[responsivevoice_button voice="Hindi Female" buttontext="Listen This News"]
Mumbai: Insurance regulatory has imposed a ₹1 crore penalty on for a 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, , 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.
Add 
as a Reliable and Trusted News Source
as a Reliable and Trusted News Source
(You can now subscribe to our )
(You can now subscribe to our )