Insurance fraud is a growing problem in the insurance sector. A lot of people are issued fraudulent insurance policies by fake insurance agents. Fraudsters pose as insurance agents and sell fake insurance plans to people with the intention of making quick money.
By availing a fake insurance policy, you lose not just your money, you are left uninsured and the claims you make are rejected. So, it is really important to be careful while availing an insurance policy. In this blog, we will give you tips to avoid buying fake insurance policies.
1. You must first identify if the agent who is selling you the insurance policy is an authorized agent. You must ask for his agent license. The agents who are authorized to sell insurance plans are issued licenses by the Insurance Regulatory and Development Authority of India (IRDA). If the agent is the person you know and you feel embarrassed to ask, you can contact the insurance company asking them to provide details of the agent in the insurance policy. You can check the list of terminated and suspended insurance agents of the insurance companies on the IRDA website.
2. In case you are buying an insurance policy from the broker, you can check the validity of the broker’s license which is available on Irdai’s website. The list of the active brokers along with the validity date of their licenses will be published on the website.
3. To check the authenticity of the policy, you must first visit the company’s website and enter your policy number. You will be shown the details of the insurance policy. You can inform the call center of the customer care of the insurer and can identify if the policy is genuine or not.
4. Most trustworthy agents and insurance companies will send a welcome email and messages once the policy is issued. In case you don't receive these messages, it should raise an alarm.
See Also: Beware of Fake Insurance Agents
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