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Frauds In Insurance: Protect Yourself and Stay Informed
Insurance fraud is a serious problem in India, costing the industry billions annually and hindering genuine policyholders from obtaining necessary coverage. Common types of fraud include false claims, forged documents, non-disclosure of facts, over-invoicing, and duplicate claims. Fraud leads to increased insurance costs, difficulty in securing coverage, and potential criminal prosecution. The IRDAI takes steps to combat fraud through awareness, regulation, technology, and collaboration with law enforcement. However, insurance fraud remains a major issue, costing over Rs. 10,000 crore each year. Stay vigilant, understand fraud types, read policies carefully, ask questions, and report suspicions to protect yourself.
🔑 Mis-selling in insurance refers to unethical or fraudulent practices in selling insurance policies.
🔑 It involves making false or misleading statements, withholding important information, or pressuring consumers into unsuitable policies.
🔑 Examples of mis-selling include selling policies to those who don’t need them and making false promises about returns or benefits.
🔑 To avoid mis-selling, consumers should research, ask questions, read the policy carefully, be wary of high-pressure sales tactics, and seek professional advice.
🔑 Taking these steps will help consumers make informed decisions and choose the right insurance policy for their needs.
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