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Personal Finance Exclusive
Are your insurance details all in the public?

More and more insurance companies are getting hold of your personal details

Recently a Moneylife reader started receiving calls from number 30247032 in Mumbai claiming to be from Kotak Life Insurance’s office in Malad (Mumbai). The caller stated that Kotak Smart Advantage ULIP is being discontinued, but they are unable to send a letter to everyone as there are over five lakh customers. The caller had all the policy details including the latest fund value. The caller assured the reader all the necessary help to surrender the policy after receiving annual policy premium of Rs25,000. 

A call to Kotak Life by the Moneylife reader revealed that the product as well as policy is still active. It did comfort him, but the calls just kept coming periodically. The caller began saying that if the policyholder gets into trouble he will not be able to help to recover the surrender value at that stage. The policyholder was mentally aggravated and was tempted to stop the ECS payment for one month just to see if the “real” Kotak Life Insurance calls him. After we heard from the policyholder, we told him not to stop the ECS payment. 

People get hounded by calls from insurance companies once they buy a policy. But it is alarming when you start getting calls from dubious agencies which have your personal details and egg you on to surrender your policy or dictate you to do some other things which suit their interests. It was hard for the Moneylife reader to believe that the calls may not be from the insurance company as the caller knew all the policy details, including the fund value. Moreover, the reason to surrender may seem genuine for those who are not insurance savvy—the product is getting discontinued. 

It is important to note the following:

Even if IRDA (Insurance Regulatory and Development Authority) were to discontinue any product, the existing policyholders are protected and the insurance company cannot force them to surrender the policy

It is always better to contact the insurance company on the official number or email and hear what they have to say

Do not make a premium payment to anyone other than authorised intermediary or directly to insurance company. It is advisable to write the policy number on the cheque and get acknowledgement of the cheque receipt for a specific policy. In many instances dubious agencies route the premium to open a new policy for gaining upfront commission which will even include forging your signature.

Moneylife did call the so-called Kotak office. The reception desk confirmed the number. They asked if we received a call from anyone about the policy and if so, to give them the policy number so that the right person will call back. We asked to speak with a person called Mahajan. The receptionist stated that there are multiple people with same name and hence the right person shall call back after sometime. We never received the call and now the number is perpetually engaged. They may have found that it was a call from the media.

Another Moneylife reader keeps getting calls from ICICI Pru Life almost once in a week just because he had purchased a ULIP policy in 2007. The pitch is different every time. Either its a new product, new financial manager assigned or some offer for being an existing customer. It is an irritant, but the reader can deal with it by banging down the phone. What caught his attention was call from someone claiming to be from Birla Sunlife pitching for its product. 

This Moneylife reader does not have any Birla Sunlife policy. Some queries revealed that caller knew the name and phone number. The answer to how they got the information generated a standard answer that it is on the LIC database. How it magically appeared on their database is a mystery. Moreover, these unsolicited calls come even if your mobile number is on the “do-not-call” list and even on a direct phone line at a work place. According to Kotak Life Insurance, there is no sharing of database between insurance companies. While it may be true, it does not explain all the different calls received from entities that should not have access to your personal information. 

One Kotak Life policyholder got a call which claimed to be from the insurance company about problem with the ECS payment. After taking the necessary steps to make the payment, the policyholder called back the number. It turned out to be the broking company which posed as an insurance company representative. The broker had made the call due to its interest in the renewal commission. Just because the caller says it is from insurance company, you cannot ascertain who is making the calls.

It’s amazing how competing insurance companies come to know that your car insurance is due for renewal. You may get a phone call or text messages urging you to switch insurance companies. Mediclaim and car insurance are yearly contracts and aggressive marketing is a norm. One interesting text message we received for car insurance was from someone selling ICICI Lombard products. It stated that they have “mouthwashing” insurance offer. Are they selling toothpaste or mouthwash instead of car insurance?

One Moneylife reader gets ECS payment reminders by email from Birla SunLife Insurance. The nuisance is that the customer’s full bank account number is in the emails, which is a security risk. It is a lax approach by the insurance company as it is better to not spell out the bank account number or mask most of the digits.

