Fake calls in the name of Insurance Regulatory and Development Authority of India (IRDAI), are very common, where fraudsters call innocent people and say that their bonus amounts are due. In order to avail the bonus, policyholders will be asked to provide their policy documents or bank details.
In some cases, fraudsters will also ask that money be deposited in a particular bank account. There are many people who have fallen prey to such frauds and lost hard earned money.
IRDAI has been receiving many complaints regarding such fake calls. So, to create awareness among people, it has issued notices through newspapers and other media.
IRDAI has also shared tricks used by one of the fraudsters to cheat people on the basis of the complaint received by providing links to the audio records.
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1. The caller claims that he is the representative of the IRDAI and he is into offering insurance policies of different insurers with various benefits.
2. The caller then announces that the IRDAI is issuing a bonus to policyholders on the amount invested by their insurer with IRDAI.
3. The caller convinces policyholders that they will be eligible to receive a bonus given by the IRDAI, if they purchase an insurance policy and wait for a few months.
4. They even ask policyholders to subscribe to the new policy after surrendering the existing policy and wait for some months after which the new policy will be entitled to additional enhanced returns.
5. They also say that the policyholder is entitled to receive the Survival Benefit or Maturity Proceeds. But, to receive the amounts, they will be asked to invest in a new policy which is mandatory.
6. To avail gifts, promotional offers and interest-free loans, callers ask people to avail a new insurance policy. This is a trick used by fraudsters to make people invest their money.
This is how fraudsters cheat innocent people in the name of the IRDAI. So, you have to be very careful if you receive such calls. The main reason why many people get cheated by this kind of fraud is due to the lack of awareness on what IRDAI does.
IRDAI is an insurance regulator which is set up to protect the interests of policyholders and to promote the growth of the insurance industry in India. IRDAI does not follow the below practices:
1. IRDAI does not involve in the sale of any kind of insurance or financial products.
2. IRDAI does not issue any kind of bonus to insurance companies or policyholders.
3. IRDAI does not invest the premium received by the insurance companies.
So, if you receive any calls claiming to be from IRDAI, report them to the police immediately and do not fall prey to such frauds.
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