To guard people against fraudulent activities in the insurance business, sector regulator IRDAI has launched a massive public campaign to create awareness among policy holders about 'spurious' calls.
The Insurance Regulatory and Development Authority of India (IRDAI) is running this public awareness campaign through YouTube videos, billboards in metro trains, among various modes, asking public not to fall prey to fraudulent calls promising higher returns.
In its 'caution advertisement on spurious calls', the regulator has asked investors not to believe in fraudulent calls made in the name of IRDAI as it is not in the business of selling insurance policies.
"Be aware of spurious calls.
IRDAI does not sell insurance policies or invest premiums collected by insurance companies," the watchdog said.
It has further informed the general public that IRDAI does not declare bonus for policy holders. "In case, you receive any such call, report to the nearby Police station the name, phone number and other relevant details of the caller," it said.
The regulator has also stepped up efforts to make the public aware about the grievance redressal mechanism available to them and about the safeguards against such fraudulent calls.
In case of any complaint against a company regarding policies, the insurer is supposed to acknowledge the matter within three days and deal with the complaint within 15 days.