Though insurance policies are the most widely mis-sold products, banks, mutual funds and credit card issuers also try to trap customers with half truths. Ten months ago, an insurance agent was pestering Umesh Saha to buy a Ulip. The agent was referring to the Irda guidelines on Ulips which would extend the lock-in period of Ulips from three years to five years. What he didn't tell Saha was that under the new rules, the charges on Ulips would be capped, which would bring down his commission.

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