By Bl Hyderabad Bureau

Copyright thehindubusinessline

The Insurance Regulatory and Development Authority of India (IRDAI) has issued a warning and advisory to Shriram Life Insurance Company on violations of various norms.

According to an order from the insurance regulator, the company has been directed to implement adequate processes and systems to ensure regulatory compliance regarding the free look cancellation facility and other key aspects, including the dispatch of policy bonds and grievance handling for non-receipt of policy bonds.

Focus on free look cancellation and premium refunds

The insurer was also directed to ensure prompt and effective redressal of consumer grievances, among others. “There shall be no undue delay in the processing of free look cancellation requests and the consequent refund of premiums,” the order said.

“The order should be placed before the Board of the Insurer in the upcoming Board Meeting, and the insurer shall provide a copy of the minutes of the discussion, IRDAI said.

The insurer shall submit an Action Taken Report to the Authority on direction given within 90 days from today, it added.

Published on September 22, 2025