THIS SCAM will COST YOU LAKHS | Insurance Scam EXPOSED | Abhi and Niyu
Summary
TLDRThis video script narrates a close encounter with an insurance scam that nearly cost the narrator's father Rs. 2 lakhs. The scam involved a fraudulent reactivation of a supposedly lapsed policy with promises of high returns. The family's skepticism led to the scammer's exposure, revealing a scheme to collect premiums under false pretenses. The script raises questions about the insurance company's responsibility and highlights the importance of financial literacy to protect against such scams. It emphasizes the need for clear separation between insurance and investment, advocating for term insurance over mixed policies.
Takeaways
- 📞 Beware of phone scams claiming to be from insurance companies, as they may try to trick you into paying premiums for policies that are not in your name.
- 🤔 Verify any unsolicited calls by contacting the insurance company directly to confirm the legitimacy of the policy and the request for payment.
- 💡 Always ask for documents and proof of identity from the caller to ensure they are who they claim to be.
- 👀 Be cautious of manipulative tactics used by scammers, such as playing on fears of financial loss or leveraging gender stereotypes.
- 🔒 Ensure that your personal information, such as name, number, and address, is secure and question how scammers obtained it, suggesting a potential data breach.
- ❓ Question the insurance company's responsibility in preventing such scams and their role in protecting customer information.
- 📈 Understand the difference between insurance and investment, and opt for term insurance for pure risk coverage without the expectation of returns.
- 💰 Remember that the purpose of insurance is to provide financial protection in the event of unforeseen circumstances, not as an investment that returns money.
- 📉 Be aware of the terms of your insurance policy, including the grace period for premium payments and the consequences of policy lapse.
- 📚 Advocate for financial education to help people recognize and avoid scams, and to make informed decisions about insurance and investments.
- 📣 Share your knowledge and experiences with others to raise awareness and protect more people from falling victim to similar scams.
Q & A
What type of scam is described in the video script?
-The scam described in the video script is an insurance scam where the victim is called and told that their policy needs to be reactivated by paying a certain amount, with the promise of receiving a higher amount after a certain period.
What was the initial amount the scammer claimed was needed to reactivate the policy?
-The scammer initially claimed that Rs. 1,00,000 was needed to reactivate the policy.
What was the promised return after 6 months if the policy was reactivated?
-The promised return after 6 months was Rs. 2,90,000, which is double the amount of the initial premium paid.
Why did the father find the call suspicious?
-The father found the call suspicious because the offer seemed too good to be true, and it was unexpected.
What action did the mother take when she received the scammer's call?
-The mother asked the scammer to send all the documents and proof of identity to her email, and also asked for his photo ID showing that he worked for Bharti AXA.
What did the scammer do when asked to provide proof of identity?
-The scammer sent a photo ID that appeared to be genuine, which was a common manipulation technique to gain trust.
What did the brother do when asked to verify the scam?
-The brother went to the Bharti AXA office with the policy number to ask about the scammer's demands and was told by the staff that it was a scam and not to transfer any money.
Why was the policy not in the father's name but in the agent's name?
-The policy was in the agent's name because the scammer was using it as a means to collect money from multiple people to pay off his own policy, which would then be cashed out after a certain period.
What are the questions the video script poses to the insurance company?
-The questions posed to the insurance company include why they haven't blocked the scammer's policy account if they know about the scam, why they haven't warned people about the scam, and how the scammer obtained personal information of potential victims.
What advice does the video script give regarding insurance and investment?
-The advice given is to keep insurance and investment separate. It suggests buying term insurance for life coverage and investing the remaining money elsewhere for better liquidity and returns.
What is the importance of financial education according to the video script?
-According to the video script, financial education is crucial to prevent scams and to make informed decisions about insurance and investments. It is the responsibility of content creators and influencers to educate their audience about such scams.
