[Resolved]  Max Life Insurance — Call Regarding Remove agent code from policy.

I have surrneder my policy no.[protected] and recevied payment of rs 20735 whereas in the table given in policy they have showed as rs 24560.So why they have remitted less and nor given details if the payments send and amt deducted why and how. Jitendra mehta, jaipur mob [protected]

Due to finenceal problem i cannot continue my premim for forther, so i want to cancel my policy and retrun my amount which i had already paid to maxlifeincurance.

I am getting calls to remove agent code deactivation process from my max life insurance policy to stop sending bonus and commission to agent. Asked me to fill application and forward other relevant documents. The caller asked me to pay 35000 and said will remove agent code from my policy. The caller said his name was and his phone [protected].as per their call my policy no xxxxxxxx is and start from dated DDMMYY and we pay two premium of rupees 75000 and after then not pay the next any premium amount. He say to note down the file no and complain no and then we get call from another Department and ask me file no and after confirmation about my policy he say to follow to cancel the agent code and for that u make customer I’d in IRDA that is valid for all 24 insurance company and you go with customer I’d that is available three types according the amount that u want to claim directly to remove agent code in ur policy no. Those silver gold and platinum type for silver 35000 claim up to 5 lac for gold 54000 claim up to 15 lac and for platinum 95000 claim more then 15 lac and this amount u pay given option any one company out of four for 1 year locking period and u get refund the deposit amount with return approx 12% extra on the deposit amount. As soon as u get the customer ID u get ur unclaimed bonus and commission in next 30 days in ur given bank account. As the above all detail that I give u pls help me what next we do I hope it’s all fraud but to safe rest all I give here all detail that I get from fraud calls. In the above is for your information and provide me necessary guidance in this regards.

Part -1
I got a call from a person who claimed to be working for Birla Sun Life (Shweta Kapoor). She told that there is a bonus announced for your policy. And there is an agent who wants to claim this amount. If you want to claim this amount, then all you need to do is to remove this agent from your policy & add your USER ID to the policy. Once this is done, you can claim this bonus amount.

Part-2
She said, you will get a call from Government Body Insurance Corporation for more details & the procedure.

Part-3
I got a call within half an hour from the person who claim to be working for Government Body Insurance Corporation (which is supposed to be a part of IRDA). The name of the so-called person is Ananya. She was quite meticulous in the instructions & asked me to note the process.
Process of ScamThe process of the scam is called Agent Code Deactivation. And to do this one must create an account to by "Return Government Fund". I have to pay 50, 000/- to open the account. I will receive the money-back with an interest of 12% after a year which totals up to Rs 56, 000/-Then I had to choose an option of which insurance company to be used for investment. There were two options, 1- Bharti AXA Life Insurance 2- Canara HSBC Life Insurance.
I had to send my documents like PAN Card, Aadhaar Card, passport size photo & Cancelled cheque over Whatsapp to open the account.
After that, a link would be sent to me to make the payment & which in turn will generate the user id. Then I would get a dummy bond paper from Bharati Axa in the next 15 days. After that, I will get a fund transfer letter within 30 days with password details. And I was told not to share this with anyone. So considerate of them for my privacy.
And finally, the bonus of the agent commission will be credited in my account within 90 days.
Which financial institution asks for documents over Whatsapp?
BTW, it seems that was some data leak as they had the policy details, date of policy start & the premium amount.
The question is how did I get suspicious? The answer is in the math & some basics on document sharing.1 - The guaranteed return of 12% by a government instrument. This is impossible.2 - Amount of bonus to be received. That amount is about 10 times the yearly premium amount. This is completely ridiculous.3- Using Whatsapp for Document sharing
To be honest, it is quite a good try to scam people to extort money.

I got a call of a similar kind. The person claimed to be from some lic branch and surprisingly had my email address and dob (obvious data leak from Lic). As posted by others here i too was asked to remove agent code and claim 1 lac. On asking how did they come up with this amount, the caller said I will be explained in the subsequent call from the LIC accounts dept from Mumbai.
I bought some time between the calls and verified with my agent regarding the authenticity, she clearly mentioned not to believe such calls as any amount an insurer is eligible for is transferred to the account. I had also asked the caller to send me the details on my email address which she said wasn't possible. On asking if I can check the details on lic portal, she refused saying such details are never made available for the customer.
Nice try by the scammers but i hope all lic companies put up a notice or send message to the policy holders to prevent this.