If you buy an insurance policy through a bank, you may assume that the bank's complaint channels will also handle insurance-related issues. But the Insurance Regulatory and Development Authority of India (IRDAI) has made it clear that a corporate agent must have an appropriate mechanism specifically accessible to insurance policyholders.
Very recently, IRDAI imposed a Rs 1-crore penalty on IndusInd Bank, acting as a corporate agent, after finding out that it lacked an adequate insurance-specific grievance redressal mechanism.
