Canara HSBC Life fined Rs 1 crore for mis-selling policy to 88-yr-old via Canara Bank

Why IRDAI Penalised Canara HSBC Life Insurance INR 1 Crore for Selling Policy to 88-Year-Old | 📰 LatestLY

IRDAI penalised Canara HSBC Life Insurance INR 1 crore for mis-selling a policy to an 88-year-old senior citizen, citing severe compliance lapses, age limit violations, and inadequate suitability assessments. Following regulatory intervention, Canara HSBC Life refunded the full premium of INR 4.09 lakh and reversed associated sales commissions 📰 Why IRDAI Penalised Canara HSBC Life Insurance INR 1 Crore for Selling Policy to 88-Year-Old.

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.

IRDAI Fines Canara HSBC Life ₹1 Crore Over Mis-Selling

IRDAI has fined Canara HSBC Life Insurance ₹1 crore after finding it mis-sold a deferred annuity policy to an 88-year-old senior customer. The insurer disclosed the order to the NSE and BSE on 10 September, confirming the penalty was passed under the Protection of Policyholder Regulations, 2024, read with the...

88-year-old sold annuity policy, IRDAI imposes ₹1 crore fine on Canara HSBC Life

IRDAI has fined Canara HSBC Life Insurance ₹1 crore over the sale of a deferred annuity policy to an 88-year-old customer. The regulator cited lapses in suitability checks, disclosures and policy processing, and has ordered an audit of certain policies sold through Canara Bank.