In this article, we will discuss IRDA (Features and Benefits). So, let’s get started.
Features and Benefits
Following are the salient features of the apex body, the Insurance Regulatory and Development Authority of India:
Acts as a regulator for the insurance industry.
Protects the policyholder’s interests.
Rules and regulations are framed by the apex body under Section 114A of the Insurance Act, 1938.
It is entrusted under the Insurance Act to grant the certificate of registration to new insurance companies to operate in India.
Oversees the insurance industry’s activities to ensure sustained development of insurers and policyholders.
Types of Insurances Regulated by the IRDAI:
Insurance is mainly divided into Life and Non-Life/General Insurance. These are further classified into other types of insurance. Below are the types of insurance regulated by the IRDAI:
- Term Plans
- Endowment Policies
- Unit-linked Insurance Policies
- Retirement Policies
- Money-back Policies
- Health Insurance Policies
- Vehicle/Motor Insurance Policies
- Car insurance
- Bike Insurance
- Property Insurance Policies
- Travel Insurance Plans
- Gadget Insurance Plans