In the wake of increasing instances of online frauds in the current situation, IRDAI has asked general public not to fall prey to online players pretending to be insurance agents or brokers. Many of these companies have been offering discount on premium payment to lure customers.
The insurance regulator has asked people to exercise caution while buying new policies or paying renewal premium through online route.
IRDAI said that a few online players have been offering insurance policies without obtaining valid agency license. IRDAI said, “There are occasional reports of fraudsters offering insurance with unusually low premium from fake entities through online and digital mode. The public are hereby cautioned not to fall prey to such offers.”
Further, the regulator said that policyholders should verify if the website, insurance company, broker and agents are genuine before making any transaction. Insurance should be bought only from insurers and intermediaries registered with the IRDAI and the agents duly appointed by the insurance companies, the insurance regulator said.
Policyholders can check list of approved insurers and intermediaries on IRDAI’s portal.