Term/ Life Insurance SCAM Revealed - My Real Story !

Three months ago, unfortunately, a very near and dear one passed away. We were not uploading much content because focus was not there. Anyhow, after their passing, we got to know that they have multiple life insurance policies and we thought we'll help the family. After we started filing for the claims, we got to know that all these insurance companies have various tricks so that they don't pass or approve your claim. One company had gone so far that they literally asked us when we took the body to the crematorium, when we lit the pyre, etc. With proof they wanted that and that too verified by a government officer. I won't mention the name of that company but it is one of the biggest insurers in India. We are not mentioning the name of the company because we don't want to take undue advantage of our social media following but this whole thing got us thinking that we dealt with so many insurers, multiple insurers and everyone had their own drama. So, if we share our practical learning with you, maybe it will be of some use to you. So, in this video, we are going to talk about 6 hidden or lesser-known clauses for term insurances which you should definitely check before you take an insurance. Also, we will give you some tips in this video which will be very useful for you. So, watch this video carefully. Take a pen and paper and you will get a lot of insights. The first one is multiple insurance, multiple policies. Our deceased had multiple life insurance policies. Now, we had to deal with multiple insurers and as I said, everyone had their own drama. Now, it sounds right that there are 5 different insurances and you will get 5 different claims. But the truth is that having a policy worth 1 crore from one company is better than having a policy worth 20 lakhs from 5 companies. Why? Because think about what will happen to the nominee. The nominee will have to go to 5 different places, submit documents at 5 different places, give unrealistic proofs, talk to 5 different people, deal with them and handle a lot of things. This will create a lot of stress on the nominee while that person is still mourning. So, it is possible that your claim will be rejected at one place and approved at another. And if your claim is rejected, it will create a lot of stress on the nominee. The nominee will say, leave it, I can't deal with all this. Practically, what we have to do in this is to consolidate our policies. Instead of taking 5-6 different small policies, take a big policy. Take a better, reputed, good company. The benefit of this is that it has a maximum of 1 or 2 claim processes, a set of paperwork and a file for the nominee to maintain. Moving on, the second factor is nominee details vs. legal heirs. Now, a lot of people make mistakes here. They think that the nominee's name is written, details are given, that's it, the job is done. Now, you don't have to do anything. But this is not the case. A lot of insurance companies ask for a lot of proofs to verify the nominee. But in the case of legal heirs, there is no need for so much verification. But the problem is, there are very few people who make their own will and declare the name of legal heirs. The issue is that if there is even a small mistake in the nominee's details, then the insurance company makes it a huge issue. Let's say your name is Priya K. Sharma, your PAN card says Priya Kapoor Sharma, that's it. For them, this is enough to create a ruckus. Now, the next section is very important. This has happened with us. But it may definitely differ from case to case. Now, what is an insurance company? When they are not very satisfied, they ask for a succession certificate from you, which is made by the court. In which it takes not just months, but sometimes even years. And I think this is just a way for them to delay, approve, pass the claim. Like we were told to get the timing verified from the government officer, that is also a form of this. So, the insurance company will trouble you so much that you will get tired of fighting and may give up. Now, what is the practical way for this? The details of your nominee, name and date of birth, should be identical to all the official IDs, Aadhar, PAN. Each alphabet should be exactly the same. Like I said, even if a small mistake is made, the process of the claim can be very difficult. Second, tell your nominee where the policy documents are kept and what is the process of claiming the policy. If you have told your nominee, then it is necessary to share the important details with them. Third is the impossible document delay tactic. This is the same thing that happened with us. The company will not reject your claim directly. Instead, they will stall it. They will delay your process. Now, what happens is that the nominee has submitted all the documents. Like the death certificate, hospital records, ID proof, etc. Then, the company will ask you to get a Police Verification Certificate. Even if it is a non-accidental death. Or get the affidavit of the first person who saw the body. Or get the cremation slip verified from a guested officer. The company knows that it is impossible to arrange these documents. Their only aim is