Dated : 5th Sep, 2013
Source : IRDA
IRDA on Tuesday issued a warning to HDFC Life for violation of file & use guidelines.
The warning was issued for changing the terms and conditions of approved versions of the products without prior approval from the Authority.
"On examining the submissions to the Show Cause Notice and during the personal hearing on 22nd January, 2013, the Authority considered that the Life Insurer has discriminated in allowing varied death benefits to different blocks of same class of policy holders (who are paying same premiums), namely those who purchased the policies on or after 1st April, 2012 and those who purchased the policies prior to 1st April, 2012. It is further considered that such discrimination is invidious within the same class of policy holders. Hence, the Authority considered forissuingdirections under Section 34 of Insurance Act, 1938 to make the enhanced death benefit applicable to all the policy holders who have purchased the products before 1st April, 2012 also" stated the warning issued by IRDA on its website.
Source : IRDAIRDA on Tuesday issued a warning to HDFC Life for violation of file & use guidelines.
The warning was issued for changing the terms and conditions of approved versions of the products without prior approval from the Authority.
"On examining the submissions to the Show Cause Notice and during the personal hearing on 22nd January, 2013, the Authority considered that the Life Insurer has discriminated in allowing varied death benefits to different blocks of same class of policy holders (who are paying same premiums), namely those who purchased the policies on or after 1st April, 2012 and those who purchased the policies prior to 1st April, 2012. It is further considered that such discrimination is invidious within the same class of policy holders. Hence, the Authority considered forissuingdirections under Section 34 of Insurance Act, 1938 to make the enhanced death benefit applicable to all the policy holders who have purchased the products before 1st April, 2012 also" stated the warning issued by IRDA on its website.
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