₹1 crore penalty on Canara HSBC Life Insurance Company over mis-selling of a deferred annuity policy to an 88-year-old senior citizen - The Economic Times

An 88-year-old was sold a deferred annuity policy despite age restrictions, leading to a Rs 1 crore penalty for Canara HSBC Life. IRDAI found multiple lapses in sales, underwriting, and disclosure. The regulator's order highlights crucial lessons for senior citizens buying long-term insurance products, especially via bank branches.

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