Indian insurance regulator IRDAI has imposed a fine of Rs one crore each on Canara HSBC Life Insurance and IndusInd Bank for violating regulations. Canara HSBC Life Insurance had sold a deferred annuity policy with an annual premium of Rs 2 lakh and a four-year premium-paying term, through its corporate agent, Canara Bank, to an 88-year-old customer, with his daughter as the annuitant whereas the product specified an entry age of 30 to 80 years. IndusInd Bank didn’t have a dedicated, policyholder-facing grievance redressal framework, improperly relying on generic banking mechanisms rather than providing insurance-specific IVR or website channels.
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