to frustrate the nominee. To make him give up. Or to delay the payout till the end of the month. Now, what you have to do practically. Whenever a company requests you for such strange documents. First of all, you have to stop talking on the phone. Second, you have to send an official mail to the company's grievance department. And in that mail, you have to cc complaints at the rate irdai.gov.in. Do not forget to cc. We realized this very late. But as soon as we did this, the company came on the line. You can also call on toll free numbers of IRDAI. Which are 152255 or 1800 4254732. Or you can also use the online VIMA Bharosa system. There is a very important detail that I would like to mention here. As per the latest rules of IRDAI. If there is no investigation involved in your claim. Then the company will have to take a decision in 15 days. If there is an investigation involved. Then in that case, they will have to take a decision in 45 days. If they do not take a decision and do not inform you. Then the nominee can challenge the insurer. Moving on to the fourth point. Which is material misinterpretation. This can be called a trick or a trap. In which 90% of the people get trapped. And this mistake is done by the agent unknowingly. Now see what is the scam in this. The agent will ask you to confirm his sale. How many cigarettes do you smoke? 2 per day. Okay, let's write it in non-smoker. And that's it. This is your biggest trap. You will get trapped here. Although the policyholder's death was due to an accident. But if in any medical record. Suppose you had gone to a doctor for cough. There would have been a smoker written in your medical record. Or in the medical record of the policyholder. Then the whole game is over. The company will reject your claim on the basis of material misinterpretation. They will say that if this was the case. Then you should have told us. You should have told the truth to the policyholder. We charge the premium accordingly. What is the practical check in this? 100% Honest Raw. Honest Raw policy. First, smoking. If you smoke even one cigarette a month. Then you will tick in the smoker. You can't tick anywhere else. Second, don't increase your income. So that you get more cover. Tell as much as you have. Be honest. Third, how much alcohol do you drink? How much is your alcohol consumption? Tell clearly about that too. And last, occupation. There is a difference between a desk job and a site supervisor. Be honest and tell the truth. Fifth point. Verbal track of claim intimation call. For the nominee. This is a very practical tip that we are giving you. It happened with us. So we thought why not share it with you as well. Now when it comes to claiming insurance. Or claim intimation calls come to the nominee's company. So this first call is always recorded. Now imagine the nominee is already sad. Mourning. He is scared. And in such a situation, he is asked a question. The company asks what happened? And in such a situation, the nominee answers in speculation. Like last week he had pain in the chest. He was told to go to the doctor. But he didn't go. Or he was feeling a lot of burden because of his work stress for a few days. Etc. That's it. Insurance company uses this information. Non-disclosure of pre-existing heart condition. Non-disclosure of stress. Unknowingly, the nominee gave him another reason to delay the case. To delay the claim. What to do practically? You have to tell the nominee that you don't have to speculate on the first call. You have to state the facts. You have to prepare a script. You have to talk in a script. You have to remember this. Main naam apna with relation to the policyholder's name. Policy number ki death ho gayi hai. Date of death. At hospital slash location jahaan par hui hai. Mujhe aap claim ka process bata dijiye. That's it. This should be the only information shared between the nominee and the company on the first call. Which is a recorded call. Reason of death kya hai? Wo death certificate ya hospital ko bata nahi dijiye. Nominee ko investigator nahi banna hai. Point number six. Family history clause ka hidden rule. Form mein ek sawal aata hai ki kya aapki immediate family members, jaise ki parents aur bhai-bhai mein kisi ko diabetes, heart disease ya cancer jaisi koi bimari hai, aap yes or no lik dete ho. Real insight iska kya hai ki sirf bimari important nahi hai, kis age mein hui thi wo zyada important hai. Iska asli insight yeh hai ki agar aapke father ko 65 ki age mein diabetes hua hai, to wo age related hai, normal hai. Agar aapke father ko 45 ki age mein diabetes ya heart disease hua hai, heart attack aaya hai, to wo companies ke liye ek genetic risk ka bahot bada red flag ban jaata hai. So agar aapne form mein age of onset, yaani ki kis umar mein bimari hui thi wo chhupa liya, to yeh bhi ek material fact hai. Practically hume isme kya karna chahiye? Sari details, illnesses jo family ki hai, family members ki, disclose kar dini chahiye. Kaunsi bimari hui thi, kis age mein hui thi, sab kuch bohot important hai. Jitna honest aur abdi policy ke sath rahenge, nominee ko kam se kam takhli hunki. Ab yaar yeh to wo sari reasons ho gaye, wo jiski waise wo aapka claim reject kar sakte hain, Video