{"id":798,"date":"2020-10-12T16:08:31","date_gmt":"2020-10-12T16:08:31","guid":{"rendered":"http:\/\/blog.insurancesamadhan.com\/?p=798"},"modified":"2020-10-12T16:08:32","modified_gmt":"2020-10-12T16:08:32","slug":"case-study-mis-selling-of-an-insurance-policy-by-a-broker","status":"publish","type":"post","link":"http:\/\/www.insurancesamadhan.com\/blog\/case-study-mis-selling-of-an-insurance-policy-by-a-broker\/","title":{"rendered":"Case Study: Mis-selling of an Insurance Policy by a Broker"},"content":{"rendered":"\n

We were approached by Mr. Singh, who was a victim of mis-selling of an insurance policy<\/a> by a broker with a guarantee to receive loan. On further investigation, we found that Mr Singh needed a loan of Rs 10 lacs. The fraudsters approached him to buy an insurance policy worth Rs. 1 lac with a premium paying term of 10 years. He was told that he just has to pay the premium and the policy will proceed with the bank from where the loan is being provided. Mr. Singh found the proposition to be very attractive and hence, complied to agree with terms of the policy.<\/p>\n\n\n\n

He signed the proposal form, submitted KYC documents and a cheque, with the hope to receive the loan. He was further guided by the fraudsters that, during the call by the insurer, he must not mention that policy is being taken for loan, as they will complicate the process. Mr. Singh received the call as per the guidance of the fraudsters.<\/p>\n\n\n\n

After few days of receiving the policy the follow up for loan began, every time Mr. Singh was told that he will be getting in 1-2 days. The fraudsters also assured Mr. Singh that the policy can be returned in 1 month. The free look period got over!<\/a><\/p>\n\n\n\n

Mr. Singh continued to follow and one day he received a call for GST, he has to take another policy of 22000. Since Mr. Singh had already paid 1 lac, he arranged and agreed to take another policy.<\/p>\n\n\n\n

But the wait for the loan extended from 2 month to 6 months and now fraudster stopped picking the call.<\/p>\n\n\n\n

Mr. Singh registered with Insurance Samadhan and we took the following steps:<\/p>\n\n\n\n

  1. We understood the problem and wrote to the company asking for resolution in the wordings which Insurance company understands<\/li>
  2. We registered the case in IGMS<\/li>
  3. We prepared the legal notice for the company<\/li>
  4. We submitted the case in Insurance Ombudsman<\/li><\/ol>\n\n\n\n

    In Mr. Singh case we had to take the representation to Insurance Ombudsman with all relevant documents and Ombudsman passed the Judgement in name of Mr. Singh. The Insurer agreed to pay the premium back and within 15 days the money was in Mr. Singh\u2019s account.<\/p>\n","protected":false},"excerpt":{"rendered":"

    We were approached by Mr. Singh, who was a victim of mis-selling of an insurance policy by a broker with a guarantee to receive loan. On further investigation, we found that Mr Singh needed a loan of Rs 10 lacs. The fraudsters… Continue Reading →<\/span><\/a><\/p>\n","protected":false},"author":5,"featured_media":799,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-798","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"\nThings you nees to be aware of mis selling of insurance<\/title>\n<meta name=\"description\" content=\"Are you facing the issue of misselling for an insurance policy by a broker? 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