Banks have been tracking the deposits very carefully and they are reporting the details to the IT department as soon as they get a heavy deposit into the bank account. IT raids happened on several big shots who deposited lump sum money in the banks during the last few months. Considering this aspect, few big shot businessmen decided to look at insurance rather than banks.
Insurance premiums raised in the last few days and even though the returns from insurance were less compared to bank deposits, few people who has more money were looking at this option. There are restrictions on bank deposits but there is no fixed restriction on insurance. LIC witnessed the highest premium in their history which is 50 Crores. A Mumbai based businessman who is into real estate is stated to have invested this money.
Looks like Modi needs to check this loophole or the IT officials might already be scanning insurance investments secretly.