Have you ever faced an insurance fraud? Have you ever been misled by someone to buy an insurance policy? Or have you ever been mis-sold an insurance policy as a loan or an FD?
Insurance is a subject matter of solicitation. But if you are sold an insurance product through misguidance or luring with offers then it will be called mis-selling. Misleading communication or deliberate omission of material facts can lead to mis-selling. You might be misled into buying a policy which you might not need or the terms and conditions are not appropriate. There are some cases where customers wanted an FD but were misled to buy an insurance policy.
Examples of Mis-selling of Life Insurance
Some of the examples of mis-selling are:
- Sold an insurance policy in place of fixed deposit through promise that this will give better return.
- Sold an insurance policy in name of your children or grand children without their consent and your knowledge.
- Sold an insurance policy with an offer that you will get an interest free loan.
- Sold an insurance policy with a promise of a free- health insurance.
- Sold an insurance policy with an offer of free holiday package.
- Sold multiple insurances by offering you an agent code for monthly income.
These are only few examples which you need to be aware but whenever offers looks very attractive and unbelievable then you must understand that you are being trapped. Life Insurance has only two purpose i.e., money to your family in case of death and money to you if you survive. Normal insurance plan offers approx 4 to 5% return through bonuses.
Read this to know how to make a life insurance mis selling complaint.
Insurance Samadhan has helped many customers facing the above issues. One of the cases which Insurance Samadhan resolved was-
Mr. P. C. Sharma, a senior citizen, who was trapped in a case of mis-selling and insurance fraud. He visited his bank for a Fixed Deposit, but a life insurance policy was mis-sold to him. An amount of ₹3 lakhs was debited from his account and he thought it was for the Fixed Deposit. Later on, he learned that a life insurance policy had been sold to him when he was reminded to pay the next insurance premium. After realizing the fraud, his son got a duplicate policy. The policy was issued on his 23 year old, daughter’s name, Manisha. But the consent and signatures of Manisha were not taken while issuing such a policy. Mr. Sharma lost his hopes of getting the money back. He approached Insurance Samadhan to help him in this case. Insurance Samadhan studied his case and verified the documents of the case and further accepted it. After evaluating the case, Insurance Samadhan represented his case and resolved it within a month on March 06, 2022. The money was credited to him in a few days. He appreciated our work and we are glad to help him and would love to resolve such insurance-related cases for many such victims of fraud.
How to avoid such insurance fraud?
- Read the terms and conditions of insurance policy documents while purchasing a policy.
- You need to ask your agent to explain each and every feature and benefit properly.
- Be aware of fake promises. Confirm them with the insurance company.
- Insurance companies give a verification call. Ask everything about your policy.
- Do not fall for offers made on telephone, however lucrative it looks. Insist on meeting the sellers and ask the caller to give a presentation. Take advice, validate it by visiting office of insurance company or by making a call.
Examples of offers on telephone are detailed below:
- Would you like to have an interest free loan?
- Do you have any complaint against your insurance company?
- Did your agent give you accrued bonus on your lapsed policy?
- Would you like to have a free health insurance?
- Did you receive money of your lapsed policy?
These fraud callers introduce themselves as employees of Government of India grievance cells and their caller ID would also misguide you.
We have helped 14,500+ people in resolving insurance-related cases. Contact us to get Samadhan for your insurance-related issues. We are always available to help you out.
To reach us,
Visit our website: insurancesamadhan.com
Call us on: +91 9513631312
Mail us at firstname.lastname@example.org