Fundamental rights and duties are the two sides of the same coin. What about financial rights? Have you even heard of them? Let’s understand what are financial rights and then ways to file complaints when financial rights are infringed.
Knowing financial rights is an essential part of financial education. We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice/education to ensure that you are not misguided while buying any kind of financial products.
Do you know how much the insurance agent earns when he sells insurance plans and other financial products? How much is your insurance agent’s commission when he sells ULIPs?
The commission earned depends on the premium and the insurance agent must furnish the commission earned, before selling the insurance plan. Take a look at the benefit illustration which accompanies the proposal form, to get an idea on ULIP commissions.
What if the insurance agent doesn’t disclose commissions? IndianMoney tells you to get in touch with IRDAI. (Insurance Regulatory and Development Authority).
Do you know you can return the life insurance policy within 15 days of receiving policy documents? This is called free look period and is applicable on all life insurance and health insurance plans with policy term of 3 years or more.
You will find the requisite form on the insurer’s website. IndianMoney asks you to download the form, fill it up and send it to the insurer. Do not ask the insurance agent to do this or he might deliberately fail to send within the 15 day limit.
Have you defaulted on home loan, car loan, personal loan or education loan? You have the right not to be harassed by loan recovery agents. The bank/lender has to give a 60-day notice so that you can present the case before authorized officers. The lender/recovery agents cannot harass you in this time period. Loan recovery agents can call only between 7AM to 7PM.
What if loan recovery agents harass you? IndianMoney tells you to approach the bank to get the matter investigated. You may even file an FIR.
IndianMoney advises to be very careful when using credit cards to avoid credit card fraud. You enjoy the right not to pay for unauthorized transactions done using your credit and debit cards.
IndianMoney advises to contact the bank immediately in case of credit card fraud. Banks have to pay for the entire loss in case of negligence.
According to IRDAI rules you have the right to claim proceeds of a life insurance plan which has completed 3 years, without any exceptions.
IndianMoney says the insurer has 3 years to make a thorough investigation, after which the claim must be settled.
You have the right to get the income tax refund within 90 days of filing ITR. If your refund is delayed beyond this time period, you must get interest of 0.5% a month on the refund.
IndianMoney says if you don’t receive the tax refund within 90 days, approach the income tax assessing officer (within your jurisdiction). You can even raise a request at the tax department.
Getting possession of property on time is your right. What if the project is delayed? Then, the builder has to pay interest equal to the EMIs paid on the home loan.
IndianMoney says if the builder doesn’t give possession in time ask for a refund. The builder has 45 days to comply. Any issues vis-à-vis delayed possession must be brought before RERA (Real Estate Regulatory Authority of the State).
You don’t have to invest in SB account, FD or avail a life insurance plan to enjoy a locker facility at the bank. The bank may ask you to open FD that covers 3 years of rent + charges vis-à-vis the locker facility.
IndianMoney asks you to complain to bank’s grievance cell if the bank forces you to invest in insurance or any financial product.
If you have complaints against any company, you can file your complaints on Iamcheated.com. Iamcheated.com is a free online consumer complaints portal, which helps resolve consumer complaints online. Once the complaint is posted on Iamcheated.com, it is sent immediately to the concerned company for resolution. Iamcheated.com does not charge a single rupee from consumers for resolving the complaints.
If you want to post a review on any company, you can post it on IndianMoney.com review and complaint portal IamCheated.com.
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