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Kotak e-Term Plan is a pure term plan that provides a high level of protection to your loved ones in your absence.
The Kotak Health Shield Plan helps secure your finances in times of sudden medical expenses related to illness such as Cardiac, Liver, Neuro and Cancer (all early and major stages of illness /conditions of Cancer); along with offering protection for Personal Accident - in case of accidental death or disability.
Kotak Lifetime Income Plan gives you the assurance of your income continuing throughout your life and in your absence throughout the lifetime of your spouse!
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Insurance Regulatory and Development Authority (IRDA) is an autonomous regulatory body that protects the interests of the policyholder. They oversee the growth of the insurance sector in India and also maintain a speedy development. The IRDA was formed under the IRDA Act in 1999 with various functions and responsibilities conferred upon them.
With so many roles, the IRDA maintains the standard of the industry and takes measures to eliminate insurance frauds.
IRDAI is an abbreviation which stands for the Insurance Regulatory and Development Authority of India. It is an authority that acts as a regulatory board for the insurance industry in India and supervises the functioning of Life Insurance as well as General Insurance companies which are operating in the country.
IRDAI has set various rules and regulations for the operation of the insurance industry. Its sole objective is to defend the interest of the policyholders and grow and evolve the insurance industry as a whole. IRDAI regularly issues notice to insurance companies in case there are any changes in the rules and regulations. It leads the insurance companies to foster efficiency in the conduct of insurance business and control the rates or any other charges related to insurance.
The IRDA Act provides a complete regulation of the insurance sector in India. A committee was established by the Government of India to examine the structure of the insurance sector and to advocate revisions to the rules and regulations to make it more effective and efficient.
The Insurance Regulatory and Development Authority was presented in the parliament in 1999. The bill was discussed and debated before it finally became the Insurance Regulatory and Development Authority (IRDA) Act of 1999.
You must approach your insurance company for any query or distress with regards to your policy. However, if you feel your issue is not resolved, you can approach the Insurance Ombudsman which plays the role of grievance redressal forum for policyholders.
Insurance Ombudsman is a scheme launched by the Central Government for impartial, efficient and cost-effectively settlement of grievances of a policyholder. You can employ Insurance Ombudsman in case of:
You can lodge a complaint in writing duly signed by the complainant or by employing any legal heirs or nominees. You can lodge the complaint either in person or via email/post/fax along with a hard copy.
The Insurance Industry in India, established back in the early 1800s, has developed over the decades with better transparency and emphasis on protecting the interest of the policyholders. Here are the roles IRDA plays in the Indian Insurance Sector:
The primary objective of the Insurance Regulatory and Development Authority is to implement the provisions under the Insurance Act. The mission statement of IRDA is:
The Government of India was the regulatory body for the insurance industry until the year 2000. However, in order to establish a stand-alone body, the IRDA was built following the recommendation of the Malhotra Committee Report in 1999. By August 2000, IRDA began accepting applications for registrations and allowed companies through invites from different countries to invest as much as 26% in the Indian market.
The IRDA has defined several rules and regulations under the Insurance Act of 1938. These regulations range from registration of insurance companies to operate in the country to protecting the interest of policyholders. As of September 2020, there are 24 Life Insurance companies and 31 General Insurance companies who are registered with the IRDA.
IRDA, known to be the apex body of the insurance sector, ensures that it frames rules and regulations without any uncertainty or ambiguity towards any insurance company. To ensure the integrity and financial soundness in the industry, the primary work of the IRDA revolves around the interest of the policyholder. Let us catch a look at the various roles of the IRDA in which the IRDA is mainly involved:
Given below are some of the leading features and benefits of the Insurance Regulatory and Development Authority (IRDA):
Kotak e-Term Plan is a pure term insurance plan that provides a holistic life protection at affordable prices. Find out the eligibility criteria, key ...Know more
Kotak Premier Life Plan is a limited premium paying participating whole life plan, where you can choose to receive bonus payouts even after premium pa...Know more