My father bought some policies on the suggestion of an agent who claimed to be a financial adviser from the Insurance Regulatory and Development Authority of India (Irdai). He said these policies are just one-time investments and took a total of Rs.6.16 lakh. He promised that after paying only one premium for each of the different policies, my father will get Rs.15 lakh on 15 November 2015, which did not happen. The agent has started pressurising my father to buy some more saying that he will otherwise not get the money back. I had registered complaints to the local offices of these companies, but was turned away with illogical reasons. What should I do?
—Richa Gupta
The insurance regulator, Irdai, does not call any individual with specific insurance proposals. It is clarified on their website and in public advertisements. There is also a link available allowing you to check an agent’s authenticity.
