Bank Sells 2124 Maturity Insurance to 90-Year-Old, Deducts Rs 4 Lakh

• A 90-year-old Canara Bank customer was allegedly tricked into buying a life insurance policy maturing in 2124, with Rs 4 lakh deducted from his account.
• Venkatachalam V Iyer, a long-time customer, was persuaded by the Nagpur branch manager to purchase the policy, with annual premiums of Rs 2 lakh.
• The policy was issued with his daughter as the "life assured" after the manager allegedly advised opening a joint account, bypassing age restrictions for the 90-year-old.
• The family discovered the mis-selling when an alert for the next premium payment arrived, revealing the policy's century-long maturity period.
• Following social media outrage, Canara Bank assured the family that the deducted Rs 4 lakh would be refunded promptly.