Insurance mis-selling in the name of Tower installation
You get a call that your area has been selected for installation of Tower and you will get a regular monthly income!! Interesting!!
There is no investment required just your space and for security’s sake, you need to buy a few insurances policy which is a very small investment considering the long-term monthly income you will be promised.
The target of such fraud is generally retired people who have a retirement fund and are looking for some regular income for their future. They can also be small-time business people or simple housewives.
The telecaller will offer you the installation of a Tower in your area. They will show you the documents and will share the requirement of buying an insurance policy for security and mortgage. They will generally talk about the installation of towers for Jio/Airtel and will sell a Reliance Life Insurance policy.
The telecaller may ask you to buy multiple policies of a few other companies in name of GST and service charges.
You are excited about the offer and you are told not to share any information with the Insurance company as telecommunication and insurance companies are different
Expecting a good monthly income, you fell into a trap and agree to what is being told by the telecallers.
After a few months of wait, the tele callers stop taking the calls and now you are in panic
What went wrong?
- You trusted the telecaller and never attempted to call the company directly to check the authenticity
- Your insurance company had asked you in the call if there was any allurement for tower installation, you choose to ignore the warning and went ahead with what was tutored by the fraudster.
- After receiving the policy pack, you did not read it
What can be done?
- Immediately approach the company with the complaint letter and share all the proofs of fraud to them
- Let the company investigate and ask questions
- Participate in the investigation
- Do not pay any money in advance to any caller who promises to get your money back
- You can reach out to IRDA by filing their complaint form or by calling the customer care
- You can reach to the Insurance ombudsman if you are not satisfied
- You can approach the court of law
Speed of recognizing the fraud and reporting to the company is important. Do not waste time once you have realized the fraud negotiating with the caller. Reach out to your insurance company
It’s important to present the facts so that the company can investigate and help you.
I hope now you know Insurance mis-selling in the name of Tower installation is being done