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.

Outlines

00:00

🚨 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.

05:01

📚 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.

Keywords

💡Insurance

Insurance is a contract where one party agrees to compensate the other for a certain loss or damage in exchange for a periodic payment known as a premium. In the video's theme, insurance is central to the scam narrative where the father is misled about his policy status and the need to pay a premium to reactivate it.

💡Scam

A scam refers to a fraudulent scheme or dishonest plot to deceive someone, typically for personal gain. The video's main theme revolves around an insurance scam where the father is contacted with false information about his policy, aiming to extract money under false pretenses.

💡Policy Deactivation

Policy deactivation occurs when an insurance policy is no longer active due to non-payment of premiums. In the script, the scammer uses the deactivation of the policy as a ploy to convince the father to pay a large sum to reactivate it.

💡Premium

A premium in the context of insurance is the amount paid by the policyholder for coverage. The video discusses the scammer's request for a premium payment of Rs. 1,00,000 to reactivate a supposedly deactivated policy.

💡Phishing

Phishing is a type of online scam where fraudsters attempt to acquire sensitive information such as usernames, passwords, and credit card details by disguising themselves as a trustworthy entity. The video describes a 'Phishing Scam' related to an old insurance policy.

💡Term Insurance

Term insurance is a type of life insurance that provides coverage for a specified term or period, without any cash value accumulation. The video emphasizes the importance of term insurance as a pure risk cover, contrasting it with investment-linked policies.

💡Financial Awareness

Financial awareness refers to the understanding of financial products, services, and the ability to make informed decisions. The video script points out the lack of financial awareness as a vulnerability that scammers exploit, particularly in older policies where people were less informed.

💡Data Breach

A data breach occurs when unauthorized individuals gain access to sensitive information. The video raises concerns about how the scammer obtained personal details, suggesting a potential data breach within the insurance company.

💡Patriarchy

Patriarchy refers to a social system in which men hold primary power and are dominant in roles of political leadership, moral authority, and social privilege. The script mentions the scammer's manipulation technique exploiting the patriarchal structure of the family, assuming the woman would be hesitant to take financial responsibility.

💡Lapsed Policy

A lapsed policy is an insurance policy that has ended due to non-payment of premiums and has not been reinstated within the grace period. The video explains that if a policy is lapsed and not revived within the specified period, it cannot be reinstated, which is key to understanding the scam's urgency tactic.

💡Financial Influencer

A financial influencer is an individual who has the power to affect the financial decisions of others, often through social media or other platforms. The video calls for sharing the information with financial influencers to help spread awareness and prevent scams.

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