To avoid scams, take senior citizens insurance policy only after asking five people

- Antenna - Vivek Mehta

- Be it young or old, if there is any doubt even after taking the policy, the policy can be canceled within 15 days

There are increasing cases of senior citizens being tricked into getting policies by taking large premiums and promising them regular pension. Agents of insurance companies sell policies to them by making false promises. These agents are only interested in getting their commission money. They have no interest in the plight of the elderly. Bank managers are also responsible for mis-selling.

The biggest fraud is in the name of giving high lifetime pension. They are guaranteed a good amount of pension by taking premiums ranging from 3 lakhs to 30 lakhs. They make this investment with the hope of getting regular pension after a few months. In fact, after making an investment with any agent, a person who wants to take a pension insurance policy needs to get a fresh understanding of the policy by asking other agents who are familiar with him or have knowledge of pension insurance.

Agents have a method of surrendering the policy. At first he impresses the senior citizen by talking about getting a huge amount of pension. If he feels that the senior citizen has been influenced, then the agent takes out the policy form and ticks the different columns and gets the customer to sign the form. The premium for pension is to be paid once a year and gets him to sign. Without a clear understanding of this, the elderly also sign the Tenaya. A xerox copy of this form should be given to the insured. But it is not given. The policyholder is not even given a proper understanding of the huge amount of premium to be paid every year. Annual Rs. 1 lakh after paying a premium of Rs.10 lakh per annum for ten years. 37000 pension is not clarified. From the first year itself, they are being lured that they will start getting a pension of Rs.37000 per annum. Anyone can be lured by the return of 37 percent per annum. But they do not disclose how much pension will be received after ten years.

Market link insurance policies are sold with this lure. This fact comes to the notice of the policyholder after the lapse of 11 months when the premium payment notice is received. Even before this fact comes out, the insurance agent convinces the senior citizen to buy an insurance policy for his grandsons and granddaughters. They also sell the policy saying that they will get a huge benefit.

Not only senior citizens are cheated, but youngsters are also cheated at the hands of agents by purchasing policies without going deep into the policy terms. Bank employees also call the bankers who have fixed deposits of large amount in the bank to wrap them up to sell the insurance policy. If other senior officials of the bank are asked about the phone call from the bank, they also do not make a fuss about it. They lure them in with the lure of earning millions by investing in mutual fund schemes.

Before giving the insurance policy, the policy buyer is asked by phone. A recording of this call is also maintained. Even when answering these phone calls, the policy buyer can avoid fraud if he pays enough attention. If the policy buyer feels any discomfort, he can cancel the policy within fifteen days from the date of taking the policy. You can also find the contact number of the nodal officer from the website of the insurance company and file a complaint.