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NEFT Mandate Fraud on a money back product

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06 Aug, 2021 by  Ayush Gupta

Hi, this is my first post here. I have an insurance policy with one of the top insurers of the country. The NEFT Mandate updated on the policy is of someone I dont know, and I'm not sure how it got linked. This is negligence on the insurers part I think.

The person's name doesn't match with person insured, nominee or policy holders name. This is like a money back policy. I'm not sure who to contact, IRDAI or the insurer since this is a clear case of fraud. If I hadn't noticed it, next year when the policy matured, the amount would have been credited to the fraudsters acc.

Any suggestions would be appreciated!

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2 Answer

Regional Director, Amicus Insurance Broking

This could have happened due to wrong tagging of beneficiary under the policy or policy punching mistake.

Please write to the insurance company and if there is no response, escalate to the grievance dept. The complaint can also be logged on IRDA integrated grievance portal for quick action.

If the matter is not resolved, complaint can be filed with Insurance Ombudsman.

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08 Aug, 2021
CEO, Insurance Samadhan

Dear Ayush

This does not seem to be a problem because all insuran companies are equipped to rectify such errors and omissions .

Visit office of the insurer , submit an application with your signature . Office would give you NEFT form , fill the form with your KYC and cancelled cheque . Ensure that cancelled cheque have your name as mentioned in your policy document . NEFT details are given only in name of policy holder only and it is tge duty of insurance company to have right NEFT.

Please note that NEFT transfer is done in name of policy holder only and Transfer would fail if it is done in different nsme .

Hope this suffice

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