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The insurance regulator has imposed a penalty of ₹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 Insurance Regulatory and Development Authority of India has also charged the private sector life insurer for considerable number of annuities being outstanding for want of verification certificate.
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