🚨 A Policy That Matures in 2124 — Sold to a 90-Year-Old
It sounds like satire. It isn’t. A 90-year-old man was reportedly sold a life insurance policy scheduled to mature in the year 2124 — a full century away. Two premiums totaling ₹4 lakh were allegedly debited from his savings account before his family discovered the paperwork.
The case has ignited outrage, raising uncomfortable questions about mis-selling, compliance oversight, and how India’s elderly are treated in financial systems built on trust.
🏦 1. The customer and the Policy
The customer: Venkatachalam v Iyer, 90, a long-time client of Canara Bank’s nagpur branch.
The product: A life insurance policy carrying an annual premium of ₹2 lakh.
The maturity year: 2124.
According to reports, the first premium was auto-debited from his savings account after the policy was finalized last February. The second installment alert triggered suspicion, prompting his family to examine the documents — and discover the startling maturity timeline.
⚠️ 2. The red Flags
At 90 years old, questions arise immediately:
Was the product age-appropriate?
Was suitability properly assessed?
Were risks and terms clearly explained?
Did the customer fully understand what he was purchasing?
Insurance and banking regulations require “suitability” checks, especially for senior citizens. Products are meant to align with financial goals, risk profile, and life stage.
A policy maturing 100 years later raises obvious ethical concerns — even if technically permissible within product structure.
🔥 3. The Viral Moment
The issue exploded online after family members shared details publicly. social media amplified the story rapidly, turning it into a national talking point.
The outrage wasn’t just about one policy.
It was about vulnerability.
Senior citizens often:
Rely heavily on trust
Have limited financial literacy in complex products
May not scrutinize documentation line-by-line
When trust meets aggressive sales targets, the consequences can be severe.
🏢 4. The Bank’s Response
Following the backlash, senior officials from Canara Bank, including the regional head and branch manager, reportedly visited Iyer and assured the family that the funds would be refunded within a week.
In a public statement, the bank:
Apologizedfor the inconvenience
Promised to forward the matter to the concerned team
Requested that personal details not be shared online
However, the statement stopped short of addressing the core allegation: how such a policy was approved in the first place.
The refund may close the transaction.
It does not close the questions.
🧾 5. Mis-Selling: A Recurring Concern
India’s financial sector has periodically faced allegations of mis-selling — especially in bancassurance, where banks distribute insurance products.
Common complaints include:
customers are being told products are “fixed deposits.”
Long lock-in periods are not being clearly explained
High commissions incentivizing aggressive sales
For elderly customers, the risks are amplified.
The line between advisory and sales can blur — particularly when authority figures in banks are involved.
👴 6. The Senior Citizen Protection Gap
India has millions of elderly citizens who depend on banking institutions for savings, pensions, and investments.
Regulators such as the RBI and IRDAI have issued guidelines to protect vulnerable customers, including:
Mandatory disclosures
Free-look cancellation periods
Suitability documentation
Yet implementation on the ground varies.
This case reignites the debate: are safeguards robust enough — or merely procedural?
🔍 7. The Bigger Accountability Question
A refund is damage control.
But systemic trust demands more:
Internal audit transparency
Review of approval mechanisms
Accountability for potential misconduct
Clear communication on corrective measures
Without clarity, public confidence erodes.
And trust, once shaken, is expensive to rebuild.
🔥 Final Word
This isn’t just about ₹4 lakh.
It’s about a 90-year-old man placing faith in his bank — and that faith being tested.
Financial institutions hold more than money. They hold credibility.
If age-appropriate suitability checks fail, if oversight falters, if sales pressure overrides ethics — the cost is not merely monetary.
It is moral.
And in an aging society, that cost will only grow heavier if lessons are not learned.
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