Mumbai: Insurance regulatory IRDAI has imposed a ₹1 crore penalty on Canara HSBC Life Insurance Company for mis-selling a 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.
Canara HSBC Life fined Rs 1 crore for mis-selling policy to 88-yr-old via Canara Bank
Canara HSBC Life Insurance Company received a ₹1 crore penalty from IRDAI. The fine was imposed for mis-selling a deferred annuity policy to an 88-year-old individual. IRDAI identified several procedural and disclosure deficiencies in the sales process. The insurer subsequently refunded ₹4.09 lakh to the affected customer. This action highlights regulatory scrutiny over insurance sales practices.
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