Very often, many of you may have experienced that an insurance agent is trying to impress upon you to buy an insurance policy from him, by showing you cheques which policyholders have drawn in favour of an insurance company. But have you questioned for which policies are these cheques for?
Well, it is vital for you do so, and not get carried away by his tall claims. It is noteworthy that, insurance agents often exhibit premium renewal cheques of their existing clients and try to impress upon, that galore of people are buying an insurance policy in which he has persuaded you to evince interest in.
But now to crack the whip and to checkmate fraudsters, the Insurance Regulatory and Development Authority of India (IRDA) is try to mull a new rule, by considering a suggestion that renewal cheques should be made in favour of specific policy numbers. Such a practice would be similar to credit cards, wherein while making the credit card bill payment one draws a cheque in favour of the company along with the his / her credit card number.
It is noteworthy that, at present most premium renewal cheques do not specify the policy number. The guidelines are bit fuzzy in this regard, where some insurer accept cheques made out to a specific policy number. But do not refuse those that are simply in favour of the insurance company.
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