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BIMA SEVA KENDRA
Bima Seva Kendra

A case of mis sold insurance policies: Story of Miss Vandana Sharma

In a world where trust is essential for financial stability, there are unscrupulous individuals who take advantage of unsuspecting victims. The story of Ms. Vandana Sharma, a widow, is a stark reminder of how easily one can fall victim to insurance scams and mis-selling of insurance policies.

In 2020, during the COVID-19 pandemic, Vandana received a phone call from a man named Mr. Akash, who claimed to be an IRDA (Insurance Regulatory and Development Authority) officer. He promised a Government-backed Widow Relief Scheme of up to ?1.5 lakhs. Vandana, like many others seeking assistance during this difficult time, was drawn to this lifeline. She mortgaged her land, her sole source of income, without informing her in-laws.

To qualify for the relief, Akash instructed Vandana to purchase an insurance policy from a company called Insurance Company 1. The policy cost ?21,630, but Akash assured her that this amount would be added to the relief fund and eventually refunded.

As time went on, Vandana was led to believe that her relief amount had increased. However, a new hurdle arose – GST (Goods and Services Tax). To overcome this obstacle, she was convinced to take out another policy, this time from Insurance Company 2, at a staggering cost of ?87,000. Despite her reluctance, Vandana agreed, still holding on to the hope of receiving the promised relief. But as days turned into weeks and weeks into months, no funds materialized.

Vandana’s desperate attempts to follow up on her case only led to more frustration. It became apparent that Mr. Akash was not acting alone; he had a team at his disposal, which included individuals claiming to be IRDA and RBI officers. There was even a secretary who fielded calls on their behalf.

To add insult to injury, Vandana was told that her relief amount had increased yet again. This time, the demand was for her to purchase a policy from Insurance Company 3, costing a substantial ?60,300. Sensing something amiss, Vandana hesitated. The agents abruptly cut off communication, and their phone numbers became unreachable.

Seeking assistance from conventional insurance companies proved to be a dead end. The free-look period had long expired, and they were unable to help her. It seemed as though all hope was lost.

But that’s where the heroes of our story come into play – the BimaSevaks at Bima Seva Kendra. Understanding the depths of Vandana’s plight, they pledged to recover her lost money and rebuild her trust in the insurance industry. Through determination, expertise, and unwavering commitment, the BimaSevaks succeeded in recovering every rupee that had been wrongfully taken from Vandana. In doing so, they not only restored her faith in insurance but also demonstrated the power of integrity and compassion in the financial world.

Ms. Vandana Sharma’s ordeal serves as a cautionary tale for all of us. It reminds us to remain vigilant, to verify the authenticity of offers that seem too good to be true, and to seek help from trustworthy sources when in doubt. It also highlights the invaluable role of organizations like Bima Seva Kendra, who, through their noble efforts, can truly make a difference in the lives of those who have been wronged by deceitful schemes or have unknowingly fallen victim to mis-sold insurance policies.

Please Note: All names have been changed to protect identities.


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