Stay away from fraudsters while buying insurance policies

Insurance frauds can happen in any line of insurance, including home loans, health insurance and life insurance. Fraudulent companies or agencies may operate through direct mail solicitations, newspaper advertisements or over the Internet. So, this fact sheet gives you some tips to help you avoid buying fraudulent insurance.

Hyderabad:Planning to take a new insurance policy? Paying a premium for renewal of policy? Waiting for the claim after applying for it? Better to be careful in such cases since a lot of frauds are taking place in insurance policies. Time to learn a few tips to avoid them. Once you receive a call claiming to be from an insurance company, you should think about its authenticity.

They will go all out to explain to you about a particular policy, you have to think how far it is fair to trust a stranger. Getting carried away by the bonus, incentives and other benefits assured by them, you shouldn't commit yourself. Rather it is good to double-check with their customer care or on their portal before making a decision. Don't fall into their trap in a hurry to avail a policy. If they quote a low premium, it is better to check with the insurance company concerned. Strictly avoid signing on policy documents or blank papers.

Read:Deal directly with insurers or registered agents: IRDAI

Instead of cash, pay the premium either through a cheque or online. Because insurance companies keep telling us to avoid cash payments to agents. Still, if you want to pay in cash, it is better to go to the branch and pay it. Insist on a receipt for the payment and keep them safe. Do not share PAN card, Aadhaar, passport and policy details with anyone and avoid issuing signed blank cheques. Also keep in mind that OTPs, log-in details and passwords will not be sought by the insurance company under any circumstances.

Nowadays every policy is tagged with a QR code. By scanning the code, you will get all details about the policy. Once you receive the policy, scan it on your smartphone to know the exact details. While filling up the insurance policy forms, know about each thing. Go through policy terms once again. Never sign on unfinished forms.