Can employer force to buy insurance

[amitvikram]

Hello friends,
I am working in government sector. On retirement, it is compulsory for everyone to purchase an insurance plan from its group insurance society, which is too costly. For example, one time payment of Rs. 51,000/- for an insurance cover of Rs. 12 lakh for 10 years. Further, I already have a term insurance of 1 cr.
Is there any guidelines to refuse to buy? Please suggest.

 

[ShavirB]

Doesn't sound like a good policy at all. Mostly it will be some form of insurance + investment scheme. Can't you simply refuse to sign?

 

[amitvikram]

Doesn't sound like a good policy at all. Mostly it will be some form of insurance + investment scheme. Can't you simply refuse to sign?

It's compulsory for all

 

[amitvikram]

That's why searching for some RBI or IRDA guidelines.

 

[ShavirB]

That's why searching for some RBI or IRDA guidelines.

Note sure what can be done here but if there is a way to get out of it, would strongly recommend you to do so