Archive · 5 Aug 2025
IRDAI Fines Policybazaar ₹5 Crore for Regulatory Breaches
The insurance regulator in India, IRDAI, fined Policybazaar, an online insurance broker, 5 crore rupees.
Policybazaar was found to have broken several rules.
The company promoted certain insurance products as 'best' without proof, delayed sending money to insurance companies, and had issues with its outsourcing deals.
This could confuse customers and possibly cause delays in coverage.
IRDAI is doing this to make sure insurance companies and brokers are transparent and fair to consumers.
IRDAI fined Policybazaar Insurance Brokers ₹5 crore for multiple regulatory violations.
Violations included biased product promotions, delayed premium transfers, and improper outsourcing agreements.
Policybazaar promoted certain insurance products as 'top' or 'best' without objective criteria.
The company delayed transferring insurance premiums to insurance companies, which could result in coverage gaps.
The regulatory action aims to ensure compliance and consumer protection in the insurance sector.
- Who
- The Insurance Regulatory and Development Authority of India (IRDAI) and Policybazaar Insurance Brokers.
- What
- IRDAI imposed a ₹5 crore penalty on Policybazaar Insurance Brokers.
- When
- Not explicitly stated.
- Where
- India
- Why
- For regulatory lapses.
- Entity
- Policybazaar Insurance Brokers
- Penalty Amount
- ₹5 crore
- Regulatory Body
- IRDAI
- Violation Type
- Regulatory Lapses
Sources
IRDAI slaps ₹5 cr penalty on Policybazaar for violation of various norms
IRDAI slaps ₹5 crore penalty on Policybazaar for regulatory violations
IRDAI imposes ₹5 cr fine on Policybazaar Insurance Brokers
Irdai slaps Rs 5 crore fine on Policybazaar for regulatory lapses; stock dips 3%
