What is IRDAI?
Close
Close

Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak e-Term Plan

Protect Your family’s financial future with Kotak e-Term Plan. Know more

Kotak Assured Savings Plan

A plan that offer guaranteed returns and financial protection for your family. Know more

Kotak Guaranteed Savings Plan

A plan that offers long term savings and insurance in one premium. Know more

Kotak e-Invest

Insurance and investment in one plan with Kotak e-Invest. Know more

Kotak Health Shield

Insurance against medical expenses related to heart, brain, liver and Cancer. Know more

All about IRDAI
  • 16th Jan 2020 |
  • 6,448

If you have a life insurance policy or want to get one soon, then you should be aware of the regulatory body of the system. To better understand the autonomous body and how they aid in promoting transparency and fairness in the system, here are some frequently asked questions about IRDA:

What Is IRDA?

Insurance Regulatory and Development Authority (IRDA) is an autonomous regulatory body that protects the interests of the people having life insurance. IRDA also manages and oversees the growth and development of insurance industries in India.

What Is the Purpose of IRDA?

IRDA was set up in the year 1999 under the IRDA Act to regulate and monitor the activities in the insurance sector for the healthy development of the industry. The autonomous body also registers newer insurance companies according to the regulations. IRDA often formulates norms and takes care of licensing the insurance intermediaries. Here are some purposes of the IRDA:

  • To bring rapid and orderly growth of the insurance sector
  • To safeguard the interests of the policyholder
  • To ensure quick claim settlements of the policyholders and eliminate insurance frauds
  • To advance and better the standards of financial markets dealing with insurance and build a strong management system
  • To take appropriate actions when this standard is low or inadequate

What Are the Powers and Functions of IRDA?

The aim of IRDA is to make sure that the interests of policyholders are secured and they do not face any problems during claim settlements. Here is how IRDA functions:

  • To protect the interests of the policyholder in areas like assigning of policy, nomination by policyholders, insurable interest, settlement of insurance claim, surrender value of the policy and other terms and conditions of contracts of insurance. The IRDA also ensures that no insurance company denies the claim of a policyholder unless the case falls beyond the scope of coverage
  • Due to the availability of numerous insurers in the market, IRDA makes certain that the companies follow the code of conduct for surveyors and the loss assessors
  • To avoid insurers from committing any wrongdoing, IRDA carries out inspections, inquiries, and investigations including the audit of the insurance companies, insurance intermediaries and other organizations connected with the business
  • The rates, advantages, terms and conditions offered by the insurers are controlled and regulated by IRDA
  • The autonomous body also supervises the functioning of the Tariff Advisory Committee
  • IRDA also specifies the percentage of life insurance and general insurance businesses to be initiated by the insurer in the rural or social sector
  • They regulate the investment of funds by insurance companies

Kotak e-Term Plan

Download Brochure

Features

  • Nominal Cost
  • Multiple Plan Options
  • Flexible Payout Options
  • Critical Illness Rider
  • Tax Savings
  • Long term Coverage

Ref. No. KLI/22-23/E-BB/492

T&C

Browse our library of resources

- A Consumer Education Initiative series by Kotak Life

Similar Articles

Life Insurance for Overweight Applicants

Types of Insurance You Must Invest in for Secure Future

Process of Filing A Claim For Life Insurance

5 Common Life Insurance FAQs and Answers

Is Life Insurance For Millennials Really Needed?

Staying Insured While Investing

Is Return-of-Premium (ROP) in Life Insurance Worth It?

Is it Worth Buying Disability Rider on Term Insurance?

10 Most Frequently Asked Questions - FAQs on Term Insurance

भारत में जीवन बीमा पॉलिसियों के प्रकार

In India, should NRIs purchase life insurance?

Do Your Financial Planning with Life Insurance!

What Is a Whole Life Insurance Plan?

Why One Must Buy Term Insurance before 25 Years

What is a Single Premium Term Plan and its Tax Benefit?

Important Factors to Consider While Choosing the Right Term Period for Your Term Insurance Plan

Important Features of a Term Insurance Plan

What is Group Insurance?

All About Life Insurance and How It Works?

Are Deaths Due To Coronavirus Covered by Kotak E-Term Plan?

Take 100% Responsibility of Your Family with Term Life Insurance

Why Online Term Insurance Plans Cheap?

