IRDAI

Full form: Insurance Regulatory and Development Authority of India

Insurance

IRDAI is India's insurance sector regulator, ensuring policyholder protection and orderly insurance market development. It sets rules for claim settlement, policy terms, solvency margins, and insurance agent licensing.

In detail

Key IRDAI rules benefiting policyholders:nClaim settlement ratio: mandated disclosure. Above 95% is good for term insurance.nFree-look period: 15-30 days to cancel a policy and get refundnSection 45: after 3 years, insurer cannot reject claim even if there was non-disclosure at originationnOmbudsman: free complaint redressal for claims below Rs 30LnnCheck insurer's claim settlement ratio on IRDAI annual report before buying term or health insurance.

Real-life example

🇮🇳 India example

Meena's term insurance claim (husband died in year 5) was initially rejected by insurer citing non-disclosure. Since it was after 3 years, Section 45 protects her -- insurer cannot reject. She files complaint with IRDAI Ombudsman. Claim settled within 60 days.

Frequently asked questions

How do I complain to IRDAI? ▼

First complaint to insurer's grievance team. If unresolved within 15 days: approach IRDAI Bima Bharosa portal (bimabharosa.irdai.gov.in) or IRDAI Ombudsman in your region for claim disputes below Rs 30L.