IRDAI warns against fake insurance policies, shares a list of registered companies

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This development comes at a time when several companies have launched new insurance policies in view of coronavirus.
The insurance regulator has asked public to buy insurance only through insurance entities registered with the IRDAI.
 
The Insurance Regulatory and Development Authority of India (IRDAI) has cautioned the general public about cyber fraudsters in insurance. The insurance regulator has asked public to buy insurance only through insurance entities registered with the IRDAI.

This development comes at a time when several companies have launched new insurance policies in view of coronavirus. Online purchase has become the preferred mode of buying insurance during the current lockdown and the interest in buying insurance has also increased.

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“There are occasional reports of fraudsters offering insurance with unusually low premium from fake entities through online/digital mode. The public are hereby cautioned not to fall prey to such offers,” the insurance regulator said in a release on Monday.

IRDAI further advised customers to ensure that insurance policies are purchased only from the following entities:

1. Insurance Companies registered with IRDAI

2. Insurance intermediaries who can solicit business and are registered with IRDAI.

3. Insurance agents duly appointed by Insurance Companies.

The approved list of insurers and intermediaries can be checked from IRDAI’s portal, it said, while agents’ authenticity can be verified from the portals of respective insurers.

Here’s a list of all registered insurance companies and intermediaries shared by IRDAI:
 
“The customer should take due care and verify the genuineness of the website and the genuineness of the insurer, intermediary or agent before making any online payment,” it added.

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