| A highly common used term. For people who are not | | | | Matter of Solicitation |
| familiar, the thought would have crept their minds on | | | | In India, insurance is sold not solicited. Every advisor |
| why this term is repeated after every advertisement | | | | pushes the product in order to make a fat |
| for insurance. Every Insurance company's | | | | commission. Companies are also interested in |
| advertisement has this disclaimer "Insurance is a | | | | increasing the profitability and sales figure rather than |
| Subject Matter of Solicitation". | | | | looking at the customer's interest. Every Financial |
| What does it mean? | | | | Advisor has to check the insurance need of the |
| Insurance has to be requested or asked by the | | | | customer and help the consumer in choosing the right |
| customer and not sold. As a basic requirement, it has | | | | product. |
| to be willingly accepted and solicited and not to be | | | | The awareness is less among the Indian investors |
| sold. | | | | about Insurance when compared to other markets. |
| Ideally as a customer the responsibility remains with | | | | Off-late a certain section of people have started |
| you in understanding the insurance needs and then | | | | understanding the importance of insurance (Life, |
| approaching for an insurance policy. | | | | Health, Travel etc). But still we have to go a long |
| According to Insurance Companies, each and every | | | | way in terms of understanding that basic purpose of |
| insurance policy is providing you insurance against a | | | | insurance is to help us from our uncertain future not |
| risk, defined by you and based on your request | | | | an investment. |
| solicitation. Relevance in India - Insurance is a Subject | | | | |