Senior Citizen Sold Life Insurance Policy Maturing in 2124

A serious allegation of mis-selling has emerged involving a 90-year-old man, Venkatachalam V Iyer, and a Canara Bank branch in Nagpur, Maharashtra. Iyer, a long-time customer, was reportedly sold a life insurance policy with an annual premium of ₹2 lakh, a significant sum deducted from his savings account.

The policy, finalized in February of last year, was allegedly presented to Iyer under duress and without full comprehension of its terms due to his age and trust in the branch manager. His family became aware when he received an alert for the subsequent premium payment.

Further investigations revealed that the policy might have been structured to circumvent age restrictions, with Iyer's daughter listed as the "life assured" while his funds were used for premiums. Shockingly, the policy's maturity date is listed as 2124.

Social media erupted with criticism, with many pointing out that the maximum entry age for such plans is typically 80. Canara Bank has acknowledged the complaint and stated it is being forwarded to the relevant team for investigation, urging privacy regarding personal details.