Regulator IRDAI has imposed a penalty of Rs 6 lakh on Shriram Life Insurance for “casual” approach towards certain norms, among other violations. The company was charged a penalty of Rs 5 lakh, the insurer had covered the loan term of less than three years and provided flat cover of Rs 5,000 for the balance period. The submissions by the insurer cannot justify the deviation from original File and Use.
iii. A penalty of Rs 1 lakh for the group claims paid date for the financial years 2011-12 and 2012-13 revealed that death claims were settled in favour of Group Master Policyholder.
iv. Also the life insurer had not obtained a confirmation of receipt of claim payment from the beneficiaries.
IRDAI :
♦ Chairman: T.S. Vijayan
♦ Headquarters : Hyderabad
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