Categorized | General Insurance

beware of fraudsters- rely only on genuine insurance resources

Who does not want extra profits on his investment? Extra money if sufficient, can buy you something you always wanted to, isn’t it? We all are looking for different ways we can earn something additional. But, this mentality of some vulnerable people leads them to fall for tricks of fraudsters.

Beware of fraudsters

Many cases of frauds are coming across when anonymous people in guise of insurance company agents or IRDA agents are calling policyholders and offering them the plans which are nothing but the base of their rackets. If somebody knows your complete name, address and name of the insurance company you have put your money in, it is not the tough task to extract your Policy numbers and other vital details. Swindlers are taking advantage of this and making the policyholders believe on them. Moreover, they are targeting those people who are discontented with their investment in particular insurance company or a plan and are really desperate to get their policy funds back.

Ways through which you can be cheated

There are innumerable ways the anonymous person can induce you to give out your hard-earned money to them. For instance, the fraudster may say that you will get a Bonus amount of Rs. 10,000 for the insurance policy you had taken years back from an XYZ insurance company. However, you will have to make an investment of Rs. 15,000 in ABC company, or the person may call up and say that he/she as a representative of IRDA will help you out to get your money back that is stuck in the insurance policy bought by you sometime back. However, for that you have to invest in so and so company.
Besides this, there are agents also who will cheat you by stating that they will submit your cheque for Premium towards your car insurance or life insurance. Many incidences have occurred when the Policyholder hands over the signed cheque for the payment of premium and later on they come to know they have never paid the premium for their existing life insurance or Health Insurance policy, instead have owned a new insurance policy not required by them.

How you can save yourself from fraudsters?

You just cannot make out that the person on the other end is cheating you. That depends on you how you protect your money and yourself against the impostures. There are certain points that you can keep in mind so that you do not get entangled under these kinds of scams.

1.    You need to understand that IRDA is a national agency that works to protect the interest of policyholders. And, it does not make any calls to policyholders individually and does not sell any kind of financial or insurance product.

2.    Have everything on papers. When somebody insists you to buy the financial product and guarantees the profit, have it written on documents and always save one copy of legal documents with yourself.

3.    Never give out the cash to anybody without the proper receipt.

4.    Never put your signatures on blank sheets or awkward blank spaced sheets. Also, if you do not understand the Coverage you will be getting on buying the policy, do not sign the documents.

5.    Whenever dealing with any agent always check his credentials and status of working with the associated company. And, never buy any financial instrument from unauthorized source. Check the license before dealing further.

6.    Never ever ignore the notices sent by your insurance company.