You must buy insurance only from IRDAI registered insurance companies. The list of insurance companies recognized by IRDAI may be seen on its website. In case of doubt, the customers may contact the insurance company to ascertain the genuineness of the insurance plan and of the selling person. "Individuals who avail such services from unauthorized persons or entities shall be doing so at their own risk," says IRDAI.
Never sign blank forms or cheques
Signing blank insurance application forms is a common practice but this practice allows a fake insurance seller or a legit insurance agent to buy a different insurance product using the form. You should fill in the application form yourself to avoid being cheated.
You should try to make online payment directly to the insurance company via its website, or through an account payee cheque. But in case you are paying through cash, you must pay it to the insurance company branch office directly. In case you are paying to an insurance agent, you must verify the agent’s details by calling the insurance company and verifying is ID card details.
Always suspect offers which look too good to be true. Check twice with the insurance company before falling for any such offer.
Some extra time spent before buying an insurance product is worth the effort as it can prevent any fraud happening.