Loan Against Insurance – Beware of Fake Telecalls selling Insurance

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Know how a Telecaller do Insurance Fraud through Calling

It was in afternoon when Ashok received a Phone call.

Caller Pooja: “Ashok Sir , would you be interested in an interest free loan of Rs 5 lakh .”

Ashok: “Why not, are you sure there will not be any interest “

Pooja: “Yes, there is a scheme of Greed Insurance Company. You will have to take an insurance of Rs 50000 per year for 10 year. You will have life cover, tax benefit and loan of Rs 5 lakh. “

Offer was very good and Ashok agreed to buy policy of Rs 50000. Documents were shared and Ashok was sent a payment link where Ashok transferred Rs 50000. As link was sent by Greed Insurance Company, Ashok never doubted.

Pooja called once again next morning to introduce her Senior Arun.

Arun: Mr Ashok, we welcome you to our special scheme. Today you will receive a call from Agent Verification Department so do not discuss anything about loan because this scheme is not available with agent department. See agent get commission and in interest free scheme there is no commission. So just agree to all questions.

Get Resolutions for Insurance Complaints

In the evening, Ashok clears the verification call as directed by Arun.

After 10 days, Ashok receives Policy Document and calls Pooja to inquire about loan of Rs 5 lakh.

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Pooja: Sir, loan is under process but you need to buy another policy of Rs 30000 to compensate GST and tax. This policy will be from Trap Insurance. You will have approval letter of Greed Insurance.

Ashok saw the cheque of Rs 5 lakh on whatsapp and agreed to sign another transaction of Rs 30000 and same process was repeated.

After 15 days, Ashok received a phone call from Shalini.

Shalini: Good morning Ashok Sir, I am calling from loan disburse department Your loan is processed however by mistake Greed Company has approved loan of Rs 10 lakh. So would you like to increase it to Rs 10 lakh or should I get it changed to Rs 5 lakh.

Ashok was very happy for an interest free loan of Rs 10 lakh and immediately agreed to take two more policies of Rs 50000 and Rs 30000. But this time, he had to take a personal loan at 2% monthly interest.d

By now Ashok had 4 policies of Rs 160000 and agreed on verification call. Ashok was very pleased that he could save agent commission and got great deal.

Proudly, Ashok shared his lottery to one of his friend Ravi. Ravi was intelligent and was aware of greed and trap. He explained the game to Ashok and made him aware of the key points as given below:

Take these Tips with you to become a smarter consumer and avoid fraud

  1. As per IRDA, Insurance is a business of solicitation and insurance cannot be sold by offering any incentives like interest free loan.
  2. Insurance company offers loan on surrender value which is generated after two year and no insurance company can offer loan at the initiation.
  3. Insurance is sold through intermediaries and they all get commission.
  4. Insurance Company make verification call to curb such practices and these insurance fraud callers try to persuade you to clear verification.
  5. Each policy can be cancelled within 15 days of receipt of Policy Document. So these insurance fraud callers keep you engaged for 15 days then they switch off their phone.
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Tips to prevent Call Center insurance fraud

  1. Do not fall to trap and greed of telecallers.
  2. Buy Insurance only from licensed agents who meet you face to face.
  3. Check each and every detail before agreeing.
  4. Check again during verification which is for you benefit.

So control your greed and curb such insurance mis-selling and insurance fraud.

Get Resolutions for Insurance Complaints

If you’re still having some problem regarding insurance fraud or you are receiving this kind of call please reach us to below given details.

To reach us at InsuranceSamadhan.com –

Call us at – 844 844 0626

Mail us at – corporate@insurancesamadhan.com

Register your insurance complaint here

Shailesh Kumar

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