IRDA Makes Insurance Policies More Transparent

Earlier today IRDA has given a prescription for bringing a standardized format for Life and non life insurance policies respectively to the fore front. This step was taken to make these policies more transparent and assist people in taking informed decisions. As per the new notification, all the insurers are advised to make all the policy servicing forms and in both the paper format as well as the soft format on their website, available in all the languages (apart from the ones in which it is already available), recognized under the constitution of India so as to meet the needs of policyholders and an easy online access. 

Read more
Get ₹1 Cr. Life Cover at just ₹449/month+
Term Insurance plans
Save more with upto 10% discount
Covers COVID-19
Policybazaar is
Certified platinum Partner for
Insurer
Claim Settled
98.7%
99.4%
98.5%
99%
98.2%
98.6%
98.82%
96.9%
98.08%
99.2%

+Tax benefit is subject to changes in tax laws. +Standard T&C Apply

++Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines

Get ₹1 Cr. Life Cover at just ₹449/month+
+91
View plans
Please wait. We Are Processing..
Get Updates on WhatsApp
By clicking on "View plans" you agree to our Privacy Policy and Terms of use
We are rated
58.9 million
Registered
Consumers
51
Insurance
Partners
26.4 million
Policies
Sold

IRDA Makes Insurance Policies More Transparent and StandardizedThis initiative by IRDA is deemed to bring out better and informed decisions from policyholders or beneficiaries. IRDA also notified all the insurers that the insignificant font size or print might affect the decision taking abilities of policyholders or some of the prospective beneficiaries, this practice should be curbed and all the insurance companies are therefore advised to use a minimum print equivalent to font 'Times New Roman-size no 7' or above in respect of all the forms that are made available to the prospects and policyholders both during the course of granting the cover and subsequent policy servicing throughout the policy term. This advice of maintaining the print and the font size is also made applicable to policy contracts issued to all policyholders.

Types of Term Plans


Life insurance articles

Recent Articles
Popular Articles
Post Office Gram Suraksha Scheme Calculator

27 Jun 2022

A Post Office Gram Suraksha Scheme calculator is a useful online...
Read more
What happens if you stop paying life insurance premiums?

03 Jun 2022

Buying the best life insurance plan is a wise and learned...
Read more
Postal life Insurance Tax Benefits

26 May 2022

Postal Life Insurance is the oldest life insurer in the country...
Read more
How to Download PLI Statement Online?

24 May 2022

PLI or Postal Life Insurance was an initiative originally...
Read more
Is Life Insurance an Investment?

24 May 2022

The thumb rule to building wealth is to invest your money in...
Read more
How to Check LIC Policy Status, Details, Statement via Online/SMS/Call
Last year, Mr. Rajiv Verma bought a Child LIC policy to provide financial security for his kid's future. However...
Read more
SBI Life Insurance 50,000 per year Plan for 5 Years
Life insurance is not only about the financial protection of the family but also about working for life’s...
Read more
How to Cancel SBI Life Insurance Policy?
As per the Insurance Regulatory and Development Authority, you can cancel a life insurance policy taken within 15...
Read more
Post Office Gram Suraksha Scheme Calculator
A Post Office Gram Suraksha Scheme calculator is a useful online tool that can be accessed free of cost. It helps...
Read more
PLI Surrender Value Calculator
PLI Surrender Value Calculators have proven to be one of the simple tools for digitally savvy customers. PLI...
Read more

top
View Plans
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL