The Insurance Regulatory and Development Authority (IRDA) has imposed a fine of Rs. 10 lakh on leading life insurer SBI Life for deviating from the offer document in one of its schemes.
The fine has been imposed under Section 102 of the Insurance Act, IRDA said in an order.
The insurer has been asked to pay Rs. 10 lakh within 30 days from the date of the receipt of the order.
As per the order, one of the specific violations noted involved the insertion by the insurer of two clauses in the policy document ‘Super Suraksha’ after the clearance of the policy document by the Authority under the File and Use process.
One clause denied the payment of death claims in the event that death occurred within 45 days from the date of commencement of the policy, and the other clause provisioned for rejecting the payment of death claim in the event of intimating the death claim 90 days after the date of death, it said.
