IndusInd ₹1Cr Fine: Is Your Policy Complaint Safe?
IRDAI fined IndusInd Bank ₹1 crore for not having a separate complaint system for insurance customers. If you bought a policy through the bank, your grievance may have fallen into a gap between banking and insurance support.
That ₹1 crore fine = roughly 33,333 months of chai at ₹30 a cup — and your complaint still may not have been heard.
IRDAI fined IndusInd Bank for ignoring your insurance complaints
Key Takeaways
Check if your bank-bought policy has a separate insurance grievance contact — look on the policy document or insurer's website, not just the bank's helpline.
File insurance complaints directly with the insurer's Grievance Redressal Officer (GRO); by law they must respond within 15 days.
Escalate unresolved insurance complaints to IRDAI's Bima Bharosa portal (bimabharosa.irdai.gov.in) or call the IRDAI helpline 155255 — not the bank's 1800 number.
IRDAI fined IndusInd Bank ₹1 crore for not having a separate complaint system for insurance customers. If you bought a policy through the bank, your grievance may have fallen into a gap between banking and insurance support.
Here's what happened: IRDAI fined IndusInd Bank ₹1 crore for failing to provide a dedicated, insurance-specific grievance redressal system for policyholders.. The regulator found IndusInd's existing banking complaint channel was not a valid substitute — insurance complaints require their own separate mechanism.. The penalty highlights that banks acting as insurance corporate agents have distinct regulatory obligations beyond their standard customer-service setup..
What you should do: Check if your bank-bought policy has a separate insurance grievance contact — look on the policy document or insurer's website, not just the bank's helpline.. File insurance complaints directly with the insurer's Grievance Redressal Officer (GRO); by law they must respond within 15 days.. Escalate unresolved insurance complaints to IRDAI's Bima Bharosa portal (bimabharosa.irdai.gov.in) or call the IRDAI helpline 155255 — not the bank's 1800 number..
If an insurer or bank-agent ignores your complaint beyond 30 days, you can approach the Insurance Ombudsman — it's free, binding up to ₹50 lakh, and requires no lawyer.
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- [1]“Selling insurance but not handling customer grievances: IRDAI fines IndusInd Bank Rs 1 crore; here's what policyholders should know” Wealth-Economic Times · 11 Sept 2026
This article is reported by GoCredit's Editorial Team based on the source above. GoCredit synthesises, contextualises, and adds India-borrower-relevant analysis. We are not the original publisher.
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