IRDA warns people about fraud, told where to buy insurance policy

 

Insurance regulator IRDA warned people about fraud and suggested people take insurance policy directly from insurance companies or registered intermediaries and agents. The Insurance Regulatory and Development Authority (IRDA) said in a public notice that calls to the common people/policyholders from unknown and wrong-doing elements keep on coming. In which they are offered a variety of breathtaking offers.

 

In it, they describe themselves as officers or representatives of IRDA and make attractive offers which are outside the scope of the insurance policy. The regulator said that they mislead people by naming insurance transaction department, RBI or any other government agencies.

 

According to the notice, 'The life insurance policy benefits are beyond the reality in what they offer. They offer unclaimed bonuses, agency commissions, a refund of the investment amount, increase amount etc. in a policy which is not valid. Some amount offered in lieu of this offer calls for first deposit or payment of a fee.

 

The IRDA made it clear that it is not directly involved in the sale of any insurance or financial products nor does it invest the premium amount received by insurance companies. Nor does he declare bonuses for policyholders or insurance companies. IRDA said, "People should take insurance policy or do financial transactions directly from insurance companies or registered intermediaries/agents." The regulator advised people to investigate the caller and seek information from the concerned insurance companies and registered intermediaries about its offer.