Rs. 10 Lac SCAMMED by SBI Life | Insurance Scam |

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Nitin Balchandani
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Case Description:
Ratnakar Ji left his position as a Junior College Teacher at Yashwant Junior College, Selu in May 2021.
His Pension Payment Order was issued on September 13, 2021, and he received his retirement funds in November 2021 in his SBI Bank account.
According to the PPO, he is entitled to a pension of Rs. 49,200.00, of which Rs. 43,300.00 is credited to his SBI Bank account every month.
Mr. Ratnakar's only source of income is the above-mentioned Pension, which is deposited into his account.
Two different agents named Mr. Krushna Annaji Kalode and Jaya Rajrumar Gobade issued a total of five insurance policies in his name in December 2021 (immediately after credit of his retirement funds).
He put a total of Rs. 10,00,000.00 into these 5 insurance policies, thinking of them as a one-time investment that would earn him higher interest rates than a fixed deposit.
After watching educational videos on our KZbin channel "Insurance Angels," he realised he had been duped, and after approaching the concerned branch and branch officers, as well as the agents, and receiving no response, he approached us for help.
The details of the policies issued in his name are as follows:
Policy Number RCD Premium Annual Income Shown on Proposal Form Actual Annual Income Monthly Income as per Need Analysis Form Monthly Expenses as per Need Analysis Form Agent Name
1H434328704 03.12.2021 250000 528000 590400 44000 4500 Krushna Annaji Kalode
1H659664002 03.12.2021 250000 528000 590400 44000 4500 Jaya Rajrumar Gobade
1H318680402 31.12.2021 150000 1722000 590400 143333 8166 Krushna Annaji Kalode
1H733251502 31.12.2021 150000 1680000 590400 140000 5680 Jaya Rajrumar Gobade
1H501098810 31.12.2021 200000 1680000 590400 140000 5480 Jaya Rajrumar Gobade
We were surprised to learn that the underwriting team at SBI Life, rather than the agents involved in the mis-selling of the above-mentioned policies, needs to be questioned and trained on basic insurance principles.
Without verifying the client's income documentation, 5 policies with an annual premium payment obligation of Rs. 10,00,000.00 were issued.
Two of the five policies were issued on December 3, 2021, and three policies were issued on December 31, 2021.
In the first two policies issued on December 3, 2021, each of the agents verified in his Agent confidential report that the prospective client's annual income was Rs. 5,28,000.00, but the same agents verified on December 31, 2021 that the prospect's income had increased to 16,80,000.00-17,22,000.00, i.e. a rise of more than 11 lakhs in the income of a retired government officer has been registered in a span of 27 days and the underwriting team accepted the same as true and did not feel the need to raise an alarm over such a large increase in a retired government officer's annual income.
Furthermore, on December 3, 2021, while issuing two policies with annual premium obligations totaling Rs. 5 lakhs, his declared income on the proposal form was Rs. 5,28,000.00, and both policies were issued in complete disregard of financial underwriting guidelines.
Similarly, on December 31, 2021, while issuing the remaining three policies, bringing the total annual premium obligations to Rs. 10 lakhs, his declared income in the proposal form was in the range of Rs. 16,80,000.00-17,22,000.00, and all of the policies were issued without the underwriting team at SBI Life verifying the client's income documents.
The foregoing discussion should suffice to show that both agents were unfamiliar with Mr. Ratnakar Mahadevrao Chore and obtained his contact information from some SBI Bank officials whom Mr. Chore had probably contacted regarding a query regarding the receipt of pension and retirement funds in his bank account.
Furthermore, it is abundantly clear that both agents collaborated and manipulated Mr. Chore's income details in order to ensure that the policies were issued.
Despite knowing that Mr. Chore would not be able to continue premium payments in these policies and that the policies are such that they do not help Mr. Chore achieve any financial goals in his life and are in fact designed in a way that would leave Mr. Chore with distress rather than happiness, both of them very cunningly hid actual facts related to Mr. Chore's actual annual income so that they could receive their commission.
Please watch the entire video to understand the fraud agent's method of operation; we've explained everything with the help of the documents.
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