The Insurance Regulatory and Development Authority of India (IRDAI) imposes a ₹1 crore penalty on Canara HSBC Life Insurance Company for the alleged mis-selling of a deferred annuity policy to an 88-year-old customer.
According to IRDAI, the regulator initiates proceedings suo motu after observing information from a social media post. IRDAI identifies procedural and disclosure deficiencies in how the policy is sold, including concerns related to the policy’s stated entry age. The company refunds ₹4.09 lakh to the affected customer following the regulator’s action.
Both outlets describe the core outcome: a ₹1 crore penalty tied to mis-selling concerns involving an elderly customer and IRDAI scrutiny of sales practices and compliance with disclosure requirements. They also align on the insurer’s refund and the basis for the regulator’s review, while the specific details of the deficiencies are not fully enumerated across the two reports.
