2,124-Year Insurance Policy Triggers RBI Action, NYVO Launches to Combat Mis-selling
2,124-Year Insurance Policy Triggers RBI Action, NYVO Launches to Combat Mis-selling
- •A 90-year-old man was sold a life insurance policy maturing in 2124, prompting RBI to propose new guidelines against mis-selling.
- •NYVO, founded by financial services veterans Harsh and Kshitij, aims to eliminate mis-selling by removing conflicts of interest.
- •Harsh, an investment banking veteran, witnessed how incentive structures prioritized complex, high-premium products over suitable ones.
- •Kshitij, an IIT Delhi and IIM Ahmedabad alumnus, developed a need-based insurance mapping system but faced systemic challenges.
- •NYVO is an IRDAI-licensed platform offering advice-led, unbiased recommendations and comprehensive support throughout the insurance journey, prioritizing family needs over commissions.
