Page 11 - Life Insurance Today OCTOBER 2017

X They would suggest the policyholder to visit IRDA at
Cir. No. IRDA/CAD/CIR/MISC/059/02/2014
Hyderabad / Delhi and meet one particular officer
February 13, 2014
who is responsible for transferring this money. They
To
would give mobile numbers of this officer.
All the CEOs of Life Insurance Companies
X On being called on the given number the person on
the other side would introduce himself/herself as Re: Spurious Phone Calls and Fictitious /Fraudulent
IRDA officer. Offers

X They would inform that IRDA is maintaining money from 1. Please refer to the circular IRDA/CAD/CIR/MISC/038/
such accounts where agents had committed frauds and 01/2014 dated January 27, 2014 on the captioned
this money is being returned to policy holders. subject.
X The officer would tell that on policyholder's mandate 2. Considering a representation from Life Insurance
the due from existing policy is being transferred to Council and in order to provide sufficient time to
some other person. insurers to prepare the voice over and reorient their
campaign, it has been decided to extend the date of
X When informed that no such mandate was given, they
implementation of the contents of circular, insofar as
would indicate that somebody has committed fraud
it relates to TV ads / commercials, from February 1,
and that they will file an FIR with police in Hyderabad
2014 to March 1, 2014. Please note that no further
/ Delhi. They would also give details of the FIR filed.
request for extension of time would be entertained
X For further assistance they would give another by the Authority. However, other requirements of the
number. The person on this number would suggest circular like incorporating the content in box item
that to get back the money, the policyholder has to prominently in every advertisement in print media
engage the services of a particular company. The including pamphlets, publicity material etc. shall be
policyholder has to deposit the following documents: implemented forthwith.
1. An account payee cheque in the name of the
3. All life insurers shall also flash on their home page
company,
of their websites, the public notice No. IRDA/CAD/
2. PAN, PNTC/MISC/046/01/2014 dated January 29, 2014
3. First page of the policy document, and issued by IRDA cautioning general public about
spurious calls and fictitious offers. Further, all life
4. Address proof.
insurers shall also send an email / SMS to all their
existing customers advising them to not respond to
They would further suggest that these documents be
spurious calls in the name of IRDA / other insurance
couriered and the details of the despatch including docket
companies asking for changing over to other insurers
number etc be furnished to them. They would keep on
in the lure of bonus or higher returns.
calling for details of the despatch of cheque and
documents and would assure the policyholder that the
transfer of dues from the policy to other persons account
would be stopped once they receive these documents.

The consequence of such calls are that members of public
fall for such offers or threats and make payment to the
spurious callers through various modes like transfer of
funds, sharing card and pin, issuing cheque etc. While in
certain cases fresh policies are issued to these customers,
in certain other cases money is being collected for non-
financial purposes without any issue of policy. Sometimes,
there is no proof of payment, more so in cases where
payments are reportedly made in cash.

Life Insurance Today October 2017 11

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