The IRDA or the Insurance Regulatory and Development Authority has introduced a fine of Rs. 10 lakh on the leading life insurer SBI Life for departing from the main point of the offer document in one of its schemes.

The imposition of this fine has been made under Section 102 of the Insurance Act, according to the IRDA.

The insurer SBI Life is being obliged to pay an amount of Rs. 10 lakhs within one month, or 30 days from the day the order has been received.

According to the order, one of the particular deviations that were noticed includes the addition of 2 clauses by the insurer in the policy document called ‘Super Suraksha’ after the policy document was cleared by the Authority through the process of File and Use.

One of the clauses did not allow the payment of death claims in case a death occurred within 45 days from the day the policy has been commenced.

Nor did it allow the other provision for disallowing the payment of a death claim after the intimation of the death claim 90 days post the death date.