ke shurwaad mein aapko bataya tha, that we'll share important tips with you, jo humne face kari hai. Abhi shayad aapko nahi pata chalega, but jab time aayega, then you will thank your stars ki aapne yeh sath cheezein kari. But usse pehle yeh jaana zaruri hai, ki ab yeh to pata chalke aapko ki policy lena, kitna important hai, kya ke cheezein aapko yaad rakhni hai. But usse bhi zyada important hai ki, claims ke time pe aapko koi help kar de, because when you'll be in that phase, when you'll be in that zone, agar aap yeh sath karne waida gaye, toh aapko grieve karne ka bhi time nahi milega. So yaar aise mein, it's very important to take help from someone, who can help you in not just selecting the right policy, but also can help you at the time of claim. Aise mein, I would suggest you to take your policy, from Ditto Insurance for this purpose. Ditto is an insurance company backed by Zaroda, jahaan par aapko genuine advice milegi, wo bhi free mein. And haan, most importantly, aapko claims mein poori tariki se help milegi, at no extra cost. Ditto ke saada free consultation call book kar sakte hain, koi na koi expert unki team se aapko guide karega, ki aapke de kaunsi policy best rahegi. And haan, consultation call free hai, iska yeh matlam nahi ki aapko spam messages aate rahenge. Unlike other companies, Ditto has a spam free policy, and has 4.9 out of 5 rating on Google Reviews, which is why I like them. In short, if you decide to take your insurance from Ditto, they will make your process smooth, from policy selection to claim, sab kuch aapke liye smooth ho jayega, aasan ho jayega, so that your family does not have to face any issues, during the time of claim. Free consultation call book karne ka link, video ki description mein hai. Now, let's talk about the additional tips. Pehla hai, make an e-insurance account. Ab yaar, kya hota hai? Wo sakta hai, bahut shi policy le le, aap uski documentation kar le, sab kuch kar le, but there are very high chances, ki aapko documents ko apni family ke saath share nahi karoge, and will batane ka concept, India mein abhi itna hai nahi. So yaar, there are very high chances, ki aapki family ko kabhi bhi us policy ki baare mein, pata hi nahi chale, and wo usko use hi nahi kar paya, na aapki saari mainat fail ho jaye. Isse liye, e-insurance account banana zaruri ho jata hai. E-insurance is an initiative by the government, jahaan par aapni saari insurances ko digitally store kar sakte hain. Apni details, account details ko, aap apni family ke saath bhi share kar sakte hain. Yes, it is free of cost. So jab bhi aap term insurance le, do not forget to upload it on your e-insurance account. Kaise karna hai? Iska poora procedure jo hai, humne description mein video ki bata diya hai. Second is, Section 45. Ab yaar, yeh wala jo point hai, wo bahut-bahut game changer hai, from legal and practical point. Isse kehte hai Insurance Act ka Section 45. Ab yaar, aap kisi company isse jab policy lete ho, to company ke liye pehle ke jo 3 saal hote hain, wo bahut high risk yaar contestability period hote hain. Iska matlab hai pehle 3 saal mein, company aapse contest kar sakte hain, ladh sakte hain. Ab agar pehle 3 saal mein, policy holder ki death ho jati hain, to company ka poora haq banta hai, ki wo aapke original form ki baal ki khaal nikal sake. Aur agar chota sa bhi jhoot yaar discrepancy humko mil gayi, to wo poore claim ko, material misinterpretation ke basis pe reject kar denge, void kar denge. Lekin, jaise hi policy 3 saal purani ho jati hain, 3 saal usko poore ho jata hain, 3 continuous years, aapka jo yeh Section 45 hai, wo aapke liye Brahm Master ban jata hai, as per IRDAI, jab company policy 3 saal purani ho gayi hain, 3 saal zyada ho gaye unse, to company aapse kisi bhi tarah ke, faalto sawal nahi pootsakti hain, wo misinterpretation yaar non-disclosure ke basis pe, claim reject nahi kar sakte hain, unhe paisa dena hi padega. Haan, ek case hai, jisme wo aapke claim ko reject kar sakte hain, agar aapne outright fraudy kiya ho, fraud ka matlab hai ki aapki niyat hi fraud ho, aapki policy rene ka jo intention hai, wohi kharab ho, wohi galat ho, and they can prove that to be a fraud. So yaar, these were some practical learnings, practical experience that we had, and we just thought we'll share it with you all. The purpose was not to scare you, but to tell you ki jitna important hai policy lena, utna hi important hai us process ko aasaan banana. Isiliye, koi agar aapki help kar de aise time mein, it's a blessing, bahot badi cheez hai, agar koi aapki claims mein help kar de, because you will not get the time, you will not have the energy to deal with all of this. Agar aap term insurance vene ka soch re hain, our suggestion would be, do get in touch with Ditto Insurance, before you buy a term insurance, do get in touch with them for a free consultation call, they will help you in the claim process, they will help you in policy issuance, and they will make it smoother, the claim process will be smoother, and you will save a lot of energy. So, term insurance book karne se pehle, do give a free consultation call, do get in touch with Ditto Insurance, free consultation call book karne ka link, description mein hai, till then, be kifay.