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    Question

    For what reason did IRDAI impose penalties on HDFC Life

    ? ┬а
    A Misleading advertising Correct Answer Incorrect Answer
    B Non-compliance with policy regulations Correct Answer Incorrect Answer
    C Inadequate claim settlements Correct Answer Incorrect Answer
    D Violations of customer privacy Correct Answer Incorrect Answer
    E Excessive charges on premiums Correct Answer Incorrect Answer

    Solution

    The Insurance Regulatory and Development Authority of India (IRDAI) imposed a penalty of Rs 2 crore on HDFC Life Insurance due to violations related to policyholder interests, including issues with claim settlement delays, excessive payments to intermediaries, and irregularities in their outsourcing practices, which were identified during an inspection of the company's financial years between 2017 and 2020. ┬а

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