SBI Life Insurance fined Rs 1 crore for regulatory violations; Irdai asks insurer to adhere to rules to settle death claims

SBI Life Insurance has been fined Rs 1 crore by the Insurance Regulatory and Development Authority of India (Irdai) for violating regulations related to outsourcing, insurance web aggregators. The insurer was found to have engaged with web aggregators without clear agreements specifying services and fees, failed to report outsourcing payments, and repudiated claims beyond the three-year period.