The insurance regulator Insurance Regulatory and Development Authority of India (IRDAI) has imposed a penalty of Rs 20 lakh on ICICI Prudential Life Insurance Company on various charges, including free look cancellations not being in line with regulations; maturity claims not being settled within prescribed time period, resulting in huge number of claims outstanding; and delay in processing surrenders/partial withdrawals. The IRDAI has also charged the private sector life insurer for considerable number of annuities being outstanding for want of verification certificate.
ICICI Prudential Life Insurance Company offers a range of products to cater to the specific needs of customers in different life stages, enabling them to meet their long-term savings and protection needs.
