Max Life Insurance has been fined Rs 3 crore by the insurance regulatory body IRDAI for violating norms.
According to IRDAI, norms were violated in some of the transactions carried out by these two companies.
Generally, Axis Bank is the corporate agent of Max Life Insurance Company.
Max Life Insurance Company will have to pay a penalty of Rs 1 crore.
The max life insurance was fined Rs 3 crore, and the bank was fined an equivalent amount