How to Identify Fake LIC Agents & Similar Service Providers?
If you’re looking to purchase a life insurance policy or thinking about some financial backup, then this blog is for you. This blog will help you to identify fake LIC agents and similar service providers.
Falling under the scam of such fake LIC agents can lead to a significant loss of money, along with identity theft. So, be aware of such scams and take the guidance of this blog to take all the necessary precautions during such cases.
Table of Contents
Tips to Identify Fake LIC Agents & Avoid Being Scammed Financially
What is a Fake LIC Agent?
A fake LIC agent is a person who fraudulently claims to be a representative of the Life Insurance Corporation of India (LIC), to extort money for you, or to steal your identity for worse purposes through your credentials.
They tend to deceive people by misrepresenting the benefits of a policy, in such a way, that the offer would look extra appealing for the victims. To put it simply, that is how you identify fake LIC agents.
Identifying the ‘Modus Operandi’ of Fake LIC Agents
Identify fake LIC agents by their ‘modus operandi’, which are as follows:
Unsolicited Visits
The fake LIC agents often engage in fraudulent activity through unsolicited door-to-door visits. In that way, they leave no trace of their contact details.
Example: A person claiming to be an LIC agent unexpectedly visits your house and tries to sell LIC policy through pressurization. They would further push you to decide at that moment only.
Cold Callings
Cold callings are the second most chosen mode of operation for fake LIC agents. Herein, they tend to fake their identity and give too good-to-be-true financial offers.
Example: An unexpected phone call from an unknown person, trying to sell LIC policies forcefully and suggesting unbelievable yet tempting offers/financial returns.
Phishing Through Email or SMS
Beyond visits and callings, phishing SMS and Emails are other core tactics used by these fake LIC agents. These texts come with unexpected financial offers and discounts.
Example: You would receive a spam email or SMS suggesting tax refunds or policy maturity bonuses at a double rate, stating that you’re a lucky winner.
Fake Documentations
To authenticate themselves, the fake LIC agents tend to forge documents to make them look original. These might include LIC license cards or even identity proof.
Example: This is probably the best way to identify fake LIC agents. They would present you with original-looking phony identity proof and LIC licenses. However, if you look closely, distortions will be visible to you.
Misrepresented Policy Benefits
The main ‘modus operandi’ of the fake LIC agents lies in the fact that they misrepresent the LIC policy benefits to make them look unusually appealing.
Example: If an agent is presenting you with benefits like doubled-up returns or unrealistic policy coverage like health coverage for your entire family along with life insurance coverage, understand that he/she is bluffing you.
Avoidance of Official Channelization
The fake LIC agents avoid the use of official channels at all costs. They would never conduct their persuasion at an LIC office.
Example: A person claiming to be an LIC agent, pursuing you to meet at a public place like your house or a restaurant or cafe, instead of the LIC office.
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Warning Signs to Identify Fake LIC Agents
The following are the signs by which you can more clearly identify fake LIC agents:
Unusual Discounts & Offers
As mentioned above, you can identify fake LIC agents through their tempting offers and discounts. This includes misrepresentations of health insurance coverage, guaranteed annual LIC income schemes, LIC wealth multiplier plans suggesting impossible coverage mathematics, and so on.
Unexpectedly High Returns
Just like the previous point, you can also identify fake LIC agents through their tempting advances associated with high monetary returns. This includes a surreal 30% to 50% per annum return, a claim that the policy will triple the amount in 5 years, and so on.
Demand for Cash Payments
The easiest way to identify a fake LIC agent is by their forceful tactics to persuade you to pay in cash. This enables them to leave no trace of their fraudulent accounts for future reference by the police or associated governing authority.
Vague Information
Understand that if the agent is providing you with vague and inconsistent information about the policy and also about themselves, then most probably the person is trying to scam you.
Easily identify fake LIC agents by vague information like contradictory details about the policy, struggles while clearly explaining policy features when asked some questions, inability to present brochures from the LIC company itself, and so on.
Pressurized Selling
No authentic LIC agent would ever use pressure tactics on you to sell the policy. Such forceful persuasion is beyond the rules of LIC, specifically the Insurance Regulatory and Development Authority of India (IRDAI) Regulations. So fake LIC agents can be easily identified via their selling techniques.
