Certain fraud calls are being made to the policyholders assuring the revival of their Lapsed Life Insurance Policies. These calls are made by the fake agents promising the policyholders revival of their policy if they pay a certain amount. They are even being given an assurance of receiving the amount of their lapsed policy if they buy a new policy. Such dubious agents confuse the policyholders as they have genuine details of the policy and hence seem authentic. In such a situation, it is advisable that the policyholder remains alert about his premium details and pays it on time through a proper channel – online or at the company branch.
Rakesh Goyal, director of Probus Insurance gives a solution to such problems stating that “In such situations, the policyholders should first check with the insurance company. This would save them from losing any money. Unscrupulous callers might also claim to be to the Insurance Regulatory and Development Authority of India (Irdai) and hence awareness is necessary to ensure that customers lodge a complaint with the police instantly,” he says.
What should you do if you receive such calls?
Here are some rules related to the revival of your lapsed life insurance policy that needs to be followed
- Directly approach the Insurance company and be cautious of spurious calls
- Life insurance policies that have been issued before 2019 have a maximum revival period of 2 years and those issued after 2019 have a maximum revival period of 5 years
- Revival a lapsed policy comes up with certain costs which mainly include interest on outstanding taxes along with a penalty fee.
