The Economic Times

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.