At the beginning of the conversation, if the caller correctly identifies your bank name or insurance company, try to get further verification. Ask to speak to an employee who you know works at the company. If the call is a fake one, the caller may give an excuse like, “your agent has left the firm/doesn’t work here now.”

A fraudster may use this line over a call, and for a moment, it may cause you to worry about your policy. However, remember to ask for more precise details to identify a fake call from a genuine one. It is advisable to know more about the type of policy cover you have and how it works so that no one can dupe you.

In case you are not updated with your policy details, a fraudster may try to convince you about pending policy benefits that you have not availed of recently. Since not many people are aware that certain policies also have bonus additions, subject to the company’s declaration, the scammer will try to use this against you and have you to divulge sensitive policy information.

Fraud callers tend to pose as insurance company representatives and so, you may get calls from unknown numbers saying that they are a Tata AIA official and will ask for your policy number, the type of plan you have selected, the premium amount you are paying and so on. While giving out these details may look harmless, it can be misused in a number of ways in the wrong hands.

Always be very careful about giving out your Know-Your Customer (KYC) details such as your PAN number and Aadhar number. Fraud callers can cause a lot of harm and hack any of your records with the help of these details. While these details, when used by the authorized officials, are meant for authentication, fraudsters use these details to steal your money or destroy your data.

If the caller states that they are from the insurance department, ask for specific details such as their name, official email ID, and designation. But do not divulge any information to them regarding yourself or your policy. Contact us first and verify their details to understand if this could be a fake call.

If you have purchased your policy offline through an agent, you are not entitled to their commission in any way. Therefore, anyone calling you, for this reason, is a fraud and should be immediately reported. We also recommend buying your insurance policy online through our website to avoid any ambiguities.

The Insurance Regulatory and Development Authority of India is a regulatory body and interacts with insurance companies. If you get such a call promising you a policy bonus in return for some money, it can only be identified as a fraud and should be reported immediately.

If your insurance company is undergoing a loss, you, as a policyholder, will know it. Hence, if someone calls you and makes such false claims, do not be scared or misled by them.

Revealing any personal, policy-related and financial information to an unknown caller is inadvisable for the sake of your safety. Any communication that asks for such details can only be identified as fraud since we will never ask you for your details.

Insurance policy fraud is when the policy buyer or the seller of the insurance policy commits an illegal act. These illicit activities may include the seller misleading the buyer into buying a fake product, selling a dubious policy from a non-existent firm, asking buyers to pay extra premiums, etc. As for fraudulent acts from the buyer’s end, faking a medical condition for policy concessions, providing false information, faking death for the sum assured, and other policy benefits are some of the most common ones.

Life insurance scammers generally look for –

• New policy buyers who are not well-informed about life insurance products, their sales, and the right way to choose and purchase a policy, and so on.
• Existing policyholders who have a life insurance policy but do not have in-depth knowledge about their policy.

In both cases, scammers are encouraged by the lack of customer’s awareness. For instance, a fraud caller might contact an individual and ask them a few casual questions to understand how much they know about life insurance. Once they know that the customer is vulnerable, they will pitch a faulty/false product to procure some easy money.

Here are the different types of insurance frauds you should know about –

• Phony Websites: Fake and phony websites are known to be a common way for fraudsters to operate and lure potential victims. These days, it is simple to create a fake website and advertise a few false products with attractive copies. But you should look out for incorrect and unsecured website links or a sign-up that needs your credit card or bank account details.
• Email Fraud: Life insurance scammers also use emails to reach out to a number of people quickly. False email IDs are simple to create and are hardly traceable once deleted. Therefore, do not fall for emails that mention that there is a problem with your policy, or it is going to lapse. Instead, stay up to date with your genuine policy details at all times.
• Nominee Payment Fraud: There is always a chance that you may get a call, message, or email stating that you are the nominee or beneficiary of a late policyholder who has named you in their policy. The communication could also include a link asking you to provide some processing fee for filing a claim. However, this is a case of nominee payment fraud since insurance companies do not need processing fees for filing a claim.
• Fake Premium Prices: When you buy a policy, the premium rates will be calculated on specific parameters. But many scammers reach out with false and unbelievably low premium rates to have you buy their product. This is a clear sign that the policy is a fake one, and you shouldn’t fall for it.
• Personal Data Fraud: If you need to find instant policy quotes, then only rely on the insurance calculator of your insurance provider’s official website. Any other claims of instant quotes from unknown callers or emails will ask you for personal information in exchange for the lowest and instant premium quotes on a new policy. But this is only a way for fraudsters to steal your personal information and data.

Most life insurance claim frauds occur when it comes to filing a death claim. There is little scope to verify the cause of the policyholder’s death if the nominee or beneficiary is able to present false documents with a fraudulent claim to gain the entire death benefit. Since the benefit paid out for a critical illness claim or a disability claim is not as huge as the death claim, one may try to falsely file a death claim.

Professional insurance fraud investigators tackle suspicious and illegal acts related to insurance policies. They run background checks and carry detailed research on dubious information provided by policy buyers and also investigate dodgy claims which are filed in haste or seem to contain incorrect information. These investigators then report suspected fraudulent acts to insurance companies, thereby helping them deny or refuse the claim settlement amount to such policyholders.

If you have been a victim of insurance fraud or know someone who has been affected, kindly report the incident by connecting with us on the Tata AIA Life Insurance grievance redressal page.

Alternately, you can also connect with the IRDAI’s Grievance Redressal Cell of the Consumer Affairs Department – Call the toll-free number 155255 (or) 1800 4254 732 or send an email to complaints@irdai.gov.in

It is always advisable to ask some basic questions to understand if the caller is a genuine insurance agent. For instance, always ask if they are licensed to sell insurance or if they are registered insurance providers. You can also call the insurance company the caller claims to be from and confirm the authenticity of the caller.

A genuine insurance company representative will never ask for sensitive details such as your insurance policy details or your personal details. Lastly, always stay up to date with your policy information, be it the premium payments, the renewal date or any other changes, so that you are not caught unawares.

The very first thing you, as a customer or a policyholder, can do to avoid insurance fraud is to be alert and avoid falling for fake insurance offers from fraud callers and scammers. Always verify the identity of the caller before answering any of their questions.

Next, avoid revealing any important or sensitive policy-related or payment-related information to them. A genuine insurance company or representative will never ask you for an upfront payment or attempt to sell a policy over a phone call or email.

Yes. If you suspect an incident of insurance fraud or have been affected by a similar case, we would urge you to get in touch with us on the Tata AIA Life Insurance website’s grievance redressal page.

You can connect with us directly on our website and report an insurance fraud claim if you suspect any such incident.