10/02/2026
*90-year-old 'mis-sold' life insurance policy of Rs 2 lakh pa, to mature in 2124. Canara Bank responds.*
MIS-SELLING AS "MATHEMATICAL GASLIGHTING"
The case of 90-year-old Venkatachalam V Iyer is chilling. He entered his local Canara Bank with his life savings and walked out with a Canara HSBC Life Insurance policy.
The "Wealth Plan" Absurdity:
Annual Premium: ₹2 lakh
Maturity Year: 2124 (Mr. Iyer would be 190 years old)
A refund was only triggered after his relative, Saketh Ramakrishna, took the story viral. This is Bancassurance Bullying—a systemic crisis where bank branches are high-pressure hubs weaponizing trust against the vulnerable.
The IRDAI Double Standard
The regulatory disparity is the most frustrating element:
For Retail Agents (The Iron Fist): Individual agents face license revocation for minor infractions and shrinking commissions.
For Banks (The Velvet Glove): Despite being the primary source of mis-selling, banks are "strategic partners." Selling a 100-year policy to a 90-year-old usually results in a mere "cautionary note" rather than deterrent fines.
Where is the Accountability?
Reactive Regulation: IRDAI prioritizes "volume over virtue."
Victim Burden: The burden of proof remains on the elderly, not the institution.
Justice via Outrage: A 90-year-old shouldn't need a viral post to get his own money back.
Insurance must be a safety net, not a trapdoor. It is time to hold corporate agents punitively responsible. Mr. Iyer got his refund; thousands of others aren't so lucky.
In the life insurance policy, the elderly citizen's daughter was listed as the 'life assured,' while the 90-year-old remained the primary account holder whose funds were used to pay the premiums.
