Coronavirus Scams: Beware Of Insurance Fraud In The Time Of Covid-19

The Insurance Regulatory and Development Authority of India (IRDAI) issued a warning for people who are updating or investing in new Life Insurances to be cautious of fraudsters as the number of people buying insurance online has increased.

(Representative Image/ Getty)

New Delhi: The Insurance Regulatory and Development Authority of India (IRDAI) issued a warning for people who are updating or investing in new Life Insurances to be cautious of fraudsters as the number of people buying insurance online have increased. According to the press release by the IRDAI, there have been reports of fraudsters especially since the lockdown started as people prefer buying insurances online. “There are occasional reports of fraudsters offering insurance with unusually low premium from fake entities through online/digital mode. The public is hereby cautioned not to fall prey to such offers.” Hence, they have released a list of authentic insurers in the interest of the public who are looking to buy insurance. Points to keep in mind according to IRDAI:

1. Insurance Companies registered with IRDAI
2. Insurance intermediaries who can solicit business and are registered with IRDAI.
3. Insurance agents duly appointed by Insurance Companies.

In the same release, they put up the list of insurance companies and insurance intermediaries for verification. For example, for people who are looking for Life Insurance they can contact companies like ICICI Prudential Life Insurance Co. Ltd, Life Insurance Corporation of India, Max Life Insurance Co. Ltd and so on, the list also contains the concerned person’s contact information. This exhaustive list is meant to ease confusion especially of people who are new to insurances. Aside from this, the list contains contacts of General & Health Insurers, Insurance Brokers, Web Aggregators, Insurance Marketing Firms and Corporate Agents. To get a start one can visit their website to choose what suits individual needs and preferences. The list of insurance agents appointed by individual insurers can be verified from the respective insurers. The customer should take due care and verify the genuineness of the website and the genuineness of the insurer, intermediary or agent before making any online payment. If you are planning to buy insurances via online/digital mode, it is best to go through the given websites and not jump to any email or text or call just because it claims a lower rate. The anonymity of online/digital mode makes it easier for the fraudsters to function.