Protect yourself and your money from Agents Unfulfilled Promises.

The Insurance Regulatory and Development Authority(Irda) has recently issued two alert notes cautioning prospective policyholders about spurious insurance offers made by fraudsters posing as Irda officials or representatives of insurers. 

Be Sceptical of Tall Promises 

Irda does not announce any bonus or guaranteereturns. Similarly, the authority does not advise policyholders to switch to other policies in order to earn better returns. If your agent makes oral promises of spectacular returns, ask him or her to generate a benefit illustration to project returns. This will also reduce the scope for mis-selling as you would get an idea of actual returns and other product features. Alongside, make enquiries about the products in the portfolio and their suitability for your profile. 

Exercise Caution 

When you buy a policy, do not simply hand over a cheque to the agent. Take adequate precautions before doing so. "Always issue a crossed cheque in the name of the company. A transparent tape must be affixed on the payee's name and the amount.