Page 12 - Life Insurance Today OCTOBER 2017

X Any person making any kind of transaction with such
individuals/agents will be doing the same at their own
risk.

Ref. No: IRDA/CAD/PNTC/MISC/197/08/2014
Date: 26-08-2014

IRDA CAUTIONS PUBLIC AGAINST SPURIOUS CALLS
AND FICTITIOUS OFFERS

1. Members of public have been receiving a lot of
spurious calls in the name of officials of Insurance
Regulatory and Development Authority making
fraudulent claims and fictitious offers.
Caution to members of public:
2. IRDA issued a public notice on January 29, 2014
Considering the extent of the problem and the impact of
cautioning members of public from falling prey to
such calls on IRDAI's efforts in protecting the interests of
such offers and issued advertisements in newspapers.
policy holders and ensuring the orderly growth of the
insurance sector, IRDAI has taken up a campaign to caution 3. In spite of these efforts, it is observed that members
members of public. IRDA issued a public notice on August of public are still receiving spurious calls in the name
25, 2014 reiterating its caution to members of public to of officials of IRDA. The nature of calls are as
indicated below:
not fall prey to such spurious calls and fictitious offers. The
Claiming that IRDA is distributing bonus to
emphasis was more on dissuading people from believing
insurance policy holders out of the funds
such spurious calls and acting upon them so that the
invested by insurance companies with IRDA.
problem does not manifest into a financial loss to
members of public who make payment believing in the Claiming that the policyholder would receive
veracity of the calls and offers. Through the caution, IRDAI bonuses being distributed by IRDA if they
informed the members of public that: purchase an insurance policy and wait for a few
X IRDAI does not involve directly or through any months after which the bonus would be released
representative in sale of any kind of insurance or by IRDA.
financial products. Advising existing policyholders that money in
X IRDAI does not invest the premium received by respect of their policy has been fraudulently
insurance companies. transferred to someone else and for receiving
that money back from IRDA, they have to fulfil
X IRDAI does not announce any bonus for policyholders
certain formalities including payment of money
or insurers.
Claiming that they are from the Grievance Cell
X IRDAI has put in place Grievance Redressal Cell in or IGMS Department of IRDA making a call in
Consumer Affairs Department, Integrated Grievance continuation with a complaint made against an
Management System and IRDAI Grievance Call Centre insurer and for resolving the grievance and
to provide an alternate platform for registering release of benefit, they have to fulfil certain
grievances against insurers thereby facilitating formalities including payment of money.
resolution of customer grievances by insurers.
4. The other kinds of spurious calls are:
X IRDAI or its officials dealing with Grievance Advising customers to subscribe to a fresh policy
Management do not make calls in relation to after surrender of the existing policy and wait for
complaints lodged with IRDAI as IRDAI plays a a few months after which the fresh policy would
facilitative role and does not adjudicate upon or be entitled for additional enhanced returns /
investigate into such complaints benefits.

12 October 2017 Life Insurance Today

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