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(You can now subscribe to our(You can now subscribe to our Economic Times WhatsApp channelMumbai: Insurance regulatory IRDAI has imposed a ₹1 crore penalty on Canara HSBC Life Insurance Company for mis-selling deferred annuity policy to an 88-year-old person.The policy, carrying an annual premium of ₹2 lakh for four years, was sold through the insurer's corporate agent, Canara Bank , with the customer's daughter shown as the annuitant.IRDAI found that the product permitted an entry age of 30-80 years while the proposer was 88.The regulator flagged deficiencies in verification calls, proposal form, disclosure of policy features and solicitation processes.
The insurer subsequently refunded ₹4.09 lakh.
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(You can now subscribe to our
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Mumbai: Insurance regulatory IRDAI has imposed a ₹1 crore penalty on Canara HSBC Life Insurance Company for mis-selling deferred annuity policy to an 88-year-old person.The policy, carrying an annual premium of ₹2 lakh for four years, was sold through the insurer's corporate agent, Canara Bank , with the customer's daughter shown as the annuitant.IRDAI found that the product permitted an entry age of 30-80 years while the proposer was 88.The regulator flagged deficiencies in verification calls, proposal form, disclosure of policy features and solicitation processes. The insurer subsequently refunded ₹4.09 lakh.
