TL;DR: IRDAI has said it does not sell insurance, invest premiums or announce bonuses, so a caller offering an IRDAI bonus, a lapsed-policy payout or a refund for an upfront fee is a fraudster. SEBI has separately warned about impersonators, fake investment apps and VIP groups, and about fraudulent mutual fund redemptions. Verify any insurer, agent or adviser on the regulator's official site before you pay or share an OTP.

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Insurance and investments are ideal bait: the money is large, the paperwork is confusing and most people do not remember every policy they hold. Two regulators, IRDAI for insurance and SEBI for securities, have both warned the public about the scripts below.

The insurance call: how it runs

IRDAI's public notices describe the same pattern. The caller claims to be from IRDAI, the RBI or an "Insurance Transaction Department", as set out in an IRDAI public notice published by PNB MetLife and in a 2019 notice. Then comes an offer:

IRDAI's position is plain: it does not sell insurance or financial products, does not invest the premiums insurers collect, and does not announce a bonus for policyholders. An insurer cannot offer benefits beyond what your policy schedule states. Anyone who pays such callers does so at their own risk, and IRDAI asks people to report the call to the police with the caller's number.

Mutual funds, demat accounts and "SEBI" offers

SEBI has warned that fraudsters impersonate registered entities, run fake trading or advisory apps, and lure people into WhatsApp or Telegram "VIP" groups, in a May 2025 caution covered by Business Standard. In August 2025 it also warned against offers of an institutional trading account, discounted IPOs, guaranteed allotments, anchor-book participation or block trades through foreign portfolio investors, and noted that route is not open to resident Indians apart from limited exceptions, in a press release.

The SEBI chairman has also pointed to fraudulent mutual fund redemptions by impersonators, a reminder to guard folio numbers, login IDs, OTPs and KYC details like bank credentials, as reported by Business Standard. For the trading-app side of this, see investment and trading app scam recovery, the Mumbai Telegram trading group scam and the investment scam playbook.

How to verify before you pay

  1. Insurance: IRDAI has advised dealing only with authorised agents and intermediaries and checking an agent's credibility on the insurer's own website, according to Cafemutual. Call your insurer on the number printed on your policy document.
  2. Investments: ask for the registration number and check it on SEBI's intermediaries page. Use only trading apps offered by SEBI-registered intermediaries.
  3. Never pay a fee to release a bonus, maturity amount or refund. Real benefits come from the insurer under your policy terms, not from a caller.

If you already paid or shared details

Call your bank and 1930 straight away, then follow the complete recovery guide for India. The same "you are owed money" hook drives government scheme impersonation scams, and callers who pose as officials show up in bank and government imposter calls. For mutual funds, also contact the fund house and review your statements for redemptions you did not place.

FAQs

Does IRDAI call policyholders about bonuses?

No. IRDAI has said it does not sell insurance, does not invest premiums collected by insurers and does not announce bonuses for policyholders. A caller claiming otherwise is not from IRDAI.

Can I claim a bonus or refund on a lapsed policy by paying a fee?

No. Benefits come only from the terms of your policy and are paid by the insurer. Callers who ask for an upfront fee, advance tax or a new policy purchase to release money are running a scam.

How do I check whether an insurance agent is genuine?

Check the agent on the insurer's own website and use the intermediary lists published by the regulator. Call the insurer on the number printed on your policy document, not the number the agent gives you.

How do I check whether an investment adviser or broker is SEBI-registered?

Ask for the registration number and search for it on SEBI's intermediaries page. Also make sure any trading app comes from a SEBI-registered intermediary.

Are discounted IPO or institutional account offers on WhatsApp real?

SEBI has called such offers fraudulent. It has said the foreign portfolio investor route is not available to resident Indians, with limited exceptions, so claims of guaranteed IPO allotments or block trades are false.

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Sources

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