IRDAI has observed that spurious callers posing as IRDAI officials lure investors by offering bonuses and agency commission even on lapsed policies.
These callers also ask policyholders to deposit some money to claim these benefits or buy new policies to avail gifts, promotional offers, interest free loans, etc.
IRDAI said instances of spurious calls have drastically increased. Hence, IRDAI has issued a public notice asking policyholders not to fall prey to fraudulent callers posing as IRDA employees to sell insurance policies. In addition, the insurance regulator has urged people to lodge an FIR with the police if they receive such spurious phone calls.
In order to caution policyholders, the insurance regulator has disclosed the modus operandi of these frauds, “The modus operandi of calls starts with offering unrealistic benefits in the existing life insurance policies including lapsed policies of policyholders. Further, the callers are luring public with huge benefits such as unclaimed bonus, agency commission etc which they can claim, subject to upfront payment of fee/advance tax/deposit or payment in any other name to open some benefit account etc. All such offers are fictitious offers as the insurance company or its representative or insurance agent or insurance intermediaries cannot offer any benefits beyond the scope of policy. The insurance policies provide only benefits that are mentioned in the policy schedule and/or in terms and conditions laid down in the policy document.”