Insurance sector regulator Irda has slapped a penalty of Rs 50 lakh on general insurer ICICI Lombard for violating various norms.

CBI has started a probe into alleged undervaluation of penalty to the tune of nearly Rs 17,500 crore on Reliance General Insurance Company Limited.

Irda found the private sector insurer in violation of guidelines related with protection of policyholders’ interest, data sharing and outsourcing guidelines

Invest Rs 50,000 for 5 years and getback Rs 248. That is what precisely happened to Mr Virendra Pal Kapoor who had purchased a ULIP plan of SBI LIFE in 2007.

Mr.Ram Mohan Rao’s experience while surrendering a policy.

According to a report by PTI last week, buyers of insurance policies were promised gold coin, cash back, guaranteed return and in some cases a foreign trip by some private insurance companies that mis-sold products.

PNB Metlife online premium payment does no verification of the policy number with date of birth, mobile and email address. One policyholder made a mistake in keying in the policy number. Amazingly, PNB Metlife refunded the premium to the wrong policyholder and is washing its hands off