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A 2,124-Year Insurance Policy Triggers RBI Action, and the Launch of NYVO
New Delhi [India], February 10: A nationalised bank in Maharashtra sold a life insurance policy to a 90-year-old man. The annual premium was ₹2 lakh. The maturity date of the policy was the year 2124. This was not a hypothetical case or an isolated error, it happened. The Reserve Bank of India has since taken [...]
New Delhi [India], February 10: A nationalised bank in Maharashtra sold a life insurance policy to a 90-year-old man. The annual premium was ₹2 lakh. The maturity date of the policy was the year 2124. This was not a hypothetical case or an isolated error, it happened. The Reserve Bank of India has since taken note. In its February 2026 policy statement, the RBI proposed comprehensive guidelines to curb mis-selling by banks, including mandatory suitability assessments and stronger accountability for staff. The issue has grown too large to ignore. But regulation alone will not fix it. What families truly need is a fundamentally different kind of advisor. This type of mis-selling stories led to the launch of NYVO.
The founders of NYVO, Harsh and Kshitij, are veterans in financial services. Harsh spent over sixteen years in financial services, beginning with investment banking roles at Bank of America, SBI Capital Markets, and Kotak Investment Banking where he advised on landmark IPOs such as DMart, Embassy REIT, LIC, Star Health, SBI Life and many more. He later served as CFO and Head of Liabilities & New Initiatives at Slice, where he held direct P&L responsibility for liabilities and insurance across more than 160 branches. From that vantage point, he saw how incentive structures function in reality. Advisors were consistently rewarded for selling complex, high-premium products rather than simple policies that were genuinely suitable for customers.
Kshitij’s journey followed a similar path. An alumnus of IIT Delhi and IIM Ahmedabad, where he graduated as an Institute Scholar in the top five percent of his class, he spent years working at BCG and later at Slice. At NYVO, he built one of India’s earliest need-based insurance mapping systems, designed to match products to what customers actually required instead of what generated the highest commission. Yet even with the best intentions, the structural incentives embedded in the system proved too powerful to correct from within.
