Life Insurance Frauds in India: Reasons, Impact and Prevention Mechanisms

Abstract

Life Insurance fraud is a financial sin hurting individuals, insurance companies and government and results in losses of crores of rupees. India's financial services sector has grown-up exponentially in the past decade. The occurrences of frauds have also been on the increase. Fraud impacts organisations in several areas including financial, marketing and operational. While the economic loss due to fraud is noteworthy, the full bang of frauds on an organisation can be astounding.