How to Make Death Claims on Life Insurance?

What is a savings plan?

How to Revive the Lapsed Life Insurance Policy?

Life Insurance Beneficiary

Why Buying a Term Insurance is Important for all Parents

How to Find the Best Term Insurance Plan in Seven Steps

NRI Premium Payment Options

What Is Staggered Payment Option Under Term Insurance Policy?

Why is Medical Test Important While Buying a Term Insurance?

How to Customize Your Life Insurance Policy with Riders

Compare Different Life Insurance Products Offered By Kotak Life

5 Reasons Why You Need Life Insurance in College

5 Ways to ensure faster settlement of claims

Types of Life Insurance Policies in India

Different Types Of Life Insurance In India

Life Insurance Plans for Women

All about Life Insurance Calculators

Life Insurance for Millennials

Why Your Family Should Know About Your Life Insurance Policy?

Term Insurance Claim Process

Term Insurance for Home Loan: How Term Plan Helps in Paying Off Home Loan?

Everything You Must Know About ULIP Riders

Sabse Pehle Life Insurance

Term Insurance Vs Car Insurance: A Budgetary Choice You'll Regret

Choose the Nominee of a Term Life Insurance Plan Wisely

Various Term Insurance Premium Payment Options Available in India

How Much Life Insurance Cover Do I Need?

Life Insurance vs Mutual Funds

What is Minimum Life Insurance Policy?

Important Terminologies of Life Insurance

Role of IRDAI in the Insurance Sector

How to Choose the Right Life Insurance Policy for Your Age?

Term Insurance Tips for NRIs in India

Top 5 Common Life Insurance Myths and Facts

What Should One Consider Buying: Term Insurance or Traditional Life Insurance

Why Life Insurance Is Always a Smart Decision

What is the Difference Between Limited and Regular Pay Insurance Plan?

How to Calculate Human Life Value(HLV)?

Difference Between ULIP and Endowment Plan?

Term Insurance Vs Life insurance: Small Details, Big Differences

Customer Awareness on Information Security

5 Reasons Why a Women Should Buy a Life Insurance

9 Most Important Things You Must Learn About Paying Life Insurance Premium

What is the Current Trend in Term Insurance?

Nominee in insurance - A Complete Guide on nomination in insurance

Life Insurance vs Health Insurance

5 Easy Steps to Buying A Policy

What Is Social Impact Investing and How Does It Benefit Society?

Is It Advisable To Have Multiple Life Insurance Policies?

Does Life Insurance Cover Terminal Illness?

What is Sum Assured in Endowment Policy?

Comparing low premium term insurance Is Not the Only Factor While Buying Life Insurance

Term Life Insurance Vs Money Back Life Insurance

Terms and Conditions of Term Insurance Plans

Key Things to Review in Your Life Insurance Policy Document

What Is Surrender Value (Cash Surrender Value) in Insurance and how is it calculated?

How Does Life Insurance Work?

A Step-by-Step Guide: How To Make An Investment Plan?

Most Common Life Insurance Riders to Enhance Your Existing Policy

Reasons Why Term Insurance Claims Get Rejected

How to Buy a Term Life Insurance Online

5 Smart Steps to keep in mind while buying term policies

Insurance Vs Investment - A Guide to Your Financial Goals

Who Is A Nominee In A Life Insurance Plan?

How to Choose a Life Insurance Policy

What Is Financial Planning?

Benefits of Term Insurance with Critical Illness Rider

Can You Apply For A Life Insurance After Getting Heart Attack? Here is Everything You Need To Know

Do Life Insurance Premiums Increase Every Year?

Term Life Insurance vs. Accidental Death Insurance

How Often You Must Review Your Life Insurance Policy?

Types of Life Insurance Or One Investment, Many Options

Life Insurance and Retirement Planning

All About Backdating in Life Insurance

What is an Endowment Plan?

Why Do Life Insurance Agents Avoid Selling Term Plans?

How to Select a Perfect Life Insurance Policy in India to Protect Your Future?

What Is Insurance Coverage?

Difference Between Insurance and Assurance?

Important Life Insurance Terms You Must Know

What is Human Life value and a Human Life Value Calculator?

Is Voluntary Life Insurance the Same as Basic Life Insurance?

What Is Insurance Rider and It’s Benefits?

Why do I Need Life Insurance?

