Scammers trick unsuspecting people into buying fake insurance by exploiting the complexities of insurance policies. Since most people still see online health insurance as more of a legal requirement than a necessity, there must be more knowledge regarding determining whether a policy is legitimate.
Health insurance is inexpensive, but comprehensive plans with extra coverage are often more expensive. Scammers offer phony plans at a lower cost by utilising the cost consideration. This causes unsuspecting customers to fall for artificial tricks and fall into the trap. While it can be challenging to recognise these phony tricks, this article provides some tips on identifying a fake insurance policy and avoiding buying one.
- Buying From Reliable Sources
Make sure to verify the legitimacy of the insurance company before purchasing a health insurance plan. This is impossible by looking at the policy; instead, you should check the regulator’s IRDAI website to determine whether the insurer is legitimate. #
- Choosing The Appropriate Payment Method
The payment method is crucial in determining whether the policy is honest. Such payments are only made in cash for fake policies, which raises the risk. Instead, a reliable way to determine the legitimacy of one is to use an insurer with online or other bank transfers. Online policy purchases do not require the hassle of issuing checks, bank drafts, or even cash. In addition, depending on the policy start date, instant coverage is available from the moment the transaction is successful.
- Verifying Your Policy
Insurance companies offer a verification service that can be used to confirm policies. It also helps to reiterate your policy’s terms. Thanks to this feature, you can be sure that the policy being issued is genuine.
- Purchasing From A Licensed Insurance Provider
After narrowing down your insurance options, confirm it on the IRDAI’s list of approved insurance providers. A list of insurance providers authorised to sell health insurance policies is available from the regulator. It would help if you bought directly from the insurance company, as this will prevent the possibility of falsified paperwork and duplicate policies.
- Using The QR Code To Validate
A QR code is printed on the policy document for most insurance policies. This can be located at either the top or bottom. For those of you who are tech-savvy, this is an excellent way to check the validity of your policy because the code contains a URL. Other details, such as the insurer’s logo, may be accessible for con artists to replicate, but the QR code is more challenging. Consequently, a QR code enables you to confirm the legitimacy. These are some clever ways to recognise a fake insurance policy and various strategies to ensure you only purchase a real one. Use these wise suggestions to guide your purchase because knowledge is the first step in ensuring you receive a legitimate policy. The topic of the solicitation is insurance. Before purchasing, carefully read the sales brochure or policy wording for more information on the benefits, exclusions, limitations, and terms and conditions.
Subscribe to Bajaj Allianz General Insurance Youtube Channel here!
# Visit the official website of IRDAI for further details.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.