Have you ever received a fake call from a caller trying to represent IRDA, Ombudsman, or a fake body GBIC? Did you receive calls offering an interest-free loan, free health insurance, or a free holiday package? Did they try to sell you an insurance policy that seems too good to be true? Then there are chances that it could be insurance mis-selling.
Insurance mis-selling is an act to deceive one person by concealing a fact by another person who has the knowledge of the real fact. Every year, a number of insurance scams are being reported. Often fraudulent people offer exaggerated benefits to the people just to deceive them. Please understand these callers are interested in their first year commission and they would engage you for over 30 days of receipt of the policy document. These callers would also persuade you to attend a verification call by the insurance company. They will misguide you not to disclose details of these offers under some story.
How to avoid Insurance mis-selling?
- Verify insurance agent’s details: For every agent working for an insurance company, it is mandatory to have an ID proof. You can ask the agent to show his ID proof and verify his details with the insurance company he is representing.
- Avoid taking calls from unverified sources: Do not entertain calls from unverified sources, they can be fake calls.
- Red Alert! if you receive a fake call giving offers like:
- Do you want an interest-free loan?; or
- Do you want a free health insurance; or
- Do you want to receive money of your lapsed policy? etc., do not get tempted by such lucrative offers as insurance companies do not give such offers.
- Do not reveal your policy details to a third person: A fraud person may pose himself as an agent and will try to get details about your policy document. Beware of such fake agents!
- Clarify all your doubts from the insurance company: Every Insurance company makes a verification call to verify if you have understood the benefits of policy. You must clarify all doubts.
- If you are still doubtful, then cancel your policy: Insurance companies give a free-look period, in which you can reconsider the policy, whether to continue it or terminate it. If you are doubtful, then apply for free-look cancellation within 15 days of receipt of the Policy document.
A similar case of insurance mis-selling and fraud was resolved by Insurance Samadhan:
Mr. Manish Jadon received a call from an agent and was offered a free family health cover and 20% cashback on the condition that he has to purchase life insurance policies. Unaware of the fraud, he bought those policies. Mr. Manish stated that he did not receive any call from the insurance company. Later on, he learnt that everything told to him was a lie. He was lost, what to do and how to get back his money. Then he learned about Insurance Samadhan from his friend and immediately he approached us on February 6, 2022. We helped him to receive his money back. He is glad that someone helped him in this difficult situation.
Beware of any person who is offering an insurance policy with exaggerated benefits at a lower premium. Ask for his details and verify his authenticity with the insurance company. Remember-never share your personal details with any unknown person.
If you encounter any insurance scam related to insurance, you can approach the Grievance Redressal Cell of IRDAI. You can make a call at 155255 or 1800 4254 732.
You can also contact Insurance Samadhan to resolve all your complaints related to insurance.
Click here to register your complaint with Insurance Samadhan
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