The Insurance Regulatory and Development Authority of India (IRDAI) has imposed a penalty of ₹5 crore on Policybazaar Web Aggregator, now known as Policybazaar Insurance Brokers.
The penalty was imposed “along with direction, advisory and caution for various violations established under Insurance Act, 1938 and Rules and Regulations,’‘ the insurance regulator said on Monday.
Some of the violations of the norms by company, according to the IRDAI included ranking the ULIP plans of only five insurance companies as `top products’ while having agreements with other than these five companies for distribution / solicitation of insurance business, designating 24 plans of some insurers as ‘Best Life Insurance Plans in India 2020’ and mention of ‘Top plans – Health Insurance’ from 12 which is not permitted.
Violation or norms were also seen in key managerial personnel and employees of the web aggregator having directorships in other companies in addition to the same in Policybazaar and non-disclosures to the regulator.
Published on August 4, 2025
