Inconsumercomplaints.com » Business & Finance » Review / complaint: IRDA - Insurance Regulatory & Development Authority - Fraudulent Insurance Advisors | News #346744

IRDA - Insurance Regulatory & Development Authority
Fraudulent Insurance Advisors

Consider the below numbers and see how Financial Advisors in Insurance Industry can damage Indian Economy.

Total Financial Advisors in Insurance Industry - 10, 02, 149 (LIC) 250000 (approx Private Insurance advisors) = 12, 52, 149

Take 1% of them doing this fraudulent activity - 12, 52, 149 * 1/100 = 12521 agents

Considering each agent like Bikram Parida has done money laundering with 25 customers in a year- 12521 * 25 = 313025 customers

Considering each customer has paid an average ticket size of 10000/- = Rs. 313, 02, 50, 000

I'm really not able to imagine this loss to customers and as a whole to the Indian Economy

My Policy details are given below:

Application no: 66753

Proposal No: 6645

Agent Code No: 118473M

Branch: CB 18

DO Code: 83864

Policy No: 645683969

Policy Date: 28/12

Premium: Rs.16847

Plan: Jeevan Anand (with Profits & with accident benefit)

I've given Rs.16847/- in cash to Mr. Bikram Parida (Agent Code 118473M) in the month of December (28/12). I've received the premium receipt and policy documents also.

Bikram Parida has been introduced to me by Bima Deals Online Insurance Portal. They had a very good video recording about BIkram Parida on their website. It is the social and moral responsibility of Bima Deals to scrutinize and then enroll Financial Advisor. This Agent Bikram Parida was supposed to be a fraud and non ethical person. He has been absconding from LIC services. refer website www.bimadeals.com

I went to LIC Branch near AG Office, Telephone bhavan for paying renewal premium and they told that the policy is in Suspension mode due to Cheque dishonoured. I told them that I've paid first year premium in Cash mode and I've received the policy documents also. They informed me to get in touch with the Branch office at Musheerabad.

On 16/12, I went to Musheerabad LIC Branch office and met the Branch Manager Mr. Gopikrishna. He told that already few customers have complained about the Agent and that the agent Bikram Parida is absconding from April. The branch has also complained in Gandhi Nagar Police station for an investigation on the Insurance agent. Branch Manager is telling that there is some money laundering done by the Insurance agent. Branch Manager's response seems not satisfactory. He speaks as though he cannot help out in this case. That is not expected from a Branch Manager level.

I've not received any intimation on cheque bounce or Suspension status. When I enquired to Branch Manager Mr. Gopikrishna, he is telling that we will send you soon. After one year of suspension only LIC is acting on sending an intimation to customer. Very pathetic handling of accounts.

Kindly bring some Regulations on LIC Financial Advisors

I've also submitted a complaint at IRDA Office on 20/12. Why no response from IRDA?

Is that IRDA also taking this complaint very lightly. Like me so many customers are cheated by LIC Advisor Bikram Parida & Branch Manager Gopikrishna or Is that like Telecom Scam there is a huge scam in Insurance Industry also..

Kindly do the needful.

thanks & regards

Madhusoodhan B

91 9652311108


Company: IRDA - Insurance Regulatory & Development Authority

Country: India   State: Andhra Pradesh   City: Hyderabad

Category: Business & Finance

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