Insurance Regulatory and Development Authority (IRDA) has been receiving complaints,
through email/letters and in its Integrated Grievance Management System, from members
of public informing the Authority that they are receiving spurious calls from unidentified
Claiming to be representatives of IRDA and offering insurance policies of different
insurance companies with various benefits.
Claiming that IRDA is distributing bonus to insurance policy holders out of the
funds invested by insurance companies with IRDA.
Claiming that the policyholder would receive bonuses being distributed by IRDA if
they purchase an insurance policy and wait for a few months after which the bonus
would be released by IRDA.
Advising customers to subscribe to fresh policy after surrender of the existing
policy and wait for a few months after which the fresh policy would be entitled
for additional enhanced returns / benefits.
Informing that ‘Survival Benefit or Maturity Proceeds or Bonus’ is due under their
existing policy and investing in a new insurance policy is mandatory to receive
the amounts which are due.
Advising public to invest in insurance policies to avail gifts, promotional offers,
interest free loans, or setting up of Telecom towers or other such offers.
The general public is hereby informed that IRDA is a regulatory body established
by an Act of Parliament, i.e. the Insurance Regulatory and Development Authority
Act 1999, to protect the interests of the policyholders, to regulate, promote and
ensure orderly growth of the insurance industry and for matters connected therewith
or incidental thereto. Further, IRDA informs the members of public that:
IRDA does not involve directly or through any representative in sale of any kind
of insurance or financial products.
IRDA does not invest the premium received by insurance companies.
IRDA does not announce any bonus for policyholders or insurers.
Any person making any kind of transaction with such individuals/agents will be doing
the same at their own risk.
IRDA hereby 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 IRDA or
other insurance companies.
If any member of the public notices such instances, he or she may lodge a police
complaint, along with the details of the caller and telephone number from which
the call was received, in the local police station.
Consumer Affairs Department