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Verify the Authenticity of the Self-Proclaimed LIC Agents
Here’s a list of how to verify the authenticity of self-proclaimed LIC agents and identify fake LIC agents:
Call LIC Customer Care
To begin with, call LIC customer care to check the authenticity of the LIC agent. Collect the below displayed information and mention their name, registration number, and branch, to double-cross the information provided by them. The LIC customer care number is 022 6827 6827.
Ask for Proper Identity Proof
Every LIC agent has a unique identification number. Request the same from the agent to check whether they’re a fraudster or not. You can find the unique identification number on their LIC ID card. Note them down and later you can verify the number by calling the LIC customer care.
Check Agent’s Registration Number
Every agent will further have an Insurance Regulatory and Development Authority of India (IRDAI) Registration Number. Ask them to show the IRDAI certificate, if you’re having any further doubts about their authenticity. You can also verify the IRDAI credentials by visiting this site
https://agencyportal.irdai.gov.in/PublicAccess/AgentLocator.aspx.
Arrange a Meeting in the LIC Office
This is an easy trick to identify fake LIC agents. Simply ask the agent to arrange a meeting in the LIC office (from which he/she belongs). This will enable you to verify their authenticity.
Review Policy Documents
Last, but not the least, review and verify the policy documents presented by them. Visit this site to learn more about reviewing and verifying LIC policy documents https://licindia.in/policy-status. You must review the document because that way you will know that the agent has sold you an authentic LIC policy (in case you have already bought it).
In case of any fraud, report immediately to your nearest police station and register a complaint directly in the Bima Bharosa System (https://bimabharosa.irdai.gov.in/) or send the complaint through Email to complaints@irdai.gov.in. You can also call 155255 or 1800 4254 732.
How Can You Protect Yourself from Fake LIC Agents?
Prevention is better than the cure. So, identify fake LIC agents priorly and take the necessary steps from falling into their trap. Here’s a list of tips you can apply to protect yourself from fake LIC agents:
Refrain from Paying Immediately
Do not pay anything to the agent, before verifying the agent’s details as well as the policy details. Leverage the above-mentioned websites to verify both authenticities.
Verify from LIC Office
As suggested in the previous section, contact the LIC office before taking any final decision regarding policy purchase. To do so, the easiest way is to dial up the customer care number. Other than that, call the LIC helpline at +91-22-68276827 number. You can also visit your nearest LIC office.
Do Not Sign Any Document Hastily
Refrain from signing any document or policies hastily. Your sign can be forged in the future. You can also get involved in serious scams, backed by your signature, which is deemed as a symbol of your approval.
Read the document carefully before providing your signature. Also, make sure to properly understand the terms and conditions of the document. It is best to visit your nearest LIC office, before making any signature on official documents.
Do Not Share Your Personal Credentials
Never share your personal credentials with the LIC agent in the first instance. Always be sure of his/her identity and authenticity before doing so. Sharing your credentials can lead to identity theft, which can get you into serious legal complications if such fake agents conduct forgery in your name or by your credentials.
What Should You Do If You Have Successfully Identified a Fake LIC Agent?
Report to the LIC Office
Immediately report to your nearest LIC office or in customer care or the helpline number, based on the details you have collected in the process of identifying the fake LIC agent.
Gather Evidence
Collect as much information as you can once you have identified a fake LIC agent. You can collect the following:
- Name
- LIC Agent ID
- Agent License
- Number
- IRDAI Registration
- Number
- Phone Number
- Aadhar Number
- Address
Warn Others
If you have come across such a fraudulent incident, it is wise to warn others. Share your experience and share this blog, if you have found it helpful and informative.
Take Legal Help
Report the incident, along with all the collected evidence (as mentioned above) to your nearest police station.
Avoid Contact
Avoid all contact with the identified fake agent. Block their number and report if possible.
Check Your Financial Records
If you have mistakenly given your credentials to any such fake agent, you must check your financial records. Any unusual withdrawal should be immediately reported to the police. Also, keep the police informed about the fact that you have mistakenly shared your credentials. In extreme cases, you might need to block your financial accounts.
Wrapping Up: Identify Fake LIC Agents & Dodge Financial Scams!
Be wary of the ongoing LIC-based financial scams, executed by the fake LIC scammers. Leverage this blog to identify fake LIC agents to dodge financial scams and identity theft. Follow this blog to know how to avoid and identify them, and what to do once you have identified them.
Stay safe and keep others informed too. It can save you from a lot of legal harassment and financial losses. Wisely use the resources and links provided under this blog. Follow Team Ajay Gupta for more such informative blogs.
