Today came accross executive from Citibank who were misselling a Insurance policy from Bajaj allianz. They were giving a guarantee of 8-10 % return on my investment. stating that its a one time offer which is not available for normal public.
As per them, It is available only with the corporate salary account, which I was opening with them. They mentioned it as a monthly saving which I can opt to be invested (through monthly standing instruction from my salary account) in govt. and infra bonds by citibank for which I will get tax benifit.
As an addon, bajaj was offering a insurance when I do my investment.
As per IRDA, it is required that a person should be informed clearly about the insurance product. But citibank officials didnt disclosed that it is a policy in which my premium will be invested in Govt. Bonds. that too for a period of 10-20 years.
I was shocked by such suggestion from Citibank employees, as experts normally suggest investment in equity if the duration is for such a long period.
If it is something the executive is doing for his commission or additional income then I think Citibank should look into it else IRDA or RBI should instruct the bank not to misguide customers.
Stating that it is sold along with corporate salary account and the executive asking a person to make instant decision within few minutes, a lot of people may be falling prey to it.
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