Policybazaar fined Rs 24 lakh for flouting IRDAI’s SMS ad rules

Mumbai: The Insurance Regulatory and Development Authority of India (IRDAI) has imposed a fine of Rs 24 lakh on online insurance aggregator Policybazaar for flouting norms related to SMS advertising, according to an order issued on Thursday.

The insurance regulator has also directed the SoftBank-backed insurtech startup to be more “circumspect” in the future regarding their SMS ads to customers.