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Insurance Scams
Policy mis-selling, fake renewal calls, and fraudulent health insurance cards
An agent sells you a ULIP or endowment policy by misrepresenting it as a 'guaranteed return FD' or 'tax-free savings plan.' The actual terms — surrender charges, long lock-in periods, and market-linked risk — are hidden in fine print. Victims discover the truth when they try to exit or claim.
🚩 Red flags:
- •Agent guarantees returns from a market-linked product
- •Rush to sign before 'offer expires'
- •Agent avoids questions about surrender charges
- •Policy document is not given on day of purchase
✅ Always ask: What are the surrender charges if I exit in year 1, 2, 3? What is the guaranteed minimum return? Get answers in writing before signing.
Your rights as a policyholder
- • 15-day free look period: Cancel any new life/health policy within 15 days of receipt for a full refund
- • Grievance: File complaints at bimabharosa.irdai.gov.in or call IRDAI helpline 155255
- • Ombudsman: Insurance Ombudsman (cbiorkofficeindia.com) for disputes above ₹20L