This game is generally played by insurance agent, sales manager and some tele-caller.
Let us try to understand their modus operandi using different examples.
1. One senior citizen investor got call from someone, claiming to be senior official of IRDA. He said they since he has purchased no. of insurance policies from different companies in his lifetime, IRDA is giving him opportunity to be a member of Board of Directors. Then, they have meeting at his home and 2-3 people somehow convinced him to join IRDA. Then, they put some conditions like to purchase a new insurance policy, re-charge their mobile phone numbers etc.
You can understand how much money this person has spend to get the seat in IRDA.
It's clear that they were insurance agents of some insurance companies and their only motive was to sell some insurance policy to get HUGE commission.
2. Another person got call from someone claiming to be from IRDA, assuring one investor to recover his premium amount from XYZ company. The condition was to take one new insurance policy from the ABC company and after 3 months, the company will return his whole amount with interest.
Clearly, here also motive was to sell new insurance company.
Such list goes on and on…….
I do not understand one point here, do you people call yourself educated person? You're holding Graduation degree, Ph.D, B.tech, MBA etc. degrees and you people claim to be "experienced" one by proudly showing your degrees and age, but when it comes to be money investments, you people becomes dumb. Why? You can not defend yourself just by saying "we trust him". In real life, you do not trust anyone, then why do you trust blindly your insurance agent. What's the use of so many degrees when you can read one 2 page brochure?
Anyway, some important points to keep in mind now.
- Do not invite any XYZ person at your home or office just for time-passing. If you're not keen in insurance policy, better to say thanks and sorry on phone itself.
- Whenever you call any representative of insurance company, always check his ID-card and date of expiry on that. Call /email the customer care company and verify these details.
- Do not disclose your existing policy details to any insurance agent in the first meeting. You need to mention them only at the time of filling up the form.
- Ask and understand all the details of insurance policy from your insurance agent. Then, mention your query on websites like this under comments section and seek the help and guidance of professionals.
- It's not the task of IRDA to call each and every investor and assuring them to refund their money. And NEVER take new insurance policy in a hope you'll recover your existing amount.
- There is no vacancy in IRDA which can be full-filled just by taking insurance policy. Do not give any fees or money in any form to get that job.
- Always ask for official benefit illustration as per your age, premium, S.A. etc. at 6% and 10%. You can also visit company's official website and get benefit illustration yourself.
- Never give original documents to your insurance agents. Always give single self-attested copy. Write your name and date clearly with signatures. On the top of photocopy document, write the name of the company to which you giving for.
- Remember, you've 15 days free look-in period starting from the date of receiving of policy bond. In free-look period, investor has the right to refund the policy back to the company and the company will refund the full amount to the customer. In some cases, the company may deduct the cost of medical test, if applicable from the premium amount.
- To refund your policy bond, keep the photocopy of policy bond with yourself. Submit the original policy bond with written application to the company and take the acknowledgement on application photocopy. Make sure that the person giving you acknoledgment letter is from Operations department of the company with proper signature and date.
- In case your agent or some employee is creating some scene or problem in the office and "forcing" you not to refund your policy bond, you can seek the help of branch manager or in case of extreme situation, you can call local policy at phone no. 100 and they will assist you. In case you pass these 15 days under the false assurance of your agent or employee, you can not do anything later.
Remember, it's your own hard earned money. Take care of it. One wrong step can give lots of tension not only to you but your family members also.