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Insurance Policy Mis-Sold by A Fake GBIC official

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IRDAI (Insurance Regulatory and Development Authority) never sells an insurance policy. It is a regulatory body created to protect the interest of policyholders, to regulate, promote and ensure the growth of the insurance industry in India. However, it has come to the notice that there are spurious callers who mislead the public by giving names like GBIC, which does not exist. Do not get trapped by a fake GBIC official.

Insurance Policy Mis-Sold by A Fake GBIC official

Read how Shivam was lured by the spurious call and misled into buying an insurance policy.

Abhishek: Good morning. Am I speaking with Mr. Shivam Jaiswal?

Shivam: Yes

Abhishek: I am Abhishek, calling from GBIC. Are you satisfied with your agent? Are you getting all bonuses declared? There is an unclaimed bonus of Rs 1 lakh in our record.

Shivam: No, I am not even aware of any bonus.

Abhishek: Sir, there is an unclaimed bonus of Rs 1 lakh in our record.

Shivam: What? 1 lakh unclaimed bonus? My agent never informed me about it.

Abhishek: Sir, GBIC is contacting all policyholders whose bonus is pending with us. I am happy to inform you that you are eligible to get the bonus.

Shivam: That’s amazing.

Abhishek: If you want to avail the bonus, this can be done through a new policy.

Shivam: New Policy? But why?

Abhishek: Sir, you need to understand that it is mandatory to buy a new endowment policy. Then only you will be able to receive the bonus. 

Shivam: But I don’t want to buy another one. 

Abhishek: Sir, it’s ok. We will give this offer to another policyholder.

Shivam: No, no. Wait…um…I want the bonus.

Abhishek: Sir, then you need to buy a new insurance policy.

Shivam: Um..ok, fine. I’ll buy a new one. But first, tell me about my new policy.

Abhishek: Sir, to know about your new policy, you need to contact Mr. Ashish Gupta of XYZ insurance company. We have a tie-up with them. Mr. Ashish will help you to buy the new policy. Write down his number.

Shivam: Hold on, I’ll bring a pen and paper….Yeah, now tell me.

Abhishek: 987*******. 

Shivam: Ok…uh….I have a doubt. When will I receive the bonus of the existing policy?

Abhishek: Sir, after buying the new policy, it takes two months to release the bonus.

Shivam: Ok. Thank you

(Shivam makes the call)

Shivam: Hello. Am I speaking with Mr. Ashish Gupta from XYZ insurance company?

Ashish: Hello, yes.  How may I help you?

Shivam: Ashish Ji, I am Shivam Jaiswal.  GBIC official Abhishek gave me your number. He informed me that GBIC  is distributing the bonus and I am eligible to receive that.

Ashish: Mr. Abhishek must have told you that you need to buy a new endowment policy to avail the bonus. Right?

Shivam: Yes. And I am willing to buy a new policy. How much premium do I need to pay? And how much will I get as a maturity benefit or death benefit?

Ashish: The benefits will be Rs. 10 lakh and at the time of maturity, you will receive an additional bonus too. The premium for the policy will be Rs 1.00 lakh. You need to pay the premium on a yearly basis for 10 years. 

Shivam: Okay.

Ashish: Sir, I am sending you the link to make payment for the new policy. One more thing, you only have 48 hours to avail this offer.

Shivam: 48 hours? Then quickly send me the link.

Ashish: Sir I have shared the link to make the payment for the policy.

Shivam: ok. Hold on.… I have paid the amount.

Ashish: 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.

Shivam: The OTP is ****

Ashish: Thank you, sir. One more thing sir, you will receive a verification call from the company, just agree to whatever they say or else it will take time to release the bonus.

Shivam: Ok.

Insurance Samadhan

Will Shivam Receive the Bonus? Was Abhishek a GBIC official?

No, Abhishek is not a GBIC official, he is a part of a fraudulent gang. Just to make easy money, he misled Shivam into purchasing an endowment policy in the name of a bonus. Further, Ashish, another member of the gang, mis-sold the policy and tutored him not to tell anything to the insurance company.

Also Read:  Steps to Deal with Insurance Mis-selling

In spite of IRDAI’s efforts, the general public is still believing fake calls. And the people who lack knowledge of the insurance industry fall for the lucrative offers promised by these fake callers.

We must understand that IRDA never gets involved in the sale of any kind of insurance product. It does not announce any bonus for policyholders. If you ever receive a call from a person who claims to be an IRDA official and tries to mis-sell you an insurance policy, immediately disconnect the call.

If you have become prey to such insurance fraud and bought an insurance policy which you never needed, then contact the grievance cell of IRDAI.

If you still need help, then contact Insurance Samadhan. We have resolved more than 14,500 complaints related to insurance. Insurance complaints include insurance fraud, 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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Shailesh Kumar

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