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Penalty: IRDA Forgive The Misleading Advertisement Of Bajaj Life Insurance - V Jayanth Kumar, Joint Director (Life)

दयालु इरडा नें बजाज लाइफ की पेनल्टी माफ़ किया। 
But Life Insurance Companies Don't Forgive Customers Any Penalty......

The Corporate have legal process to approve any advertisement. In spite of legal clearance they issue such advertisement and misguide customers. Bajaj may have sold many policies by showing above advertisement, but IRDA forgive this lapse and does not imposed any penalty.Many IRDA employees have worked in private financial companies so they have sympathy with corporate in any violation.
पगार जनता से और वफादारी कम्पनिओं से !    

IRDAI-HYD/LIFE/2015-16/Letter/ADVT/33/236                                       December 07, 2015


Mr.Anuj Agarwal, MD & CEO,
Bajaj Allianz Life Insurance Company Limited, GE Plaza, Airport Road,
Yerawada, Pune - 411 006



Re: Advertisement filed with lRDAl in BAP Portal with UIN 0116AD201516340ENG        Baiai Allianz ISecure term Plan - Date of filing 29.09.2015

This has reference to the captioned Advertisement released by your company stating “Bajaj Allianz isecure term  plan  @  Rs.25  per  day  '”without  providing  any disclaimers.

On reviewing the same, it is noticed that the said advertisement is in violation of  clause 2 d (iii) of IRDA (Insurance Advertisements and Disclosure) Regulations, 2000 and falls under “unfair or misleading advertisement" category.

The authority vide letter IRDAI-HYD/LIFE/2015-16/Letter/ADVT/25/236,  dated November 12, 2015 called for your observations. In response, your company vide letter dated 30 November, 2015 stated that the disclaimers were inadvertently missed out and due diligence will be exercised in future while approving/issuing such advertisements.

After examining your submission, it is to state that issuing any advertisement in violation of regulatory stipulations will mislead the prospects and your submissions that the disclaimer has been omitted inadvertently cannot be accepted. In light of the  above, your company is hereby warned for the above violations.

You are also directed to adhere to the best practices and comply with the provisions of Advertisement Regulations, Guidelines and Circulars issued by the Authority from time to time while releasing insurance advertisements.

                     Yours faithfully,

                      V Jayanth Kumar, Joint Director (Life)

.          ‹1st.              .             -500 004
W : 91-040-2338 1100,         : 91-040-6682 3334
{-      : irda‹8' irda.gov.in            : www.irda.gov.in
Parisharam Bhavan, 3rd Floor, Basheer Bagh, Hyderabad-500 004. India Ph.: 91-040-2338 1100, Fax: 91-040-6682 3334
E-mail : irda irda.gov.in Web.: www.irda.gov.in

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