88-year-old sold ₹8-lakh policy that pays money till a person dies, Canara HSBC fined ₹1 cr

IRDAI has imposed a ₹1-crore fine on Canara HSBC Life Insurance Company for mis-selling an ₹8-crore policy to an 88-year-old man. The insurance regulator noted that the policy, which pays a person till they die, had a permitted entry age of 30-80 years. The insurer also collected the premium before policy issuance, which was refunded after a complaint was raised.