, legal approach and indifference of the institutions  and general Jane do attitude of investors themselves are fully exploited both by the banks and insurance companies alike to make some unethical and very cheap money at the cost of their own reputation and the Reputation of the Regulators even. ICICI Bank and ICICI Prudential Life Insurance are classic examples for mis selling from my personal experience and experience of many if You Tube Videos  in the matter can be trusted . The modus operandi is to load all sorts of charges and keep totally silent without informing the investors as to where their investments stand . Once the investors realise their follies and receive less money than their investments after several years , no amount of complaint or argument will be heard is the ground reality. Either influence or Legal approach seem to be the only way out which investors seldom resort to for some obvious reasons  or no avenues or wherewithal.   

  This comment appeared in a modified manner in Business Standard 19/12/2022.