‘Insurance is a subject matter of solicitation’, which essentially means that insurance has to be requested or asked for, not sold This phrase, which is found in all insurance advertisements in India, was mandated by IRDA, and it means basically that: “insurance is the product that is being sold by this advertisement, and not anything else.” The intention is to prevent advertisements from being misleading, and trying to trick consumers into buying insurance while advertising something else.
WHAT DOES IT MEAN?
If you have seen any advertisement of Insurance products, you may not have missed this disclaimer. As a consumer, this disclaimer/warning is of utmost importance but often ignored. The dictionary meaning of solicitation is “Ask For.” It means that customers have to talk to an intermediary who will suggest the right product for your needs. Insurance should not be SOLD but Solicited.
‘Insurance is a subject matter of solicitation’, which essentially means that insurance has to be requested or asked for, not sold This phrase, which is found in all insurance advertisements in India, was mandated by IRDA, and it means basically that: “insurance is the product that is being sold by this advertisement, and not anything else.” The intention is to prevent advertisements from being misleading, and trying to trick consumers into buying insurance while advertising something else.
WHAT DOES IT MEAN?
If you have seen any advertisement of Insurance products, you may not have missed this disclaimer. As a consumer, this disclaimer/warning is of utmost importance but often ignored. The dictionary meaning of solicitation is “Ask For.” It means that customers have to talk to an intermediary who will suggest the right product for your needs. Insurance should not be SOLD but Solicited.