Pensioners in Rajasthan duped into buying SBI Life Insurance Policies

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

Current Affairs : 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, the company officials approached and convinced him to invest in the ‘SBI life – Retire Smart’ plan – promising it would be more profitable than a fixed deposit (FD) scheme.

“They had repeatedly convinced me that I was investing in a better plan than a fixed deposit. Later, I found they had issued me an insurance policy worth Rs 200,000 without informing me the details,” his complaint letter, accessed by...read more

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