We often get many aggrieved customers who have been experiencing insurance fraud or being mis sold insurance policy with a promise of loan against insurance policy in India.
In most of these cases the script used by the tele caller is similar. It is often noted that they target customers who are seeking loan and have shown interest online or offline.
Tele Caller: I am calling from ABC finance company; we have a special interest free loan approval of 10 lacs for you. Sir are you looking for a loan?
Customer: Yes, I am looking for the loan. What is the formality and how much time will it take to get the loan?
Tele Caller: Sir since this is an interest free loan, you will be required to buy and insurance policy. We have a tie up with XYZ insurance company.
To explain you better, If you are looking at a loan of 10 lacs, then you have to pay a premium of 1 lacs per annum as the premium for 10 years.
Customer: But I don’t have 1 lac as I need loan
Tele Caller: Sir to process the interest free loan you have to arrange 1 lac and pay the premium; we can then provide you loan in 30-40 days.
Customer: Let me see
Tele Caller: Sir this insurance scheme is only open till evening, and you must pay today to avail the interest free loan. If you have a credit card, you can use it to pay the premium. Once the loan is given then yo can pay the with credit card company.
Customer: What if I don’t get the loan?
Tellecaller: Sir as I told you we have a special tie up with the XYZ insurance company, we shall refund the premium paid.
Also, sir we are always there to help you, money is going to the insurance company account and not any personal account, so we assure you that the money is safe.
Customer: Okay please send the link
Most customers get trapped by such calls and lands up paying hefty premiums. Most of them do not have a need of insurance and were simply looking for a loan.
This loss becomes a set back to them and they lose trust in Insurance.
What can be done?
Tips with you to become a smarter consumer and avoid fraud
- The company does a pre-issuance call, please attend that and when in doubt ask questions.
- After receiving the policy Offine/Online, you have a 15 days freelook period to cancel the contract. Please inform the company that you have been cheated. Do not write that you have financial crisis.
- If you missed the free look period, you could still approach the grievance cell of the company
- You can report the complaint to IRDAI
- You can also report the complaint to the Ombudsman/ Consumer court.
So control your greed and curb such insurance mis-selling and insurance fraud.
To reach us at InsuranceSamadhan.com –
Call us at – 844 844 0626
Mail us at – firstname.lastname@example.org