IRDAI imposes Rs 1.11 crore penalty on Policybazaar
Posted On : Thursday, August 29, 2019, 3:22 PM
The insurance regulator has imposed a Rs 1.11 crore penalty on web aggregator Policybazaar for violation of regulations. Insurance Regulatory and Development Authority of India (IRDAI) said Policybazaar entered into a partnership with a non-insurance entity called 'Indian Health Organization by Aetna' (IHO) and offered incentives to its customers in violation of regulations. IRDAI said incentives included complimentary wellness benefits for all new eligible customers and covered five OPD consultations, unlimited telemedicine consultations, unlimited second opinion services, as well as pharmacy discounts. Further, the web aggregator also displayed the services offered by IHO on its website. This is a violation of regulations as these entities are not allowed to advertise products and services of other entities.