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Title: Warning - Bajaj Allianz Life Insurance Company Limited
Reference No.: IRDAI-HYD/LIFE/2015-16/Letter/ADVT/33/236
Date: 07/12/2015
Advertisement filed with IRDAI in BAP Portal with UIN 0116AD201516340ENG
This has reference to the captioned Advertisement released by your company stating “Bajaj Allianz iSecure term plan @ Rs.25 per day #”without providing any disclaimers.
On reviewing the same, it is noticed that the said advertisement is in violation of clause 2 d (iii) of IRDA (Insurance Advertisements and Disclosure) Regulations, 2000 and falls under “unfair or misleading advertisement” category.
The authority vide letter IRDAI-HYD/LIFE/2015-16/Letter/ADVT/25/236, dated November 12, 2015 called for your observations. In response, your company vide letter dated 30 November, 2015 stated that the disclaimers were inadvertently missed out and due diligence will be exercised in future while approving/issuing such advertisements.
After examining your submission, it is to state that issuing any advertisement in violation of regulatory stipulations will mislead the prospects and your submissions that the disclaimer has been omitted inadvertently cannot be accepted. In light of the above, your company is hereby warned for the above violations.
You are also directed to adhere to the best practices and comply with the provisions of Advertisement Regulations, Guidelines and Circulars issued by the Authority from time to time while releasing insurance advertisements.
Yours faithfully,
Joint Director (Life)
