Need Help regarding SBI LIFE Policy

Need advice from insurance experts regarding SBI Life policy, IA/ARC code and strange IRDAI process

My family has an SBI Life Smart Elite Plan – Gold Cover Series 3 policy started in 2020 through an SBI bank branch manager. Premium is ₹1.5 lakh yearly and all premiums have been paid on time.

Current status in SBI Life app:

Policy status: In Force

Fund value: approx ₹13.23 lakh

Fund: Equity Elite II

No pending dues or visible restrictions

Recently we received calls from people claiming to be connected with SBI Life. They already knew:

policy number

policy holder name

premium amount

policy start date

They told us:

an “ARC agent code” is attached to our policy

the original agent receives 25% of premiums and 40% of policy benefits/bonus

some amount has accumulated in agent’s account over the years

we can recover approx ₹2 lakh+ by removing this ARC code

We later checked our statement and found: “YOUR IA/CIF DETAILS” with an unknown person’s name and number (not the bank manager who sold us the policy).

Now the person handling our “complaint” gave us two options:

Visit IRDAI office in Mumbai/Telangana, attend 15–20 days training and pass a test to get a customer ID.

Send documents on WhatsApp and open a temporary ₹30k policy under another insurance company selected by IRDAI, then later cancel it by paying ₹1k cancellation charges.

This entire thing sounds very suspicious to me.

My questions:

Is there any real IRDAI process like this for policyholders?

Can insurance agents legally make customers sign forms allowing them to receive part of customer premiums/benefits?

Is ARC/IA code reassignment a real thing in SBI Life policies?

Could this simply be an agent commission dispute or mis-selling attempt?

Has anyone in insurance industry seen similar tactics before?

Would really appreciate input from people working in insurance/IRDAI/bancassurance because the story keeps sounding more bizarre the deeper we go.