Business
Bank Tricks 90-Year-Old Into Buying Insurance Policy That Will Mature In 2124, Deducts Rs 4 Lakh
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Over time, Rs 2 lakh was deducted annually from the eldery man’s account, taking the total premium paid to Rs 4 lakh, a substantial portion of his life savings
The policy was then issued with the daughter listed as the “life assured”, while the premiums continued to be paid from Iyer’s account. (AI Image)
Blindly trusting a bank employee or an insurance agent can sometimes come at a heavy cost. A recent incident involving a 90-year-old customer raised serious questions about alleged mis-selling, ethical conduct, and the protection of senior citizens in financial services, after a life insurance policy with a maturity year of 2124 was reportedly sold in his name. Following outrage on social media, the bank has now assured the family that the money will be returned.
Venkatachalam V Iyer, 90, a long-time customer of Canara Bank’s Nagpur branch, was allegedly persuaded by the branch manager to purchase a life insurance policy with an annual premium of Rs 2 lakh. The policy was finalised last February, and the first premium was debited directly from his savings account. The matter came to light when he later received an alert about the next premium payment and informed his family, who then began examining the documents.
According to Saketh R, who identified Iyer as his wife’s grandfather and shared the case publicly on social media, the elderly man had been banking with the same branch for decades and trusted the manager deeply. He alleged that this trust was misused and that Iyer, due to his age and limited financial awareness, agreed to the policy without fully understanding what he was signing up for.
The family claims the manager described the policy as “very important” and “urgent”, creating pressure to sign. Over time, Rs 2 lakh was deducted annually from Iyer’s account, taking the total premium paid to Rs 4 lakh, a substantial portion of his life savings.
The most shocking detail, according to the family, was that the policy was set to mature in 2124, nearly a century later, effectively offering benefits the elderly man would never live to see. The structure of the policy has also raised questions. Since issuing insurance directly in the name of a 90-year-old would not typically be possible, the manager had allegedly earlier advised Iyer to open a joint account with his daughter. The policy was then issued with the daughter listed as the “life assured”, while the premiums continued to be paid from Iyer’s account.
Saketh further alleged that documents were filled out by bank staff and signatures obtained from Iyer despite his frail condition, claiming he was “too old to even write”. He suggested the arrangement may have been structured to bypass age restrictions, possibly to meet sales targets, with little regard for the elderly customer’s financial well-being.
The case triggered strong reactions online, with many users pointing out that the maximum entry age for such insurance plans is typically around 80. Several called it a clear instance of mis-selling and advised the family to escalate the matter to regulators, including the RBI and IRDAI, if not resolved.
After the post went viral, senior bank officials, including the regional head and branch manager, visited Iyer and assured the family that the issue would be resolved promptly and the money refunded within a week.
In its public response on social media, Canara Bank apologised for the inconvenience and said the matter would be forwarded to the concerned team, while also requesting that personal details not be shared on public platforms. However, the response did not directly address the allegations of mis-selling or explain how an age-inappropriate policy was approved, leaving larger concerns about oversight, accountability, and safeguards for senior citizens unanswered.
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Nagpur, India, India
February 09, 2026, 19:39 IST
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The United States and Bangladesh on Monday finalised the United States–Bangladesh Agreement on Reciprocal Trade, wrapping up negotiations as both countries stepped in to strengthen bilateral economic ties. Under the revised framework, Bangladeshi exports to the American market will attract a 19% tariff, marginally lower than the 20% imposed in August and significantly below the original reciprocal rate of 37%. The agreement was signed by US Trade Representative Jamieson Greer and Bangladesh’s Adviser for Commerce, Textiles and Jute, and Civil Aviation and Tourism, Sheikh Bashir Uddin, in the presence of Bangladesh Commerce Secretary Mahbubur Rahman and Assistant US Trade Representative Brendan Lynch.
Key terms of the agreement
- Perks for Bangladesh: Washington will reduce the reciprocal tariff imposed under Executive Order 14257 to 19% on Bangladeshi goods. In addition, selected products listed in Annex III of Executive Order 14346 will qualify for a zero-tariff rate. The United States has committed to creating a mechanism under which certain textile and apparel products from Bangladesh can qualify for a zero reciprocal tariff rate. Under this arrangement, a yet-to-be-finalised volume of garments and textile imports from Bangladesh will be allowed to enter the US at the reduced rate. The permitted volume will depend on Bangladesh’s imports of American textile inputs, such as US-produced cotton and man-made fibres, effectively tying the benefit to the level of US exports.
- Perks for US: Bangladesh will grant wide preferential entry to US industrial and agricultural products, covering chemicals, medical devices, machinery, automobiles and components, ICT equipment, energy supplies, soy items, dairy, beef, poultry, nuts and fruit.
- Both governments will seek to remove Bangladeshi non-tariff barriers affecting trade and investment. Measures include recognising vehicles meeting US federal safety and emission rules, accepting US Food and Drug Administration certificates and prior approvals for pharmaceuticals and medical devices, and ending import restrictions or licensing on US remanufactured products and parts.
- Bangladesh will enable trusted cross-border data flows, support a lasting WTO ban on customs duties for electronic transmissions, rely on science- and risk-based systems for safe American food and farm imports, open up the insurance sector, digitise customs and adopt sound regulatory practices.
- Commitments have also been made on labour. Bangladesh will act to uphold internationally recognised rights, prohibit imports made through forced or compulsory labour, amend legislation to secure freedom of association and collective bargaining, and tighten enforcement.
- Dhaka has pledged to maintain strong environmental safeguards, implement its environmental laws, improve trade facilitation at the border and tackle market distortions linked to subsidies and state-owned firms. Furthermore, the South Asian giant has committed to reinforce and apply comprehensive anti-corruption legislation.
- On intellectual property, Bangladesh will pursue tougher protection and enforcement, including ratifying or joining certain global treaties. It will also introduce provisions on geographical indications aimed at ensuring continued US market access, particularly for producers of cheese and meat that use common names.
- The two countries intend to align more closely on economic and national security matters, strengthening supply chains and innovation while working together against unfair trade practices, duty evasion, export control risks and by exchanging information on inbound investment.
- American agencies such as the Export-Import Bank and the US International Development Finance Corporation may, where eligible and in accordance with law, look at backing investment in priority Bangladeshi sectors alongside US private firms.
- The two countries also acknowledged recent and upcoming commercial agreements spanning agriculture, energy and technology. These include the procurement of aircraft, the purchase of around $3.5 billion worth of American agricultural commodities such as wheat, soy, cotton and corn, and energy imports estimated to be valued at $15 billion over the next 15 years.
Both sides said they would proceed promptly, following their respective internal processes, to complete formalities required for the Agreement on Reciprocal Trade to take effect.
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