Insurance Policy Mis-sold in the Name of Tower Installation

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Did you receive a call from a person who claims to be an insurer, and mis-sold insurance policy in the name of network tower installation? It is insurance fraud. Beware of such calls!

Read How Manish Became a Victim of Insurance Fraud and Mis-selling

Caller: Good morning Mr. Manish, I am calling from ABC insurance company. Do you have a minute? Can we talk?

Manish: Good morning. Yes, we can talk.

Caller: Ok. We have a tie-up with XX network. And your area has been selected for free XX network tower installation. We have identified your agricultural land for installation and you can get a monthly rent of Rs. 70,000. Would you be interested or should I look for an alternative?

Manish: Great! I will be interested in rent of Rs. 70,000. Tower Installation would be a great help. What do I need to do?

Caller: For the tower installation, you just need to give some space and buy an insurance policy with a minimum cover of Rs. 20 lakh.

Manish: But why?

Caller: Sir, the telecommunication company will pay you monthly rent for the space you’ll be giving. And for their security, you need to buy an insurance policy. What will they do in case you die?

Manish: Ok then, I would like to purchase the policy for a free network installation.

Caller: Good decision sir. Your premium will be Rs. 90,000 per year and I am sending you a payment link of ABC insurance company, please make the payment. You will also receive an OTP that confirms that you are interested in the offer. Please share that OTP too. So that I can close the sale of the insurance policy and the process of network tower installation can proceed.

Manish: Ok. When will you send me the OTP?

Caller: Just a minute sir, I’ll send it to you….Here, sent it. , Please make payment so that the process of network tower installation can proceed.

Manish: I have opened the link…Also paid the amount.

Caller: Great sir.

Manish: How much time will it take in installing the network tower?

Caller: Sir it will take around 2-3 months to install.

Manish: Oh..

Caller: Sir, there is one more thing I would like to inform you. A person from the insurance company would contact you for confirmation of this insurance policy. Do not tell them about the network tower installation. During the call, if you mention it, then the tower installation will take a lot of time. I advise you to just agree with whatever they say. Ok, sir?

Manish: Ok.

Here Manish was coaxed to buy a policy by promising an installation of a network tower in his area. He was so excited that he did not verify the caller’s details from the insurance company. The government has been trying to tell people not to disclose any OTP to anyone. However, he was so into the offer, that he disclosed the OTP and became a victim of insurance mis-selling and fraud.

One must be always cautious of these fake calls. There are people who want to take advantage of your innocence. They will lure you to buy policies that you never need. To know what are the types of mis-selling and fraud in insurance, read our other blogs.

If you have faced such fraud, and are unable to get your money back, then contact Insurance Samadhan.

Insurance Samadhan has resolved more than 14,500 complaints related to insurance. Insurance complaints include insurance mis-selling, claim rejection, delay in claim settlement, etc. Contact us to get samadhan for your insurance-related issues, we’ll be happy to help you.