Banks, brokers get most complaints for mis-selling insurance products

The number of mis-selling complaints received against private life insurers has gradually reduced over the years. In 2019-20 (FY20), this number came down to 35,178, from 47,503 in 2017-18 (FY18). 

Interestingly, it is the banks and brokers who receive the most number of mis-selling complaints than any other distribution channel.

According to the data from the Insurance Regulatory and Development Authority of India’s (Irdai’s) annual report for FY20, banks and brokers received close to 10,000 mis-selling complaints each. In 2018-19, banks received more than 12,000 mis-selling complaints; brokers close to 11,000. The number was even higher in FY18.

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