Tips to avoid insurance fraud
May 4, 2021 |
Posted by Admin |
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Insurance fraud is in the limelight these days in the insurance industry. Fake insurance agents provide a large number of people with fraudulent insurance policies. Fraudsters pose as insurance brokers and sell people fake insurance policies to make fast cash.
By availing of a fake insurance policy, you lose not just your money, you are left uninsured, and the claims will be rejected. As a result, it is essential to exercise caution when purchasing an insurance policy. We'll send you some advice on how to stop buying bogus insurance policies in this article.
Tips to avoid insurance fraud
The following tips help you avoid a fake insurance policy:
- Determine whether or not the person selling you the insurance policy is a licenced agent. You should inquire about his agent's licence. The Insurance Regulatory and Development Authority of India issues licences to agents who are allowed to sell insurance policies (IRDA). If the agent is someone you know and you're too ashamed to inquire, you may call the insurance provider to request that the agent's information be included in the contract. On the IRDA website, you can find a list of insurance agents who have been dismissed or suspended by insurance firms.
- If you're purchasing an insurance policy from a broker, you can verify the validity of the broker's licence on the Irdai website. On the website, a list of active brokers will be published, along with the expiration date of their licences.
- To verify the policy's validity, go to the company's website and type in your policy number. The insurance policy's specifics will be shown to you. You will inform the insurer's customer service call centre to determine if the policy is genuine or not.
- After the contract is released, the majority of reputable brokers and insurance providers can submit a welcome email and messages. It should raise an alert if you do not receive these messages.
Not happy with a product or service? Just visit Save From Frauds complaint portal SFF Compaint Portal and post your issue. We’ll get in touch with the concerned entity and help you with the resolution. With an aim to spread awareness on fraudulent activities, we publish articles and videos on a regular basis. You can also publish reviews about companies on Save From Frauds..
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