Outlines
🚨 Insurance Scam Alert: A Close Call with a Deceptive Policy Reactivation Scheme
This paragraph narrates a personal experience with a potential insurance scam. The author's father receives a call from a woman claiming to be from Bharti AXA, stating that his policy, issued in 2014 and with a paid premium of Rs. 50,000, has lapsed due to non-payment of subsequent premiums. She urges him to pay Rs. 1,00,000 to reactivate the policy, promising a full value payout of Rs. 2,90,000 after six months. The father finds this suspicious and involves his wife, who engages with the scammer's superior, Mr. Pradeep, to gather more information. The scammer provides detailed policy information and uses psychological manipulation to pressure the mother into making a quick decision. The family's skepticism leads them to verify the information with the insurance company directly, where they learn that the policy was actually under the agent's name, not the father's, revealing the scam's intent to defraud multiple people into paying the agent's policy premium. The author raises questions about the insurance company's awareness and response to such scams, the potential data breach that allowed the scammer to have personal information, and the overall impact of such scams on the reputation of the insurance industry.
📚 The Importance of Financial Literacy in Avoiding Insurance Scams
The second paragraph emphasizes the importance of financial literacy in recognizing and avoiding scams, particularly in the insurance sector. The author explains common tactics used by scammers, such as exploiting the trust that comes with having detailed personal information and offering high returns on investment to entice victims. The paragraph also highlights the difference between Term Insurance, which provides coverage without a return of premium, and investment-linked policies that may offer returns but at the cost of lower actual life coverage. The author advises viewers to keep insurance and investment separate and to be wary of scams that promise high returns on old policies. The paragraph concludes with a call to action for content creators and influencers to educate their audience about financial scams and to share the video to raise awareness and protect others from falling victim to such schemes.
Mindmap
Keywords
💡Insurance
💡Scam
💡Policy Deactivation
💡Premium
💡Phishing
💡Term Insurance
💡Financial Awareness
💡Data Breach
💡Patriarchy
💡Lapsed Policy
💡Financial Influencer
Highlights
A scam targeting insurance policy holders, potentially causing a loss of Rs. 2 lakhs, is described.
The scam involves a call from a person claiming to be from Bharti AXA, attempting to reactivate a lapsed policy for a large sum.
The caller, Priyanka Sharma, uses a seemingly genuine policy from 2014 to manipulate the policyholder into paying a premium.
The policyholder's skepticism leads to the involvement of the family's 'finance minister', the mother, in handling the situation.
The scammer's colleague, Mr. Pradeep, provides detailed policy information to appear credible and urgent.
The scammer uses psychological manipulation, playing on the fear of financial loss and patriarchal dynamics.
The mother requests documentation and proof of employment from the scammer, who complies to maintain credibility.
A visit to Bharti AXA's office reveals that the scam is a known issue, and the company is aware of the scammer's tactics.
The policy was actually under the agent's name, not the father's, indicating a common scam strategy to collect premiums from multiple victims.
The scammer's intention is to collect premiums to pay off their own policy, leaving victims with no coverage.
The speaker warns of the dangers of mixing insurance and investment, emphasizing the importance of term insurance.
The video calls out the insurance company for not taking action against known scammers operating under their name.
Questions are raised about the insurance company's responsibility and potential data breaches that could have led to the scam.
The importance of financial education and the role of influencers in spreading awareness about such scams is highlighted.
A reminder that if a policy has lapsed, there is a limited period to revive it, and long delays are a scam red flag.
The video concludes with a call to action to share the information and protect others from falling victim to similar scams.
Transcripts
You might have an Insurance, right?
Then this scam can happen with you as well
Two days ago, my father got a call
This one call could have caused a loss of Rs. 2 lakhs to him
On the other side of the call was a voice of a helpful girl
Her name was Priyanka Sharma
Was this name true?, we don't know
She said that my father has a
policy from Bharti AXA company
Which was issued in 2014,
and we have paid the first premium of Rs. 50,000
And after that we forgot to pay the premium
So policy got deactivated
To reactivate the policy we need to pay Rs. 1,00,000
And then after 6 months, we will
get the full value (Rs. 2,90,000) of the policy
Which means, double the amount
My father found this odd
So he forwarded this number to
the finance minister of our house, my mother
That girl also shared the number of her senior Mr. Pradeep
Usually in a family, the male member is very busy in work
So decisions are taken by males
And those decisions are executed by females
At least its like that in my family
So my mother took the responsibility to deal with this
She just called Mr. Pradeep & he had all the details ready
Along with policy number, also the agent's details
through which the policy was taken
And overall his attitude was like, I am trying to help you
If you don't pay the premium by tomorrow
then your Rs. 50,000 will be wasted
Its your call now
My mom asked him to send documents
She asked him to send all these things on email
Send me your photo ID,
in which its written that you work for Bharti AXA
And he sent this ID as well
That time he used a typical manipulation technique
He asked, is this sir's requirement or yours?
