Thousands of people unknowingly fall prey to fake insurance frauds/calls in India with dire consequences later. These callers manage to tap into the minds of people with so-called attractive offers and plans that are too good to be true and often by inducing a sense of fear at missing out which makes these customers transfer money and other personal details to fake callers. Here’s looking at 10 types of insurance calls/frauds that you would do well to avoid. You should definitely stay alert about this growing menace and alert your friends and family members accordingly.
Whenever you chance upon any of these fake calls, please do disconnect the same without revealing any details. A little alertness on your part will go a long way towards safeguarding you from facing serious financial losses in the future. On that note, here are the 10 types of fake insurance calls or fraudulent pitches that you should avoid-
1. Calls from service branches are often fake. Many callers pose as officials from service branches of insurance providers like LIC, offering you a chance to transfer your current policies to new ones for getting better returns than what you are getting currently. Be wary of such calls.
2. Calls pertaining to fake annual equity bonuses that are supposedly sitting idle in your name and which will be transferred to your insurance agent or the Government. You will be asked to deposit money in a particular bank account to avoid such transfers. These calls are worth avoiding!
3. Your insurance agent just bought an insurance policy from a particular company while your LIC or other insurance policy was being bought. The dividends from the new company’s policy will be transferred to the company or agent as you will be told. You will then be asked to deposit money in order to get this money transferred to your account.
4. You will be told that you can claim your loyalty bonus for being a long-standing customer and to make sure that there is a proper transfer of the bonus, you will be asked for your policy details accordingly. Make sure you do not fall into such traps!
5. Callers will say that they are calling from the Insurance Verification Department and will seek your bank details, PAN Card number and Aadhar number for completing what they will label verification procedures. This is something that you should not provide by all means.
6. You will be told that you insurance policy is on the verge of being cancelled and that the money will be transferred to the insurance provider or agent. You will be asked for your policy information, personal details, secure code behind the card and bank account details in order to supposedly enable electronic money transfers. Be wary of such calls.
7. The caller may tell you that this is a check pertaining to any objections for cancellation of bonus on your insurance policies. In case there will be no objection then the agent will get 40% of the same and the local branch will receive 60% as fraudulently informed to you. You will then be asked to send a certain amount of money along with the Aadhar Number and PAN Card for making your objection known. This is a trap that you should steer clear of by cutting the call.
8. You will be asked to provide your personal details and insurance policy for fraudulently stated verification procedures and you will be threatened with blockage of your pension and payments in case you do not provide the same. Do not give into such fraudulent blackmailing by all means.
9. The caller will ask you not to pay premiums for your current insurance policy since it has already lapsed for diverse reasons. You will be asked to surrender your policy and purchase a new one. This is another fraudulent type of call that you should keep an eye out for.
10. The caller will tell you that your insurance policies are loss-making and will promise to help you get a new insurance policy which will help you recover your losses and also make a profit at the same time. This is a commonly used trick by fake insurance callers to get people to do their bidding.
Keep these 10 types of fake insurance calls and frauds in mind and make sure that you do not give into temptation/fear and provide what these fake callers are looking for.