IRDAI penalizes Policybazaar Rs 5 crore for various violations including biased and misleading product promotions

IRDAI has fined Policybazaar Rs 5 crore for various regulatory breaches. As per the IRDAI order, Policybazaar promoted specific insurance products unfairly. They ranked products as 'top' without proper justification. The company also delayed remitting premiums to insurers, violating the Insurance Act. Policybazaar also failed to properly map policies to Authorised Verifiers.