The risk of getting insured

Insurance continues to be missold despite industry's claims to the contrary and senior citizens are the softest targets as they don't understand the newfangled products.

Babar Zaidi | Print Edition: December 2010

When Rajender Kumar Khosla developed cataract in one of his eyes, doctors advised him against too much strain.

Far from resting, the 74-year-old former property consultant was forced to negotiate the tricky terrain of a Delhi that was getting ready for the Commonwealth Games. As he trudged down the unpaved, broken roads of Connaught Place, the capital's central business district, you couldn't but pity him.

Rajender Kumar Khosla,
74 years, DELHI
CHEATED OF Rs 4.1 lakh
A bank executive obtained his personal details on the pretext of opening an account. She took signed cheques from him for investing in FDs, but used them to sell him insurance plans. Two pension plans for Khosla and his wife (annual premium Rs 50,000 each), a Ulip for Khosla (Rs 80,000) and three policies for their daughter (Rs 2.3 lakh).
Or wonder at the apathy of those who had forced the arduous struggle upon him. Khosla was fraudulently sold four insurance policies and two pension plans by a clutch of bank executives, who obtained his personal details on the pretext of opening a bank account.

They took signed cheques from him for investing in fixed deposits, but used them to buy insurance policies. The fraud took place in 2009, but Khosla discovered it only when he got the second premium notice for the policies this year.

"One of the bank employees wanted me to buy an insurance plan, but I refused because I didn't require one at my age. Then she wanted to sell me one for my daughter, but again I said no."

Not to be outdone, the femme fraudster latched on to the opportunity when Khosla said he wanted to invest in fixed deposits.

"She showed me forms for fixed deposits and took blank cheques from me," he says. These cheques were used to buy two pension plans for Khosla and his wife with an annual premium of Rs 50,000 each, a Ulip for Khosla with a premium of Rs 80,000 and three insurance policies for their daughter with a combined premium of Rs 2.3 lakh.

The fraudster had got the latter's details using the same modus operandi. "My daughter has not even met an insurance agent, let alone fill and sign an application form. They possibly forged her signature by copying it from her PAN card," says Khosla.

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