{"id":1280381,"date":"2024-03-29T07:23:57","date_gmt":"2024-03-29T01:53:57","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1280381"},"modified":"2024-03-29T07:24:18","modified_gmt":"2024-03-29T01:54:18","slug":"without-customers-consent-some-banks-are-creating-insurance-policies-under-govt-schemes","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/without-customers-consent-some-banks-are-creating-insurance-policies-under-govt-schemes\/","title":{"rendered":"Without Customer’s Consent, Some Banks Are Creating Insurance Policies Under Govt Schemes"},"content":{"rendered":"\n

A latest media report reveals that some banks are forging customers\u2019 consent after withdrawing money illegally from accounts for the Narendra Modi-led government\u2019s flagship insurance schemes.<\/p>\n\n\n\n

\"Without<\/figure>\n\n\n\n

Banks Executing Frauds While Enrolling In Government\u2019s Life Insurance Scheme<\/strong><\/p>\n\n\n\n

The news is also backed by reports coming from several account holders across the country complaining about unauthorized debits from their bank accounts for the central government\u2019s insurance schemes.<\/p>\n\n\n\n

It appears that these financial institutions have enrolled customers without their consent in the life insurance scheme.<\/p>\n\n\n\n

These schemes include Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), accident insurance scheme Pradhan Mantri Suraksha Bima Yojana (PMSBY).<\/p>\n\n\n\n

Further, these kinds of issues were reported in the case of the Centre\u2019s micro-pension scheme called Atal Pension Yojana (APY), as per the media report<\/a>.<\/p>\n\n\n\n

Earlier these welfare schemes were launched by Prime Minister Narendra Modi during May 2015 in order to provide financial security to the poor.<\/p>\n\n\n\n

Notably, the premium for these schemes is pretty low where PMJJBY is  Rs 436 a year and  Rs 20 a year for PMSBY.<\/p>\n\n\n\n

Here, PMJJBY offers a cover of  Rs 2 lakh to a nominee in the event of a policyholder\u2019s death due to any reason. <\/p>\n\n\n\n

Similerky, PMSBY offers a cover of  Rs 2 lakh in case of death due to an accident and  Rs 1 lakh in case of a severe accident injury.<\/p>\n\n\n\n

While in case of APY,  policyholders get a monthly pension of up to  Rs 5,000 after the age of 60 years.<\/p>\n\n\n\n

Why Would This Happen?<\/strong><\/p>\n\n\n\n

It appears that the bank employees are entering fabricated data which includes bogus nominees to activate the insurance schemes without the policyholder\u2019s or account holder\u2019s consent, as per the report.<\/p>\n\n\n\n

Here the question arises, why would bank employees do that? <\/p>\n\n\n\n

It seems that the bank’s employees are adopting such fraudulent practices to enroll customers in these schemes.<\/p>\n\n\n\n

This is happening due to the fact that the government is applying pressure to enroll in such schemes.<\/p>\n\n\n\n

Media reported, \u201cOften, those enrolled in insurance schemes without consent are not aware that they are paying a premium for an insurance cover. This prevents family members from availing the schemes\u2019 benefits, rendering their premium payments\u2014unauthorized to begin with\u2014futile.” <\/p>\n\n\n\n

Adding, \u201cNew evidence reveals that this malpractice has since been institutionalized, with regional, zonal and even head offices executing these frauds and forcing branches to conceal.”<\/p>\n","protected":false},"excerpt":{"rendered":"

A latest media report reveals that some banks are forging customers\u2019 consent after withdrawing money illegally from accounts for the Narendra Modi-led government\u2019s flagship insurance schemes. Banks Executing Frauds While Enrolling In Government\u2019s Life Insurance Scheme The news is also backed by reports coming from several account holders across the country complaining about unauthorized debits […]<\/p>\n","protected":false},"author":27,"featured_media":1280389,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[2241,753],"class_list":["post-1280381","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-banks","tag-insurance"],"acf":[],"yoast_head":"\nWithout Customer's Consent, Some Banks Are Creating Insurance Policies Under Govt Schemes - Trak.in - Indian Business of Tech, Mobile & Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/without-customers-consent-some-banks-are-creating-insurance-policies-under-govt-schemes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Without Customer's Consent, Some Banks Are Creating Insurance Policies Under Govt Schemes - Trak.in - Indian Business of Tech, Mobile & Startups\" \/>\n<meta property=\"og:description\" content=\"A latest media report reveals that some banks are forging customers\u2019 consent after withdrawing money illegally from accounts for the Narendra Modi-led government\u2019s flagship insurance schemes. 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