Please read:





Vinay Parikh

5 years ago

I do have a different kind of problem. My cell no. is in do not call list. So for the last 3-4 months I am receiving calls on my landline no. from different insurance cos. for ULIP etc. They know my name and say that the insurance co. provided them with the phone no. One dat surprisingly I got a call (said to be) from IRDA regarding my insurance policy. The only point I want to insist is privacy.

suresh kumar gupta

5 years ago

Hon sir I am certified financial consultant of HDFC STANDARD LIFE INSURANCE CO LTD Mumabi. my code number is 00041214 My request you as under. 1, Company has terminate me on the basis of false complaint of LOCAL STAFF i.e. BALOTRA branch 2. The both person has left the company 3. Due to my termination and lake of services my innocent client has lost almost 20 lakha INR AND POLICY HAS DEACTIVATED. 4. I very humbly request to company to provide the letters/emails/on which basis the company has terminate me but company has not provide the papers. 5.i also pray to company to provide the clause of agency agreement on which basis i have voilete this clouse but company has not replied my a singal word. Pl help to resolve my issue and reach a free and fa ir investigation in the interest of INNOCENT CLIENTS
the CEO OF HDFC SLIC MR.AMITABH CHAUDHARY mail id is [email protected]



5 years ago

This is common now a days. Actually, if your insurance agent has left the company or is inactive, the sales manager of the insurance company or some other employee gives that agent's policy details to some broker. Now, that broker tries to convince you to surrender the policy. The best way is request them to send an email to you for their new proposal. They will never call you back.


5 years ago

1) Do not fill any visitor register in malls with critical details like name, DOB, Address
2) In some eatjoints some dealer boys pose as mobile company representative and just ask for filling of personal details so that you are picked up for a lucky prize - Dont fill or fill some information wrong like DOB
3) Refuse to answer calls from any agents offering surprise gifts
4) If agent requests address to come to home or office to give a demo - Refuse
5) For creating accounts in website you may have to enter contact details. Enter wrong info for DOB and house number
Using critical details like name, DOB and address crooks can get details from the call centers.



In Reply to Ram 5 years ago

good points

Govind Shanbhag

5 years ago

Pradhan Jee - Aila I thought I was the only victim of such phone calls. I have taken a policy from RELIANCE LIFE INSURANCE (RLI) for 10 years after paying one time premium of Rs.36 K. I started getting phone calls from some call centre at Gurgaon stating that although I had paid one time premium, there is some shortfall as agent had made some mistake in calculating and asked me to shell out additional Rs.15,000/- or policy will lapse. I rushed to RLI in Borivali and they said my policy is valid, active and fully paid. Afterwards I started telecalls from Gurgaon at regular intervals and surprisingly they had all details about me and my family. I lodged a complaint with Corporate Office of RLI and also with IRDA and further action initiated by these two not evidient. About 45 days back, I received a telecall from Thane asking me to take additional policy for same amount for 5 years with 50% premium as RLI has decided to give concession to existing clients a bonanza. Last week I received a telecall from RLI-Kandivali office stating that RLI insurance is not doing well so it is advisable to prematurely close the policy and take fresh policy with some other company. In fact for first complaint from RLI-Gurgaon, I provided full details to CFO-RLI including the cell no. One funny part is whenever these calls are received on your cell, when you try to redial the message comes "you seems to have dialled a wrong no." and line gets disconnected. My objection to CFO-RLI is details about me and my family is confidential in nature and how was this passed on third party - and I have not received any reply for the last one and half years. I think some insiders have caught hold of loopholes in the system and trying to encash with gullible investors.



In Reply to Govind Shanbhag 5 years ago

exactly what we were writing. difficult to know who is really calling and how they get all the details. personal data should not be shared with anyone, but it seems to be.

Economy & Nation Exclusive
The great Indian media story: What is wrong with Indian television companies?

 Despite alliances, joint ventures and other alliances, matters haven’t improved for India’s media companies. These ‘glamour stocks’ have failed to live up to their investors’ expectations. It remains to be seen how digitisation will affect the industry

The FICCI KPMG 2012 report says that the Indian television sector, which is estimated to be worth Rs329 billion in 2011, is expected to grow at 17% CAGR (compounded annual growth rate) and touch Rs735 billion in 2016. A look at India’s big media companies, however, raises a fundamental question: where is the money?

