Bank employees trying to persuade visiting customers to buy an insurance policy has become common these days. Recently, SBI responded to one customer who faced this situation
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Bank employees trying to persuade visiting customers to buy an insurance policy has become common these days. Even though services offered by banks do not require the mandatory buying of insurance policies, many times ignorant customers are fooled to buy the insurance trap even when it is not necessary for him/her.
Recently, a State Bank of India customer complained to the bank on social media, saying customers should not be forced to take insurance products. It should be the account holder’s wish.
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“@TheOfficialSBI was a nice xperience opening savings account at Chandi Chakk, Cuttack branch. nitpick: plz don’t force people to take insurance products. let it be account holders wish,” the customer tweeted.
Replying to this customer, SBI said that opting for insurance and other investment products is voluntary. SBI branches only provide information related to such products “for the benefit and awareness” of customers.
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“Opting for insurance and other investments is purely voluntary and our branches provide the information for the benefit and awareness for our customers. Please DM us with your contact no. and details of the issue along with branch name and code/address. We will be happy to assist you,” SBI tweeted while replying to the customer.
Read the conversation between SBI and the customer below
In another incident, an SBI customer complained that his account was debited by Rs 435 on account of a PMJJBY policy even though he had not applied for it either offline or online.
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Replying to the customer, SBI said: “Kindly note that opting for insurance and other investments is purely voluntary and our branches provide the information for the benefit as well as awareness of our customers. We maintain high standard of ethics while providing services to the customers and no transaction is done in the account of the customer without his/her consent. Also note that any type of insurance or investment is not mandatory to avail any type of service from us”
“If you have come across any such instance, please register a complaint in this regard at this link https://crcf.sbi.co.in/ccf as Personal Segment/Individual Customer under category- General Banking>>Operation of Accounts>Disputed Debit/Credit Transaction and mention the brief details of the issue in the last column. Our concerned team will look into this,” the bank added.
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Read the conversation between SBI and the customer below
What should you do?
In case a bank executive asks you to buy an insurance policy, you should respond to it only when you really need the policy. But before buying the policy, you should carefully read the terms and conditions mentioned in the policy document and ensure it is suitable to your financial goals.
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Buying an insurance plan without considering its pros and cons and suitability can cause much financial pain in future. In case you can’t fully understand the policy details on your own, it is recommended to consult a professional and experienced financial advisor before buying.
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