How Much Life Insurance Do You Need?

All about Your Rights and Duties While Buying Life Insurance Policy

Can An Individual Buy Multiple Term Insurance Plans?

Life Insurance for Overweight Applicants

Best Insurance Plans in India

When Should You Review Term Life Insurance of Yours?

How Much Life Insurance Costs and How Much Insurance Cover You Need?

Can NRI Buy Life Insurance in India?

Think About Life Insurance Sooner than Later

What are robo-advisors in insurance?

5 Things to Consider Before You Buy Life Insurance

FAQs on Life Insurance

Health Insurance VS Life Insurance

Why Renewal of Term Insurance Plan is Important

Life Insurance Vs. Mutual Funds Investment

Does Life Insurance Pay for Suicidal Death?

Beware of Phishing & Fraud Insurance Calls

What Is The Life Insurance Penetration In India And How Does It Compare Globally?

Digital Life Certificate for Pensioners Seeking Pension

Savings cum Protection Plans Secures Your Family from Unforeseen Events

Life Insurance and Millennials

What is Life Insurance?

Adding A Child to Your Life Insurance Policy?

What is Underinsurance & The Dangers of Being Underinsured

How Many Insurances Should I Have?

Importance of Checking Claim Settlement Ratio before Buying Life Insurance

Kotak Life Claim Settlement Ratio

6 Different Types of Insurance Policies

Guidelines for Linking Aadhar and PAN to Insurance Policies

First Job? Here’s Some Tips on How to Manage Finances

All You Need to Know About Life Insurance - Its Benefits, Features, and Types of Life Insurance

Why do most Indians choose the wrong way to buy life insurance?

Choosing Between Short-Term & Long-Term Insurance Plans

Why You Should Never Cancel Life Insurance Policy

What are the Benefits of Endowment Policy?

How To Use Different Types Of Life Insurance For Retirement Planning?

A Term Insurance Guide for Disabled People

Does Life Insurance Policy Cover Covid Death?

6 Things You May Not Know about Life Insurance

Is it Possible to Make Changes in a Term Plan’s Specification Post Purchase?

Difference Between Term Insurance and Endowment Plan

What Is Investment Insurance?

How Do Term Insurance Plans Differ for Smokers?

5 Advantages of Life Insurance Going Digital

Unit-Linked Life Insurance (ULIPs) vs. Term Insurance

What Should One Expect During the Medical Evaluation for Life Insurance?

What Is the Procedure to choose a nomination in life insurance policy?

Different Types of Insurance Policies in India

“Life” Insurance or “Death” Insurance?

Why Term Insurance for Women is Important?

Can You Transfer Life Insurance Policies to Another Company in India?

When are Millennials required to take out a life insurance policy?

4 Benefits of Gifting Life Insurance Cover to Your Spouse

Does Family History Affects your Term Life Insurance Rates?

Is Life Insurance an Investment?

5 Things to Keep in Mind While Buying Life Insurance Policy

ULIPs: Suitable for all

Is It Time to Review Life Insurance Policy of Yours?

Why You Should Buy Term Insurance under the MWP Act (Married Women’s Property Act)?

Biggest Life Insurance Myths

Details Required To Be Filled In A Life Insurance Form

How to Buy a Life Insurance Plan?

7 Superficial Reasons People Avoid Buying Insurance Online

How to Choose Life Insurance for All Ages?

Always keep your Nominee informed

Choosing the Right Life Insurance

Can a Term Plan be the Substitute for a Retirement Plan?

What Happens If I Stop Paying My Life Insurance Premium?

Benefits of Buying Term Insurance Plan for Senior Citizens in India

Life Insurance with Money Back vs Without Money Back

Should you buy a Renewable Term Life Policy?

Guide for Buying Online Term Insurance Plans for Senior Citizens

Is it Possible to Reduce Life Insurance Premium without Affecting Sum Assured?

1 CR Term Insurance Plan: How to Pick the Best 1 CR Term Plan

Voluntary Life Insurance Policy Vs Group Life Insurance

Difference Between Money Back and Endowment Policy

Life Insurance Policy Closure

Choosing a Life Insurance Beneficiary

Loan Against Life Insurance Policy

Different Kind of Deaths that are Not Covered in a Term Insurance Plan

Insurance Changes You Need to Make Post Marriage