The Economic Times

He trusted Canara Bank for 31 Years, then was sold a life insurance plan that pays at age 93; IRDAI orders Rs 4 lakh refund and 1 crore fine for mis-selling

IRDAI has imposed a 1 crore penalty on Canara HSBC Life Insurance Company over the sale of a deferred annuity policy to an 88-year-old customer who had been banking with Canara Bank for 31 years. The policy required 2 lakh annual premiums for four years and named his 57-year-old daughter as the annuitant. IRDAI found several lapses in the sale and verification process. The insurer refunded 4.09 lakh to the customer.