This is the best technique, because he would have thought
that a women will be afraid of her husband
She won't take the responsibility of a financial loss
How to take wrong advantage of patriarchy?
One can learn from these scamsters
But he didn't know that, she is my mother
My mother told my brother to go to Bharti AXA's office
Show them the policy number and ask what's their demand
Next day, my brother went to the office
And before he finished telling them what needs to be done
A staff member said, so you got a call, right?
Just ignore that call
Few other people have also asked the same thing here
Don't transfer any money to him
Then we understood exactly, what's the scam
Actually the policy was not in my father's name
It was on the agent's name
And once that person gets 1 lakh each from 10-12 people
Then his policy's full payment will be done
Then after 6 months, when we check for the Rs. 2,90,000/-
Then the insurance company would say that
the policy was not on your name, where are the papers?
Usually after hearing about a big amount,
people become greedy
Give 1 lakh now and after 6 months get 3 lakhs
This is better than double amount in 25 days
And that's how we understood, this is a scam
So Mr. Pradeep if you are watching this please understand
That we have record of all your calls and messages
And now this matter is going to go to the top
Now I have some questions for the insurance company
Through this video, we don't want to defame you
But, want to inform you
that all this is happening under your name
Question no. 1
If the insurance company knows that this person is scamming
Calling people for policies
Then why doesn't the company block his policy account?
Question no. 2
Using your twitter or using 1% from your marketing budget
Why haven't your awared people about this scam yet?
Thirdly, how did he have our name and number?
He had our name, number, date of birth, address
literally everything
Through which one can trust that this person is genuine
Has there been a data breach in the insuarance company?
If yes, then who is responsible for such a breach?
This person can actually also send a ID card on WhatsApp
which looks genuine
Which is his ID or actually of any employee, no one knows
This is an insurance scam
Which is spoiling the name of
all the agents and insurance companies
So if you work in the insurance sector
Then do share this with your colleagues, friends and relatives
Now let me tell you why such scams are common
He had told us that the policy is of 2014, 8 years old
At that time, not many people were financially aware
At that time a family friend or a
relative would come and ask for a help
Don't give me money, just buy a policy using my agent no.
Your future will be secured and
even I will get some commission
Let me tell you, if you want to help someone
Then directly give them some money but don't buy such policy
Today, we just have one funda
That we should keep insurance and investment separately
For Life Insurance, you must buy a Term Insurance
Where you get cover according to your age
Where you get a cover of Rs. 1 crore for
approximately Rs. 10,000 yearly premium
Just one important point to remember is that,
you won't get your money back
This point keeps people away from Term Insurance
Because people think that if nothing happens to me
then this money will be wasted
But, thats the whole point of insurance
that this money should be wasted
You must get a long life
But, if something happens to you, then your family must get
some time to handle themselves, & Life Insurance helps here
When we mix Insurance and Investment
Then let me show you what happens
In this policy, you pay Rs. 1.2 lakhs of premium every year
And the agent just shows you this lumpsump pay out figure
1.05 crore and that too tax free
But doesn't highlight that the life cover is just 12.5 lakhs
Which means in 10 years you have paid
12 lakhs to the insurance company
And against this you just get 12.5 lakhs life cover
Instead of this if I pay Rs. 10,000 for a Term Insurance
And invest the remaining money somewhere else
I will get more liquidity
Just remember one thing, if you didn't pay your premium on time
Then of course, your policy is lapsed
And you get a particular period to revive the same
If you don't pay the premium and revive it in that period
For example: You remember about it after 10 years
Then you can't revive that policy
This is a very classic 'Phishing Scam'
This period is small
8 years... 10 years, never this long
If you are getting calls for a 8-10 year old policy
Then its 100% a phishing scam
They may not ask for your money
But they will ask for some other details
Like name, PAN card, Aadhaar card, etc
Through which they can do some other scam with you
India lacks financial education, this is true
Its the responsibility of content creators, influencers
like us that we tell our audience to be more careful
And voice against such scams when they are revealed
If you got any value from this video
then do share it with your friends
And not only with your friends
Also share it with your favourite financial influencers
So that people like Mr. Pradeep won't be able to steal
any common man's hard earned money
And saving you from such scams makes a difference to me
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