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IRDAI Order of 4.8.2025 –Penalty of Rs.5 crores on PolicyBazar

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Order of 34 pages on in all 11 charges and penalty of Rs.5 crores for violation of the various provisions of the Insurance Act and the IRDAI (Insurance Web Aggregators) Regulations, 2017.

 

The charges have included –

 

Delay in remittance of premiums paid by the policy holders to the concerned insurers.

 

The unfair product promotion of showing only 5 products of Insurers as Top Products when the entity has agreement with  many life insurance companies that offer ULIPs.

 

The key managerial personnel and the employees of web aggregator are director in other companies.  

 The clientele of paisabazaar.com are diverted to policy bazaar.

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