If there’s one thing certain about life – it’s the uncertainty that life brings. Let’s face it – life is unpredictable. In an instant, a lifetime of working and savings can be turned upside down.
We know that unplanned circumstances not only affect physical and emotional well-being, but they can also create a challenge to achieving your financial dreams and goals. Even though you may think you’ve covered all the bases, life sometimes has a funny way of throwing you a curveball when you least expect it.
Luckily, while you can strive your best to plan wisely and thoroughly, you can also hedge your bets against the unintended through prudent insurance planning.
Two categories
- Life
- General
Both are governed by the Insurance Regulatory and Development Authority of India (IRDAI)
- IRDAI was established via Insurance Regulatory and Development Authority (IRDAI) Act, 1999.
- Indian postal department provides life insurance through Postal Life Insurance
- This is exempt from the purview of IRDAI
As of 2019, 70 insurance companies active
- 24 are life insurance (including LIC )
- 27 more are general insurance
- 7 are stand-alone health
- 12 are re-insurers
Mandate and Responsibilities beyond IRDAI
Section 25 of the IRDAI Act, 1999 also lays down the establishment of the Insurance Advisory Committee which advises on matters relating to making regulations for the insurance industry.
Insurance Companies are expected to assist policyholders in managing risk in an efficient way through their insurance products and to pay the claims covered by such insurance products.
