Phishing is a form of fraud, which is used to get important information such as your username, password and other financial details like bank account number, ATM pin, credit/debit card number,etc. It is extracted either directly from you, or indirectly through your computer.
There are individuals and organizations that engage in such illegal activities for their own benefit, which are called hackers or fraudsters. Fraudsters try to obtain your personal details over calls or e-mails by posing either as the representatives of Insurance Regulatory and Development Authority of India (IRDAI) or Insurance companies.
Hackers on the other hand, are the individuals who steal information by breaking the complex procedures that secure information on computers. This information is then misused for cyber crimes such as theft and impersonation.
Note: IRDAI or its officials do not sell any kind of insurance or financial products, invest premiums nor announce any bonus. In case of any such phone calls, you are requested to lodge a police complaint along with details of the phone call.