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There are some steps every policyholder must take before finalising their policy.
Fake Insurance Policy.
Purchasing a fake insurance policy can lead to serious problems. You may think you have coverage, only to discover when you need it most that your policy is invalid. It’s crucial to be careful when buying insurance, as scammers often exploit people’s trust and lack of information.
There are some steps every policyholder must take before finalising their policy.
1. Verify Directly with the Insurance Company
Never rely solely on what an agent tells you. Call the insurer using their official customer service number (found on their website, not one provided by the agent). Ask:
- Is this agent authorised to sell your policies?
- Does this policy number exist in your system?
- Are the terms and benefits exactly as stated?
Red Flag: If the agent discourages you from contacting the insurer, walk away immediately.
2. Check Your Policy Documents for Authenticity
A genuine policy should include:
- An official policy number (which you can verify with the insurer).
- The insurance company’s name, logo, and regulatory details.
- Detailed terms and conditions (scam policies are often vague or missing key clauses).
Red Flag: If the document looks unprofessional or lacks essential details, it may be fraudulent.
3. Cross-check on the Official Regulatory Website
Every legitimate insurer is registered with a government regulatory body (e.g., IRDAI in India). Visit their official website to check:
- Whether the insurance company is listed as a registered provider
- If your policy details can be verified through their database
Red Flag: If the company or policy is not listed in the official database, you may be dealing with a scam.
4. Verify Payment Details
Your premium should always be paid directly to the insurance company. Ensure:
- Payments are made to the insurer’s official bank account
- You receive an official receipt from the insurance company
- Your payment appears in the insurer’s official records
Red Flag: If the agent insists on cash personal bank transfers or refuses to provide a receipt, it’s a scam.
5. Look for Online Reviews and Complaints
Before finalising your policy, do a background check:
- Search for complaints about the insurer using Google and consumer forums
- Visit the insurer’s official social media pages to see real customer experiences
Red Flag: Multiple complaints about fraud, denied claims or unresponsive service are clear warning signs.
6. Final Check: Trust Your Instincts
If anything feels off, including rushed offers, unrealistic benefits, or pressure to pay, STOP. Always verify independently before committing.
What Options Do You Have If You’re Not Satisfied With Your Policy?
Speaking to News18, Mr Pankaj Goneka, Vice President and Head of B2B2C at InsuranceDekho said,” Any customer can ideally explore these avenues in case of dis-satisfaction:
1. They can reach out to the insurer directly
2. They can approach the Ombudsman.
3. Can reach out to IRDAI
4. Can file cyber complaint/ go to the consumer forum.”
However, he cautioned that victims must take advice from legal or compliance person before taking any appropriate step.
He said ensuring the authenticity of your insurance policy is key to securing your financial future. “At InsuranceDekho, we encourage every policyholder to verify details directly with the insurer, cross-check information on regulatory websites, and make payments only through official channels.”
A genuine policy is backed by transparency, clear documentation, and authorised communication. Taking these simple steps empowers you to stay protected and make informed decisions with confidence, he added.
