Pensioners in Rajasthan duped into buying SBI Life Insurance Policies

Officials assured them it's a better plan than fixed deposits and misrepresented their annual income in order to fulfil the eligibility criteria

Pensioners from Udaipur have registered complaints against SBI Life Insurance Company Limited for fraudulently selling them life insurance policies worth lakhs of rupees. They allege company’s officials assured them the policies work like a fixed deposit schemes but ensure higher returns, concealing payment of the premiums.

Bhopal Singh Ranawat, a retired forest guard from Gajpura village of Udaipur in his complaint letter to SBI Life in October this year narrates how the officials converted his entire savings to manage the insurance policy.

Just a month after Ranawat’s retirement benefits worth Rs 800,000 were transferred to Udaipur’s treasury bank in August this year,