Tips to save yourself from buying a fake insurance policy

Bajaj Finserv App

Internet has made our lives simple and hassle-free. We constantly depend on it for various things. One of them is online purchase. There is no lie to how convenient it is to buy an insurance policy online these days, however, there is also a very thin line between real and fake. Cybercrime is growing immensely. And it is in these situations, that you need to be very careful and well-informed before you plan to buy insurance online.

Let’s understand with an example:

Suppose you decide to purchase a motor insurance policy, and you plan to buy it online instead of purchasing from the branch. So, you go through various insurer’s websites, check their policy terms, and find a suitable one. Once opted and paid, you receive no confirmation of the payment made, neither do you receive your policy on your mail, however, the amount has been deducted. This is exactly the kind of situation you need to stay away from.

There are many hoax websites that are involved in fraudulent activities. But there are several ways in which you can find the right one. So, to help you choose a valid insurance company, we have mentioned some tips you can follow to save yourself from landing in such a situation. Have a look:

  1. Always check the market value of your insurer

Before making a decision to finally purchase, it is important to trust the insurer. It is advisable to buy only if you are familiar with the insurer’s brand name. If you have even the slightest doubt, visit the insurer’s website or call on to their official numbers to understand their authenticity. All major and trusted insurance companies have a dedicated helpline number for the customers.

Try spending some time researching online. All authorized insurance providers in India are listed on IRDAI’s official website. If the insurer you are looking at is missing, it may not be original. You can even make use of social media to run a background check on your insurer’s services. Before buying, read previous customer’s reviews and feedback to get an idea about their services.

  1. Verify the policy using QR Code

IRDAI has made it compulsory for all insurance service providers to have a QR code on their policies. These QR codes will help you to verify the authenticity of insurance policies issued. The QR code on the policy document can easily be scanned through an app on your phone. As soon as you receive your policy, scan the QR code. This will help you identify fraud (if any). And you can take legal action against the same.

  1. Purchase Insurance Online

You can buy a car insurance policy online in just a few simple steps. There are no middlemen/ insurance agents involved in the purchase journey. This makes the process transparent and reliable. All the online insurance providers are regulated by IRDAI. This means all the policies issued, will be genuine.

  1. Choose Payment Method Wisely

It would be wise to make payment for the policy via net banking or debit or credit card. Online payments are secured with encryption as well as a genuine gateway option. If you are making a bank transfer, make sure to cross-check the account details. If you are paying through cheques, always write a bearer cheque in the name of the insurer. So, try avoiding cash payments as much as possible.

  1. Save the Payment Receipts

Whether you are buying new bike insurance or renewing an old one, make sure to get a receipt for the payment you made. Maintaining a record of these financial transactions is a good practice. So, in case any fraudulent action is involved, you will have a valid proof. All insurance companies provide a separate receipt acknowledging successful payment made against the purchase.

In short,

Do not trust blindly on any website until you are sure yourself. We hope the above-mentioned tips were useful. If you want to explore insurance plans online or wish to buy one, you can visit our Bajaj Finserv App.

Anywhere, Anytime insurance with the Bajaj Finserv App!

The Bajaj Finserv App is a high utility App that takes care of all your financial needs including insurance. On the app, you can explore bike insurance plans from our trusted partners. Here you can view product features, compare prices and purchase a plan that is best suited to your needs. All this in a matter of minutes on our 100% digital platform and from the comfort of your home. It truly is becoming the new way to buy insurance.

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About the Author: John Vick

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