Misselling in name of commission in the old policy
There is a new way in which the tele caller is luring the common man in Insurance misselling
Everyone is experiencing this interesting call!! Let’s understand
Caller 1: Sir, I am calling from the head office of ABCD Insurance company. I can see that you have a policy from us. I am calling today to check if you are happy with the services of your advisor. Is he in touch with you and explained the bonus you have received in your policy?
Customer: No, I do not know anything about the bonus
Caller 1: Sir you have got a bonus in your policy and I have called to take approval from you to disburse commission to your agent. He will get about 1 lac. If you are happy with the services then you can allow us to give commission to your agent else you can claim
Customer: The agent is not in touch with me. How can I claim the commission??
Caller 1: Sir I will ask the complaint department to contact you and they will brief you about the process of claiming the commission
Now the stage is set and another fraud caller will call you.
Caller 2: Sir, I am calling from ABCD Insurance company. My colleague just informed me that your agent is not servicing you and you would like to file a complaint?
Customer: Yes, he is not in touch with me
Caller 2: Sir will you like to avail the commission of the policy as well??
Customer: Yes, how can I do the same?
Caller 2: Sir you have to take an agent code for the same. You need to buy one policy in XYZ Insurance company. Once the code is activated the commission will be transferred and you can withdraw the money.
Customer: Why XYZ insurance company when my company is ABCD?
Caller 2: Sir, because currently the agent is active in ABCD and he may try to claim and delay the process. Our company has tie-up with XYZ company to help in cases like these. Sir Anyways the money is going to the reputed insurance company and not any personal account so you need not worry. Should I send you the link for payment??
Customer: Okay but when shall I get the money?
Caller 2: Sir it generally takes 15-20 days to transfer the payment. I will be there to help you.
Customer: okay I will arrange the money and pay the premium
You receive the policy and now you are waiting for the transfer of money and withdrawal. You receive a call after 15 days and the file number is shared with you
Caller 2: Sir, there is an issue with the transfer of the money. Actually, Government is asking for GST on the amount. This amount is refundable with the commission money. We just have to pay it and claim back
Customer: How much is the GST??
Caller 2: Sir as I can see you have a total of 3 lacs which includes commission and the bonus you have earned. The GST is 15% so you need to pay 60k. You have to pay this money to the insurance company and this will be refunded to you along with your 3 lacs.
Caller 2: I am sending the link for payment
Customer: Are you sure that I will get the refund??
Caller 2: Sir I am there for you. You will get the money in 15-20 days post payment of GST. Every money paid is refundable.
The customer who pays the premium gets another policy and now waits for a refund.
Oops!! After 20-30 days you get nothing and the caller talks about excuses like too much pressure, files are getting sorted alphabetically, file charges are pending, covid issues, death of the person dealing with the case, etc
Sometimes, more policies are sold with creative excuses depending on when the customer realizes the fraud.
The fraud caller is basically trying to pass the 15 day free look period so that you cannot apply for the cancellation and are completely trapped
The insurer also calls for verification and also checks if any commission or bonus is offered to you in the sales process but then you are tutored by the fraud callers not to reveal the offer otherwise commission will be deducted in the policy as the caller is Insurance company agents who are looking for commissions.
Its seen sometimes the customers are trapped for over a year and multiple policies are sold. Some customers pay more just to get stuck money out.
Alarm!! No Insurance company pays commission to the customer, it’s illegal to ask for commission.
So if you have experienced this kind of sales and still waiting to get a Bonus or commission, please take action as you have been mis-sold insurance policy.
What needs to be done??
- Without wasting time file a written complaint with your insurance company.
- Raise the issue to IRDA
- If no resolution, you can raise your issue to the Insurance Ombudsman/ Courts
You can also reach out to Insurance Samadhan for guidance on your case. For insurance complaints you can reach out to us via the following ways :