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.