Page 13 - Life Insurance Today OCTOBER 2017

Don't fall prey to spurious calls:
Informing that 'Survival Benefit or Maturity
Proceeds or Bonus' is due under their existing In spite of the best efforts in cautioning public there are
policy and investing in a new insurance policy is several persons who complain about making payment to
mandatory to receive the amounts which are due. spurious callers. To get immediate relief when policy

Advising public to invest in insurance policies to holders deposit money into the accounts of these fraud
avail gifts, promotional offers, interest free loans, agencies, they never get any kind of refund and don't even
or setting up of Telecom towers or other such get a new policy. Many people across India are being
offers. cheated by such fake calls and the most important

5. The general public is hereby informed that IRDA is a thing to investigate is that who the actual people behind
regulatory body established by an Act of Parliament, this scandal are? The apprehension is that these people
i.e. the Insurance Regulatory and Development are intermediaries and franchisees of insurance
Authority Act 1999, to protect the interests of the companies.
policyholders, to regulate, promote and ensure
orderly growth of the insurance industry and for These agencies have their account codes with all insurance
matters connected therewith or incidental thereto. companies through which they are able to login to online
Further, IRDA informs the members of public that: software of a company and are able to view the policy
IRDA does not involve directly or through any details of a particular policy number with few verification
representative in sale of any kind of insurance or details, which they already obtain from the person
financial products. being trapped. These tele callers do not have any
IRDA does not invest the premium received by connection with IRDA. Since, they are working in insurance
insurance companies. sector, they have some knowledge about IRDA norms and
policy plans.
IRDA does not announce any bonus for
policyholders or insurers. They make best efforts to convince the other person. For
IRDA has put in place Grievance Redressal Cell in getting more business they attract people to buy policies
Consumer Affairs Department, Integrated of other companies for which they get good commission.
Grievance Management System and IRDA First of all they will try to take money into their personal
Grievance Call Centre to provide an alternate account. If the other person refuses to do so, they ask to
platform for registering grievances against make a cheque in the name of insurance company, which
insurers thereby facilitating resolution of they will actually use for paying a premium of someone
customer grievances by insurers. else's policy for which they have already collected cash.
IRDA or its officials dealing with Grievance And last of the last even if they issue a new policy, they
Management do not make calls in relation to earn good money as a commission or brokerage.
complaints lodged with IRDA as IRDA plays a
facilitative role and does not adjudicate upon or If the policy holder tries to act smart and want to know
investigate into such complaints the status of the refund, they submit a complaint on IGMS

Any person making any kind of transaction with of IIRDA and give the reference number of complaint. The
such individuals/agents will be doing the same various categories in cases where payment is made based
at their own risk. on spurious calls and the recourse available are briefly
indicated below:
6. IRDA hereby urges the public to remain alert and not
i. The amount is paid to an individual- Being a fraud by
to fall prey to frauds or scams perpetrated by
miscreants who impersonate to be employees / an individual, the only recourse available is to take up
officers of IRDA or other insurance companies. These the matter with police for necessary action.
miscreants frequently use the names of Shri Rakesh ii. The amount is paid to a noninsurance related service
Bajaj, Smt. Manju Arora, Shri R. Srinivasan, Shri provider or agency-In such cases, depending on whether
Mukesh Sharma, Sri Mukesh Kumar etc. as IRDA the services promised by the agency have been provided
officials to give confidence to the customer that they or not, the individual has to take up the matter with such
indeed are receiving calls from the IRDA. agency or the police for necessary action. IRDAI would

Life Insurance Today October 2017 13

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