There are fraud gangs who call the general public as insurance agents and convince them to surrender their existing insurance policy and misguide them to buy another insurance policy from them. Never get trapped by such fake insurance phone calls.
Here’s one of the conversations where Naresh became a victim of Insurance fraud and mis-selling:
Caller: Good afternoon, sir. I am calling from XYZ insurance company. Am I speaking with Naresh?
Caller: Hello Naresh, You have an endowment policy of our company. Am I right?
Naresh: Yes. Three years ago, I purchased an endowment policy from your company and it is still going on.
Caller: Sir, I am calling to inform you that your policy has accumulated a bonus of Rs 1 lakh in form of agent commission. Should we pay your agent or would you like to have it?
Naresh: WHAT? Rs 1 lakh commission? Why should I give it to my agent? You give it to me.
Caller: Sir, but your agent is demanding it.
Naresh: But why?…How?…How can this be possible? I read the policy document twice. How can I miss reading such an important term?
Caller: Sir, it happens sometimes.
Naresh: But how can this be possible? I would like to talk to your senior.
Caller: Okay sir. I’ll inform Mr. Kamal. He is my senior, and he’ll give you a call.
(After 15 minutes, Naresh received another call.)
Kamal: Hello Sir. I am Kamal from XYZ insurance company.
Naresh: Hello. Your colleague said that an agent will get Rs. 1 lakh commission out of the premium of my policy. Is it true?
Kamal: Yes sir. He was telling you the facts.
Naresh: Like seriously? I don’t want to give it to anyone. And especially, to that agent! Now, what to do?
kamal: Sir, there is a way out. But..
Naresh: Tell me fast.
kamal: So, to stop this activity, you need to first surrender the insurance policy and then buy another endowment policy.
Naresh: But what about the premiums I have already paid?
kamal: Sir, all your paid premium will be transferred to the new policy.
Naresh: Ok then.
Kamal: Sir, I will mail you a link to buy a new policy and will send you a letter for transferring money from your old policy to the new one.
Kamal: Sir, if you need any help, you can give me a call.
Naresh: Okay, thank you.
Kamal: I sent you a payment link of the insurance company, make the payments.
Naresh: Ok..hold on…Paid the amount.
Kamal: Now, an OTP for confirmation of the sale has been sent to you. Please share the OTP to close the sale of the insurance policy.
Naresh: OTP is ****
Kamal: Thank you, Sir.
Here, two fraudulent callers misguided Naresh into surrendering his policy and mis-sold a new insurance policy. One of them stated that his policy premium contains Rs. 1 lakh of the agent commission. And the other fraud person made him believe it. He also convinced Naresh to surrender the existing policy and buy a new one. Hence, Naresh became a victim of insurance mis-selling and insurance fraud.
One should never believe such things. Before surrendering a policy or buying a new one, we must first verify it with our insurance company.
If you have received fake insurance calls and were misguided by them and surrendered your insurance policy and/or bought a new insurance policy, then also, contact your insurance company.
If you need help, contact Insurance Samadhan. We have resolved more than 14,500 complaints related to insurance. Insurance complaints include insurance mis-selling, claim rejection, delay in claim settlement, etc. Contact us to get samadhan for your insurance-related issues, we’ll be happy to help you.