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The company was directed to pay a penalty of Rs 10 lakh and was asked to adhere strictly to the guidelines in future, said an order by Irda chairman J Hari Narayan.

The 30-share BSE benchmark Sensex had closed below the 20,000-mark on Tuesday, down about 445 points - its biggest decline in six months - on frenzied profit-booking.
RBI had earlier this month raised key rates at which it lends and borrows short-term capital from commercial banks by 25 basis points, in its bid to tame inflation.
Gold futures prices fell by 0.61 per cent to Rs 20,223 per 10 grams on Tuesday, as speculators booked profits amid a weak global trend.
The bench headed by Chief Justice S.H. Kapadia directed Vodafone to deposit Rs 2,500 crore within three weeks and a bank guarantee of Rs 8,500 crore within 8 weeks.
Snapping three days of losses, the Sensex closed higher by 152.80 points, at 20,309.69. The key index had lost over 775 points in previous three trading sessions.
The Indian rupee gained 14 paise to Rs 45.10 against the US dollar in opening trade at the Interbank Foreign Exchange.
According to Bloomberg, the social network's latest valuation, makes it the country's third-largest online business after Google and Amazon.
There were clearly worried lot of people at the Annual Microfinance Summit, that took off at the Ashoka Hotel on Monday - November 15.
The Indian currency had ended with a steep fall of 49 paise at Rs 44.80/81 against the dollar in the previous session on Friday, following sluggish equitie.