THIS SCAM will COST YOU LAKHS | Insurance Scam EXPOSED | Abhi and Niyu

Summary

This 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.