Canara HSBC Life fined Rs 1 crore for mis-selling policy to 88-yr-old via Canara Bank

Canara HSBC Life Insurance Company received a ₹1 crore penalty from IRDAI. The fine was imposed for mis-selling a deferred annuity policy to an 88-year-old individual. IRDAI identified several procedural and disclosure deficiencies in the sales process. The insurer subsequently refunded ₹4.09 lakh to the affected custo…