IRDAI Fines PolicyBazaar Over ‘Misleading’ SMS Ad Campaign

Policybazaar-Cover-Photo for news

A fine of Rs.24 lakh was slapped on the insurance aggregator PolicyBazaar by the Insurance Regulatory and Development Authority of India for defying SMS ad norms. 

The fine followed after PolicyBazaar has sent SMS to its 10 lakh customers last year between March and April 2020 notifying them about a rise in insurance premium prices. 

“The web aggregator had sent SMS to about 10 lakh customers telling them that life insurance prices are set to increase from April 1 and that they could save up to Rs 1.65 lakh by buying a term plan.” a media report said

The SMS requested customers to renew their policy sooner to avoid price hike in the new financial year.
IRDAI imposed three charges on PolicyBazaar-  “sending misleading information through SMS about price rise, violation of regulation 11 and regulation 9 of advertisement and disclosure norms.”

Source: inc42.com

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