Insurance regulator IRDA today imposed a hefty penalty of Rs 3.10 crore on Bajaj Allianz life Insurance for violation of various norms, including those related to early-death claims and group insurance.
“...As directed under the respective charges, the penalty of Rs 3.10 crore shall be remitted by the life insurer (Bajaj Allianz life) by debiting shareholders’ account...,” the Insurance Regulatory and Development Authority (IRDA) said in an order. The fine has to be paid within 15 days, it said. The regulator imposed a fine of Rs 78 lakh for rejecting certain early-death claims as un-concluded contracts. These relate to cases where insured persons died after the date of commencement of risk but before receiving the policy document.