Do you feel that you were scammed by a tele-caller into buying a policy that you never intended to purchase? Or did you receive a fake call from a fraudulent person claiming to be a representative of an insurance company from which you usually buy insurance policies? Then you are a victim of fraud and mis-selling in insurance.
Let me tell you how Smiti was misled to buy a life insurance policy:
Tele-Caller: Good Morning ma’am. I am calling from XYZ insurance company. Am I speaking with Ms.Smiti?
Tele-Caller: Hello Ms. Smiti. You have taken a life insurance policy from our company. Right?
Tele-Caller: Great! We learned from our data that you need a health insurance policy for your parents. Am I right?
Smiti: Yes. They are getting older. Medical expenses would be high for elderly people.
Tele-Caller: Yes ma’am. That’s why we have a package for elderly people. And since you are our valued customer, our company wants you to avail this package. In this package, we will offer you a free health insurance policy with a life insurance policy for your parents.
Smiti: That’s great! Can you tell me more about the terms and conditions? Also how much premium do I need to pay for this package?
Tele-Caller: Yeah, sure. You need to pay a yearly premium of Rs. 50,000 for 10 years for the life insurance policy. If during the tenure, your parents get demised, then the company will pay you Rs 5 lakh. In addition to this, the free health insurance will cover your parent’s medical expenses. I meant to say that, if during the policy period, your parents get hospitalized due to any reason, then the company will pay all the costs.
Smiti: Wow! That is undoubtedly a great scheme! I would love to buy this package. What do I need to do?
Tele-Caller: Good decision ma’am. I am sending you a link. This is a payment link to XYZ Insurance company. Please make a payment then you will receive an OTP which confirms your interest. Please share the OTP so that I close the sale of Free Health Insurance.
Smiti: Ok. When will you send the link?
Tele-Caller: Well I have already sent it, Please make payment because this is a limited period scheme and will close in 48 hours.
Tele-Caller: Ok. Check your mail about the link and make the payment, I’ll hold the call,
Tele-Caller: And one more thing, I am a senior employee so you are buying a policy from higher authorities. Some agents will call you to confirm the purchase so that they get their commission. Tell them that you are buying the policy to save and tax purposes only. Just agree to all the questions they’ll ask or else they’ll try to make a commission out of it and it will take time to issue your policy
Smiti: Ok sure. I will do whatever you’ll be telling me.
The tele-caller provided her with a friendly call service for 15 days. After 15 days, he stopped calling her. When she tried to contact the tele-caller, he avoided the calls.
Here, the caller was calling her just to build trust so that she do not get suspicious about the policy during the free-look period.
Smiti learned about the insurance scam only at the time when she needed a health insurance claim.
This is just one example of mis-selling in insurance. There are a lot of cases where customers were misguided to purchase an insurance policy by giving false promises. They will build trust and tutor them to conceal the promises they are giving from the insurance company. Hence, when the insurance company gives a verification call, they’ll not reveal anything.
To read more cases of insurance mis-selling and fraud, read our blogs.
And if you have already become prey to such insurance fraud, and need help from professionals, you can contact Insurance Samadhan. We have resolved 14500+ customer grievances related to insurance. If you want any guidance, then you can contact us. We’ll be happy to help you.