In the current financial year 2021-22, PolicyBazaar had sent SMS to about 10 lakh people to increase the life insurance prices. Now the insurance regulator IRDAI has imposed a fine of Rs 24 lakh on the policy market for misleading SMS alerts. Policybazaar sent an SMS to its customers stating that life insurance prices are going to increase from April 1, so buy a term plan today and save up to Rs 1.65 lakh. On this, the insurance regulator had sent a mail on 7 April seeking clarification from PolicyBazaar and asked to stop the SMS. Apart from this, on which basis this claim was being made, it also sought answers.
PolicyBazar gave these arguments in defense
In its reply sent to the insurance regulator, PolicyBazaar said that the SMS was only for information and was based on information received from insurance partners. According to PolicyBazaar, it was estimated that premium rates would increase due to increase in reinsurance costs. Web aggregator PolicyBazaar also said that this SMS was meant to inform customers about the premium increase so that they do not have to regret later that why not take the policy due to low premium. PolicyBazaar had claimed that the information sent in SMS was neither misleading nor false but it was based on information received from insurance companies and public domain.
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Insurance Regulatory IRDAI imposed penalty on this basis
After hearing the case, the insurance regulator decided that SMS created an atmosphere of unnecessary fear and it could be completely ruled out. Irda said that the SMS sent to about 10 lakh customers of PolicyBazaar created panic situation among the people. PolicyBazaar was also found guilty in the violation of IRDA’s Insurance Advertisements and Disclosure Regulations. Under this, it is not necessary to mention the full registered name of the insurance company, / intermediary / insurance agent in all insurance advertisements, but did not send your name in the SMS in the policy market. A penalty of 24 lakh has been imposed on the policy market based on the SMS sent between March 15 and April 7 for the violation.
(Article: Rajeev Kumar)
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