Insurance Policies Mis-sold in the Name of GST and NOC

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Some people try to make easy money by acting as insurance agents. They call people and lure them into buying insurance policies like endowment by giving them false promises. This way these people mis-sold insurance policies to innocent people.

Mis-sold Insurance Policies in the Name of GST and NOC

Read how Suresh was misguided to buy multiple endowment policies promising a loan and then in the name of GST and NOC.

Caller: Ram Ram Suresh Ji, I am calling from XYZ insurance company. 

Suresh: Ram Ram! 

Caller: I heard that you need a loan of Rs. 20 lakh for your agriculture business.

Suresh: Yes, I need a loan.

Caller: Sir, to promote agriculture in India, we are providing zero-interest loans to farmers.

Suresh: That’s amazing!

Caller: But sir, to get this loan, you need to buy 2 endowment policies.

Suresh: Endo-w-m-e-nt what?

Caller: Sir, Endowment policy. 

Suresh: What is that?

Caller: Sir, you will pay a yearly premium of Rs 2 lakh for 10 years. If you die in the next 10 years then, we will take the death claim against the loan and if you survive then we will take the maturity benefit of Rs 20 lakh plus bonus. So you are safe from all sides.

Suresh: So that means, I will pay Rs 2 lakh per year for 10 years. That’s great.

Caller: Yes sir. The premium for the policies will be Rs 2,00,000. The term period of the policy is 10 years and you need to pay the premium on an annual basis.

Suresh: Ok. So what do I need to do?

Caller: Sir I have shared a link to make the payment for the policy. Also, Please pay the amount within 48 hours and 

Suresh: Wait a minute.… Paid the amount.

Caller: An OTP has been sent to your mobile number that will confirm your purchase. Sir, it would be great if you could share the OTP too. I’ll hold the call

Suresh: Wait…OTP is ****

Caller: Thank you, sir. 

Suresh: When will I receive the loan amount? 

Caller: Sir loan will take some time. 

Suresh: But how much time?

Caller: It will take just a month. One more thing sir, you will receive a verification call from the company, just agree to whatever they say and don’t tell them about the loan. If you mention the loan thing, then it will take time to process the loan.

Suresh: Ok.

Insurance Samadhan

(For a month, the caller contacted him regularly. However, after a month, Suresh did not receive the loan amount. He contacted the tele-caller. Further read how the caller misguided him again in the name of GST, NOC, and guarantee.)

Suresh: Sir Ji, it’s already been a month. I haven’t yet received any loan. What is happening? When will I receive the loan amount?

Caller: Sir, we are unable to proceed with the loan as you need to pay GST charges.

Suresh: Now how much do I need to pay for GST charges?

Caller: You just need to pay Rs. 42,367. This will be done through another insurance policy which will be refunded to you along with the loan or would you like to pay directly to the government which will not be refunded?

Suresh: No I would go for refundable. 

Caller: I am sending you a link to pay. Please pay the amount.

Suresh: Ohk…I received it..hold on…I have paid the amount. Now, how much time will it take?

Caller: Sir wait for 15 more days. It will not take more than that. I am sending you the loan approval letter.

Suresh: Okay…I received the loan approval letter.

(Loan was not sanctioned after 15 days too. Suresh called him again)

Suresh: I have paid for the insurance policy and for GST too. Now what? How much time do you need?

Caller: Sir you need to pay NOC too. Then only the loan will be processed. This NOC need to be taken on some family member.

Suresh: Huh?

Caller: You just need to pay Rs 20,000.

Suresh: Another 20,000? But I don’t have it right now. 

Caller: But sir, your loan process will be paused.

Suresh: Huh! I’ll try to get the amount from my friend.

Caller: Ok sir. I’m sending you the link. Pay the amount within 48 hours. We’ll wait for you.

Suresh: Ok.

(Suresh paid the amount the next day)

Did Suresh receive the loan?

No. Suresh never received the loan. Instead, the tele-caller mis-sold him four policies within two months. First, he was lured by the offer of a zero-interest loan and was mis-sold insurance policies. Then in the name of GST and NOC, two more policies were mis-sold to him. He was also instructed by the caller to not mention the loan at the time of the verification call. As a result, he became the victim of insurance fraud and mis-selling

If you receive such calls, disconnect the call and block the number immediately. Then report it to the police.

However, if someone has already mis-sold insurance policies to you, then inform your insurance company. You can also contact the grievance cell of IRDAI.

If you are unable to fight your case, then you can contact Insurance Samadhan. We have resolved 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.

Click on the below links to read some cases resolved by Insurance Samadhan:

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Also Read:  Insurance Mis Selling – Types and Reasons

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