Latest news with #RelianceNipponLifeInsurance
New Indian Express
27-05-2025
- New Indian Express
Retired Hyderabad doctor defrauded of Rs 32 lakh by fake insurance agent
HYDERABAD: A 92-year-old retired doctor from a distinguished Hyderabad family has filed a complaint with Banjara Hills police, alleging that she was defrauded of nearly Rs 32 lakh by a man claiming to be an insurance agent. The victim, who insisted on anonymity, served as the superintendent of Niloufer Hospital during her medical career and retired several years ago. Her late husband was a Lieutenant Colonel in the Indian Army and passed away a few years ago. Her children, a son and daughter, stay in the UK. According to her complaint, a man identifying himself as Veeranna Gugulothu, an agent from Reliance Nippon Life Insurance, visited her residence claiming he was there to assist with policy renewals. He presented what appeared to be legitimate company identification, including an employee and business card. The doctor said that Veeranna requested payment for the renewals and asked for a cancelled cheque, supposedly to deposit maturity amounts. Trusting his credentials, she complied. However, she later discovered that 11 cheques had been issued without her knowledge from two of her savings bank accounts. Her office manager told TNIE that the agent visited the house multiple times and would frequently ask to use her phone, citing reasons such as entering OTPs. Although the cheques did not bear her signature, the agent reportedly managed to withdraw funds in repeated transactions. Accused transferred small amounts to escape notice It was only after reviewing her bank statements that she realised a large sum had been withdrawn without her consent. The total missing amount is estimated to be around Rs 32 lakh. When confronted, Veeranna denied any wrongdoing but later admitted to withdrawing the money, the complaint says. He assured the doctor he would return the amount in instalments, and she agreed. He has since returned approximately Rs 11 lakh but has been ignoring her calls for the past three months. Banjara Hills police said that Veeranna had transferred small amounts into multiple accounts before consolidating them into his own. They believe that a portion of the funds may have been used to purchase land, while the rest appears to have been spent.
Time of India
24-05-2025
- Time of India
Syndicate using fake death certificates toget insurance claims busted in Prayagraj
Prayagraj: An alert from a life insurance company has blown the lid off an audacious fraud under which miscreants were allegedly attempting to swindle over ₹34 lakh through impersonation and use of forged death certificates in Prayagraj's Karchhana area. According to the FIR, filed on the basis of a complaint by Rahul Banerjee, chief manager, Reliance Nippon Life Insurance, the syndicate, active since April 2023, specializes in obtaining life insurance policies using fake identities and documents. Their modus operandi involved insuring individuals, sometimes through impersonation, and then filing death claims to pocket the hefty sums. While the red flags were raised during the stringent claim verification process, the investigators' suspicions were particularly aroused in the case of one Khushboo Vishwakarma, in whose name two policies were issued – one for ₹13,12,480 on April 25, 2023, and another for a death claim amount of ₹21,58,894 on Feb 5, 2024. The nominee in both was her husband, Ajay Kumar Vishwakarma. Barely months after the policies were issued, a death claim for Khushboo was filed on June 28, 2024, stating she had passed away on June 1, 2024. However, the insurance company's mandatory investigation for early death claims unearthed a shocking impersonation. The probe revealed that the photograph submitted with the policy application was not of Khushboo, but of a relative, Satya Devi, who is alive and was allegedly part of the conspiracy. Khushboo had passed away in 2022. The FIR implicates the insurance company's sales manager, Ankur Kumar Srivastava, who had processed these policies. Srivastava reportedly told investigators he was introduced to a key accused, Vijay Vishwakarma, by his former branch manager, Vijay Upadhyay, through Rakesh Pandey. Vijay Vishwakarma is accused of supplying the forged documents. The net widened as the investigation revealed two more suspicious policies for Ajit Kumar Vishwakarma and Sonam Vishwakarma, processed through the same network. A death claim of ₹6,43,998 for Ajit Kumar Vishwakarma's policy, submitted on Dec 20, 2024, is also under the scanner. The crucial documents for these policies were allegedly exchanged via WhatsApp between Vijay Vishwakarma and sales manager Ankur Kumar Srivastava. Police were also informed that commissions from all policies arranged by Vijay Vishwakarma were transferred into the bank account of Neelam Vishwakarma, an acquaintance whom Ankur Srivastava allegedly made a marketing executive at Vijay's behest. The police have registered a case under various sections of the Bharatiya Nyaya Sanhita (BNS), 2023, including 319(2) (cheating by personation), 318(4) (cheating and dishonestly inducing delivery of property), 338 (forgery for cheating), 336(3) (using forged document as genuine), and 340(2) (criminal conspiracy). Sub-inspector Vinay Kumar Yadav has been tasked with the investigation. Get the latest lifestyle updates on Times of India, along with Brother's Day wishes , messages and quotes !
Time of India
14-05-2025
- Business
- Time of India
Reliance Nippon Life FY25 net profit rises 25% to Rs 247 crore
Mumbai: Reliance Nippon Life Insurance (RNLIC) reported a 25% increase in profit before tax to Rs 247 crore for FY25, compared to Rs 198 crore a year earlier. The company attributed the growth to stable business momentum and operational resilience. Assets under management rose 9% to Rs 38,725 crore, while total premium grew to Rs 5,711 crore. New business premium stood at Rs 1,245 crore. The solvency ratio remained strong at 235%. RNLIC, jointly owned by Reliance Capital (51%) and Nippon Life (49%), is set for a strategic shift following Reliance Capital's acquisition by the Hinduja Group through IndusInd International Holdings. IIHL Chairman Ashok Hinduja said capital infusion and listing of the insurance entities are planned over the next two years. The claim settlement ratio improved to 98.9%, with Rs 3,523 crore disbursed to 5.4 lakh customers. Persistency stood at 80.8%, and the active advisor base grew 13% to nearly 69,000. Embedded value increased to Rs 7,397 crore from Rs 6,885 crore. The company launched six new products during the year and continues to be one of the largest non-bank-backed private life insurers, with over 10 million policyholders and 713 branches. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Yahoo
10-03-2025
- Business
- Yahoo
Nippon Life eyes minority stake in India's IndusInd Bank
Nippon Life Insurance's India unit is reportedly in discussions to acquire a minority stake in India-based IndusInd Bank, leveraging the bank's network to enhance its insurance product distribution. Reliance Nippon Life Insurance could aim for up to a 9.9% share in the Mumbai-based bank, potentially starting with a 4.9% stake and increasing it over time, reported Bloomberg, citing sources close to the matter. The talks are at a preliminary stage, and there is no certainty they will result in a deal said the sources. Nippon Life has refrained from commenting on the matter, and IndusInd Bank has not responded to inquiries regarding the potential transaction, reported the media outlet. IndusInd Bank, with a market capitalisation of approximately Rs730bn ($8.4bn), serves about 42 million customers across India. It has over 3,063 branches and 2,993 ATMs, reaching 160,000 villages. Additionally, the bank has international representative offices in London, Dubai, and Abu Dhabi. IndusInd Bank's portfolio caters to individuals and corporates, offering products such as microfinance, personal and commercial vehicle loans, credit cards, and SME loans. In May 2024, Economic Times reported Hinduja Group's plans to raise its stake in IndusInd Bank from 16% to 26% in multiple tranches. At that time, Hinduja Group director Ashok Hinduja said Reserve Bank of India had given approval letter to raise the stake and the regulatory process would take time. Reliance Nippon Life Insurance has a distribution network, with 713 offices and over 61,000 advisers as of 31 March 2024, according to its website. "Nippon Life eyes minority stake in India's IndusInd Bank" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
