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An Ultimate guide to spotting online life insurance scams

  • Highlights

  • Life insurance scams have become very common. Do not share your personal or financial information with an insurance provider unless you verify them

  • Insurance companies and NBFCs do not charge you if you are a life insurance beneficiary

  • Beware of data farms that collect financial information with the intent to defraud you

"Dear Mr/Ms. XYZ, your friend has named you a life insurance beneficiary. Click the following link and claim the proceeds by paying a processing fee" "You are eligible for INR 5 crore life insurance by paying only INR 200 pm. No document, no health check, no KYC required." "You are eligible for INR 10 crore Life Insurance cover. Enter your credit card number and CVV for the lowest quote. Click on the following link for instant life insurance. No documentation is needed. http://lifinsurnce.com

Email, text messages, and social media advertisements with similar prompts have become all too common. With digital transactions and banking becoming more and more common, most people opt to buy insurance policies online. This has given rise to phishing, vishing, and data scams. Online life insurance scams put your personal and financial data at risk of being stolen. Let us learn more about these and stay protected.

Do not share financial info, secure financial website

Life Insurance Scams

  • Fake websites with spelling errors and misspelt URLs (resembling popular banks and NBFCs such as Bajaj Finserv), prompt internet users, to click on them and then part with personal and financial data. This data is subsequently used to defraud the user

  • Social media advertisements or emails promising unrealistically low insurance premiums must raise red flags

  • If you receive an email informing you that you are the beneficiary of some unknown relative or friend’s life insurance, it is best to proceed with caution. Life insurance company frauds of this type may prompt you to make an advance payment or pay a processing fee to claim the proceeds. This is a scam

  • If it seems too good to be true, most probably it is. If you are prompted to click on a link and enter your bank account number, credit card number, or other financial details for a deal expiring in minutes or hours, it is time to be alert

  • Receiving an email from an insurance company you have not dealt with, asking you to make a payment to “reactivate” your policy should put you on high alert

An Ultimate Guide to Spot Online Life Insurance Scams

Tips to stay protected from insurance frauds

  • Look out for websites with spelling errors, use of HTTP instead of HTTPS, lack of concrete information, and fake contact details

  • Look up recognised and trusted NBFCs such as Bajaj Finsery to compare premium rates for various life insurance providers and for the coverage details. Some insurance policies may allow you to take a premium holiday, some may link the corpus to the equity markets. Whatever the terms, it is important to understand them clearly before you sign up

  • Life insurance companies never charge the beneficiary a down payment or a processing fee. Deductions, if any, are made from the insurance proceeds before the payment is made

  • Insurance companies rarely offer time-bound deals. Any insurance offer that prompts you to take immediate action is usually a fake one

  • Never click on links sent to you from seemingly popular insurance companies or NBFCs unless you can verify the source. Never make a payment against a policy you do not remember taking or against a blocked, lapsed, deactivated policy unless you are certain of the payment portal

While using social media or accessing your email, it is best to verify the sender before responding or taking action. If you believe you have fallen victim to a life insurance fraud, it is best to register an FIR with the local police, intimate your bank/credit card company, for any such queries visit https://www.bajajfinserv.in/reach-us.

In case you have any service concerns, you may please reach out to Bajaj Allianz Life Insurance’s grievance redressal team through any of the following options:

  1. Website https://www.bajajallianzlife.com/

  2. Contact your insurance advisor/sales relationship officer.

  3. Visit nearest Bajaj Allianz Life branch from https://www.bajajallianzlife.com/branchlocator.html

  4. Write to them on customercare@bajajallianz.co.in from your registered email address

  5. Call on Toll-free number 1800-209-7272 (Mon to Sat 9:00 AM-7:00 PM)

  6. Click here https://www.bajajallianzlife.com/content/dam/balic/pdf/grievance-redressalofficer.pdf to contact the designated Grievance Redressal Officer at your nearest branch.

Savdhaan Rahein. Safe Rahein.

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