A few days after the FICCI KPMG report was released, Murdoch’s News Corporation finally sold its stake in Hathway Cable & Datacom. After more than a decade’s wait, the stake was sold for just 5% more than its buying price. Stupefying as the fact is, it is hardly a standalone case. While media reports appear regularly on the great prospects for the media industry in our country, most companies have put up a dismal performance and have decimated investors’ wealth.

News Corp’s Asian Cable Systems had picked up a stake in Hathway for Rs342.72 crore in September 2000 and sold it for Rs358 crore. The return is paltry but Hathway has seen exits by its pre-IPO stakeholders like ChrysCapital—which sold its stake after the 2010 IPO earning 27% returns; and Morgan Stanley Principal Investments, which exited in 2010 too made losses. Hathway has more than Rs275 crore in debt now. 

Hathway is not an exception. Den Networks has a debt of Rs156.12 crore on its books and despite a slight improvement of 4% in the December 2011 quarter, the company’s stock price has fallen 37% since its listing in November 2009. 

Television channels have seen a steady decline over the years. After the Zee Telefilms (now known as Zee Entertainment Enterprise) split, Zee Entertainment, Zee News and Wire and Wireless, have seen losses. Zee News has seen a 69% decline in its stock price since its debut in January 2007, and Wire and Wireless has a debt of Rs347.63 crore. Wire and Wireless was trading at Rs8.52 on 19 March 2012, having seen a spectacular decline of 93% since its debut five years ago at Rs120.8. 

Zee Entertainment, is doing comparatively better—with only a 10% dip in its stock price since its listing in January 2007. Zee’s DTH wing, Dish TV has a debt of Rs1,086.26 crore and since its debut in April 2007 at Rs103.46 the stock has fallen by 48% to Rs53.5 as on 19 March, 2012.

Media companies like NDTV, TV Today and TV18 have also put up less than stellar performances. NDTV has a debt of Rs180 crore and since it got listed in May 2004, its stock has gone down by 59%. TV Today opened at Rs181.35 on BSE in January 2004. On 19 March 2012 it was trading at Rs54.90, the stock having gone down by 70%. The TV18 stock has managed to lose more in a shorter period, having plunged 72% since its debut at Rs100.33 on the BSE in February 2007. The cash-strapped company has Rs292.78 crore of debt on its books.

Network18 Media & Investments performed even less spectacularly. It debuted on the BSE in February 2007 at Rs366.75. On 19 March 2012, the stock was trading at a meagre Rs36.50, which is 90% lower than its listing price. In the last one year, as of 19 March 2011, the company’s stock price has fallen by 75%. TV18 follows closely, with a slide of 72% during the same period; and NDTV with a 40% decline in its stock price.

According to the ministry of information and broadcasting, there are 812 television channels in India, as of 29 December, 2011. Despite alliances, joint ventures and other alliances, matters haven’t improved for India’s media companies. These ‘glamour stocks’ have failed to live up to their investors’ expectations. Yet, the hype surrounding the ‘Indian media boom’ continues unabated. 

Now, it remains to be seen how digitisation will affect the industry—which everyone is looking forward to.




a v moorthi besides TIHAR

5 years ago

Indian TV company has to earn by selling advertisement time just like print media sells space. in other words subscription from channel viewers on it's own cannot sustain the show just like print media cannot sustain just on the basis of news paper/ magazine cost. if you notice most of TV channels are controlled by print media moghuls.

only SUN Network was reporting profit because they in a round about way brought in their ill gotten wealth by showing overseas investors have made huge fortune based on business model of SUN Network.

last but not least cable TV operators were just reporting 25% of subcription they were collecting so again it is the TV channel which gets hurt.

So the article might had concentrated only on the money lost by TV channel company and it is a fact that TV channels will continue to lose money and it is possible with digitisation the subscribers figures cannot be tampered by cable operators


5 years ago

Why is there no mention about SUN TV? Selective reporting by Moneylife?



In Reply to Madhu 5 years ago

And why would it be selective? Do you see us getting ads? Or does Maran invite Moneylife as valued guests or do you see a tie up?
How do you jump to conclusions?


In Reply to mld 5 years ago

I am suspicious. Why isn't there a mention about SUN TV?

Or is it just because u want to portray a negative side of everything?

Justin P

5 years ago

Most of the media channel make money by publishing/showing paid news. These earning cannot be shown in public.

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