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Thread: Beware of fake insurance policies!

  1. #1
    PW NewsDesk NewsDesk's Avatar
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    Exclamation Beware of fake insurance policies!

    The Central Crime Branch sleuths have arrested two persons on charges of cheating public by selling fake insurance policies. The suspects are Usman, 26, a resident of Pillanna Garden and Sajith, 26, of Doddabommasandra.

    On a tip-off, the police raided VIG India Insurance Brokers Private Limited, arrested the two and seized a computer and several documents.

    The suspects had appointed a few women to make random phone calls, informing the recipients of the calls that their phone number had won a prize in a lucky draw. They also told the customers that the company would issue them an insurance policy for Rs one lakh.

    They collected money from the customers when they visited the office and issued fake insurance policies of Bharti AXA group personal accident policy, added the police.

    A few customers, who recently went to the Bharti AXA office to check the status of the policies, came to know that they were fakes.

    A communication from Bharti AXA stated: “Upon discovering a fake policy issued in the name of the Bharti AXA by a firm posing as an insurance broking company, the compliance team of Bharti AXA investigated the matter and alerted the City Crime Branch.”

    “Based on a written complaint from the Bharti AXA team, the police probed the matter and initiated proceedings against the firm.

    Bharti AXA has asked insurance buyers to purchase insurance policies only from authorised agents and sales personnel.

    Source - deccanherald.com



  2. #2
    PW Stalwart >take's Avatar
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    Fake insurance is nothing new, there are lots of cases of the same. One is found in Delhi.

    The West district police has busted a fake insurance cover racket with the arrest of a person from Tilak Nagar area. The accused used to lure people by promising them insurance covers. Cops have recovered a large number of blank cover notes of various insurance companies, a computer and printer used in faking the cover notes, from the accused.

    During interrogation, accused disclosed that he used to meet people as insurance agent. The cops are trying to know what amount he charged from people and how many people he has cheated earlier.

    Police said that general public should be cautious in choosing their insurance agents because sometimes it turns out that lot of people indulge in such activities.

    Source - TOI

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    PW Stalwart >take's Avatar
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    To avoid fake insurance - one way is to check the ID cards of the agents before buying any insurance cover from them or buy insurance directly from the insurance companies.
    For insurance brokers you can check the list of brokers online on IRDA website here.

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    PW NewsDesk NewsDesk's Avatar
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    Quote Originally Posted by >take View Post
    To avoid fake insurance - one way is to check the ID cards of the agents before buying any insurance cover from them or buy insurance directly from the insurance companies.
    For insurance brokers you can check the list of brokers online on IRDA website here.
    Thanks for the links >take!
    Do you know any website, where we can check whether agent is working for an insurance company or not?

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    PW Stalwart >take's Avatar
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    Quote Originally Posted by NewsDesk View Post
    Thanks for the links >take!
    Do you know any website, where we can check whether agent is working for an insurance company or not?
    At the moment there is no such website. But checking ID Card or License copy is the best way to avoid above problems.
    I am attaching herewith the sample license copy for you -
    Name:  Licence-of-Insurance-Agent.jpg
Views: 2122
Size:  174.5 KB

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    PW Stalwart >take's Avatar
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    Agent ID Card Sample Copy -
    Name:  Agent-ID.jpg
Views: 936
Size:  105.1 KB

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    NewBie
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    Another way to reconize a fake insurance policy number would be something like 8493285298135. It is a crime to show fake insurance identification.

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    Moderator Rahul's Avatar
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    Quote Originally Posted by rahulsinghd View Post
    Another way to reconize a fake insurance policy number would be something like 8493285298135. It is a crime to show fake insurance identification.
    Why the fake policy, only show above number?


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