The Insurance Regulatory and Development Authority of India (Irdai) has issued a cautionary notice to the general public regarding an unregistered entity named “Bhartiya Cooperative General Insurance Limited”, which is soliciting insurance policies.
Here are the hpotential financial risks associated with dealing with unregistered insurance entities.
THE CONCERN
According to the Irdai, “Bhartiya Cooperative General Insurance Limited” has not obtained any registration to conduct insurance business or engage in insurance solicitation.
The entity, which operates under the website address “wwwbharatinsurance.org” is allegedly soliciting insurance policies, particularly crop insurance, from unsuspecting members of the public.
PPROTECT YOURSELF
To safeguard your financial well-being, it is crucial to exercise caution and avoid any transactions or dealings related to insurance business with unregistered entities, such as “Bhartiya Cooperative General Insurance Limited”.
Below are a few steps you need to take to protect yourself from falling victim to unregistered entities.
Verify Insurance Entities: Before engaging with any insurance provider, it is essential to verify their authenticity. Check if the entity is registered with the appropriate regulatory authority. In the case of insurance companies in India, you can visit the official website of Irdai, www.irdai.gov.in to confirm their registration status.
Research And Due Diligence: Thoroughly research any insurance company or intermediary before entering into any agreement with them or before making any payment. Look for reviews, ratings, and feedback from trusted sources to ensure the entity has a good reputation and track record.
Seek Professional Advice: If you have any doubts or uncertainties regarding an insurance company or product, seek advice from a licensed insurance advisor or financial professional. They can guide you through the process, assess the legitimacy of the entity, and help you make informed decisions.
Be Wary Of Unsolicited Offers: Exercise caution when approached by unknown entities offering insurance policies, especially if they use aggressive sales tactics or promise unrealistic benefits. Legitimate insurance providers typically do not engage in unsolicited marketing or high-pressure sales techniques.
Report Suspected Fraud: If you encounter any suspicious activities or come across unregistered insurance entities, such as “Bhartiya Cooperative General Insurance Limited”, report it immediately to the relevant authorities. This step can help protect others from potential financial harm.
Protecting your personal finances and ensuring the safety of your insurance coverage is of utmost importance. By staying vigilant and adhering to the cautionary advice provided by Irdai, you can safeguard yourself from unregistered entities and fraudulent activities. Always remember to conduct thorough research, verify registration, and make informed decisions only after due diligence
