Sucheta Dalal :IRDA’s Rs275 crore refund order to SBI Life proves botched product approval process
Sucheta Dalal

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IRDA’s Rs275 crore refund order to SBI Life proves botched product approval process  

March 14, 2014

IRDA has asked SBI Life to refund Rs275 crore for collecting premium upfront on a policy, which had two premium payment terms. But why did IRDA approve this product which was cleverly designed to earn hefty commission for SBI?

 

Raj Pradhan

 

The Insurance Regulatory and Development Authority (IRDA) has ordered SBI Life to refund Rs275.29 crore to the policy holders as the money was collected from them in violation of norms.

 

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-- Sucheta Dalal