# Canara HSBC Life fined Rs 1 crore for mis-selling policy to 88-yr-old via Canara Bank — retained record

> Retained news record from news:india-et-markets.

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source: [news](https://highsignal.app/data/news) (news:india-et-markets)  published 2026-09-10 18:52 ingested 2026-09-11 03:00

[original source ↗](https://economictimes.indiatimes.com/markets/stocks/news/canara-hsbc-life-fined-rs-1-crore-for-mis-selling-policy-to-88-yr-old-via-canara-bank/articleshow/134037898.cms)

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The policy, carrying an annual premium of ₹2 lakh for four years, was sold through the insurer's corporate agent, Canara Bank, with the customer's daughter shown as the annuitant.
IRDAI found that the product permitted an entry age of 30-80 years while the proposer was 88.
The regulator flagged deficiencies in verification calls, proposal form, disclosure of policy features and solicitation processes. The insurer subsequently refunded ₹4.09 lakh.
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document fetched 2026-09-11 03:00