Fraud Alert! IRDAI cautions the public against these types of fraudulent offers on insurance policies

Many of us keep getting unsolicited calls to buy insurance policies. At times, some of them could be a fraud. The Insurance Regulatory and Development Authority of India (IRDAI) keeps on taking steps to safeguard the interest of the buyers and potential policyholders of insurance policies. In a recent public communication, IRDAI has once again raised the concern of spurious phone calls and fictitious and fraudulent offers.

The IRDAI note states that it has come to their knowledge that the General Public / Policyholders have been receiving spurious calls from un-identified and unscrupulous individuals posing to be the officials or representatives of IRDAI with fictitious and fraudulent offers which are beyond the scope of insurance policies.

They are using names like Insurance Transaction Department, RBI, or any other name of existing government agencies and misleading the public about their authenticity.

The callers offer unrealistic benefits in the existing life insurance policies including in lapsed policies of policyholders such as unclaimed bonus, agency commission, a refund of investment amount/growth amount, etc which they can claim, subject to an upfront payment of fee/advance tax/deposit or payment to the account of the caller.

IRDAI in the communication said that it reiterates that it does not involve directly in the sale of any kind of insurance or financial products nor invests in the premium received by insurance companies nor announces any bonus for policyholders or insurers.

All policyholders and members of the public have been cautioned not to fall prey to such offers. They are urged to remain alert against such frauds or scams perpetrated by miscreants. It is always advisable to verify the identity of the caller and the genuineness of the offer with the concerned Insurance Companies and registered intermediaries. The public should directly deal with Insurance Companies or registered intermediaries/insurance agents while purchasing a policy or having any financial dealing with the insurance companies for verification.

RDAI advises that if any member of the public notices such instances, he or she may lodge a police complaint giving full details, along with the details of the caller and telephone number from which the call was received, in the local police station.

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