Frauds in the name of LIC that you should watch out for

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Too many people are falling prey to fraudulent companies and callers who are luring them into investing in supposedly attractive insurance plans and schemes, often taking the name of well-known insurers and duping them of their hard-earned money. This menace of fraudulent insurance policies has been prevalent in the industry for a long time now and IRDA has been taking steps to combat the same with advisories and by asking insurers to step up their game and weed out any chances of mis-selling.

However, a lot still remains to be done when it comes to protecting people from fraudulent schemes in the name of insurance. In fact, several big insurance companies often face the problem of being impersonated by several dubious and illegal firms/entities that lure buyers into their trap. LIC (Life Insurance Corporation) of India is one of the biggest insurers plagued by the same impersonation issue- callers are coming up with fake schemes in the name of LIC and attracting customers to invest accordingly.

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LIC celebrated 60 years on the 1st of September, 2016 and the diamond jubilee year was dedicated to the service of India by the insurance company. The company commenced operations in the year 1956 and it has assets exceeding Rs. 22 lakh crore and the life fund has touched a whopping Rs. 20,57,625,38 crore. LIC commenced its journey with 168 offices and it currently has more than 4,762 offices, 1.14 lakh personnel, 33,161 touch points and 10.61 lakh agents along with a current policy count of close to 29 crore as per reports.

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The fact remains that LIC celebrated its 60th year in 2016. Yet, callers still manage to dupe customers by calling up and talking about the LIC 60 years celebration. The callers talk about how LIC is celebrating the completion of 60 years by offering free health insurance and discounts of 10% on future LIC premiums. However, to get these benefits, the customer will have to purchase a new insurance policy which lands him/her right into the fraudulent net of the caller and the unauthorized and illegal entity doing such activities.

You should always remember that insurance companies never provide free health or life insurance plans at any time. Additionally, the IRDA, which is the apex body for the sector, forbids any discounts being offered on insurance policy premiums by insurers. You should watch out for any such traps laid by fraudulent callers and agents about providing you premium discounts or free health insurance. Most people end up buying policies which do not cover any of their requirements as a result and do not get what is being advertised since the entire thing is a scam.

You should buy insurance plans to cover risks related to unfortunate death/demise or illnesses down the road. However, these plans should only be purchased based on your own requirements and the coverage that is suitable for you and your family. You should always meet an agent who is reliable, comes from a good insurance company and has a proven track record prior to choosing the right insurance product. Beware of any such LIC 60 years Celebration offers from telecallers.

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For insurance related grievances you can reach out to our experts at https://www.insurancesamadhan.com/register

Shailesh Kumar

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