Irdai asks public not to fall prey to fictitious calls offering higher policy benefits

New Delhi: Insurance sector regulator Irdai has asked general public not to fall prey to fictitious calls or fraudulent offers claiming higher policy benefits.

The Insurance Regulatory and Development Authority of India (Irdai) said that members of public have been receiving calls from unidentified individuals posing as officials of IRDAI/Integrated Grievance Management System (IGMS) making fictitious and fraudulent offers. 

The callers also use names such as Insurance Transaction Department, RBI or any other name of existing government agencies or some non-existing fictitious entities, it said.

Cautioning policyholders and public in general, Irdai said that neither the regulator or its grievance management cell involve directly or through any representative in sale of any kind of insurance or financial products nor do they invest the premium received by the insurance companies.

Any person making any kind of transaction with such individuals/agents will be doing the same at their own risk, it said. "Irdai once again urges the public to remain alert and not to fall prey to frauds or scams perpetrated by miscreants who impersonate to be employees/officers of IRDAI, IGMS, RBI, government departments or insurance companies," the regulator said.

It also said that it is necessary to verify the identity of the caller before making a financial transaction based on telephonic conversations. The facts can be verified at authorized offices/call centers of insurance companies. The telephone numbers of the authorised call centers can be verified in the policy documents/official websites of insurer.

"Irdai advises that if any member of the public notices such instances, he or she may lodge a police complaint giving full details, along with the details of the caller and telephone number from which the call was received, in the local police station," the regulator said.