IRDAI imposes fine worth ₹5 crore on Policybazaar over violations
IRDAI has imposed a ₹5 crore penalty on Policybazaar over multiple regulatory lapses and violations of insurance norms. The violations span 11 separate charges, ranging from governance lapses to improper product promotion practices, which occurred when it operated as an Insurance Web Aggregator. IRDAI also issued a direction, advisory, and caution to the company following its findings.