Business Standard

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

SBI Life Insurance, SBI Life
Premium

A man walks past a podium set up at the venue of a news conference to announce the launch of Initial Public Offering by SBI Life Insurance Co in Mumbai. (Photo: Reuters)

Shruti Jain | The Wire
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,

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Dec 31 2018 | 8:14 AM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com