New Delhi, Sept. 11 -- The Insurance Regulatory and Development Authority of India (IRDAI) has levied a Rs.1 crore penalty on Canara HSBC Life Insurance Company Limited over mis-selling of a life insurance policy to an 88-year-old customer, according to a Moneycontrol report.

The regulator flagged several shortcomings in the sale, including failures related to product suitability, solicitation, disclosures and the insurer's internal controls.

The regulatory proceedings began after IRDAI took suo motu cognizance of a social media post highlighting the sale of a deferred annuity policy to the senior citizen.

The policy involved an annual premium of Rs.2 lakh payable over four years. It was sold through Canara Bank, the insurer's corporat...