 Hyderabad : The Insurance Regulatory and Development Authority (IRDA) have 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, for deviating from the approved product through the File and Use procedure deserves to be enforced, 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.
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