Regulatory Measures By IRDAI

In recent years, the Insurance Regulatory and Development Authority of India (IRDAI) has taken many transformative initiatives to enhance the efficiency and transparency of the life insurance sector. These regulatory measures have revolutionized operations, ensuring a smoother process for insurers and policyholders.

51 Partners Insurance Partners

12.02 Crore Registered Consumer

5.9 Crore Policies Sold

We are rated ++ rating

₹1 Crore Life cover starting from ⁺

Lowest Price Guarantee ^˜

Male

Female

Name

Date of Birth

Mobile Number

Check Your Premium Now

Get Updates on WhatsApp

What are the 5 Best IRDAI Measures That Have Improved the Life Insurance Sector?

Here is a list of measures IRDAI took to ensure a smoother process:

Denial of Claims:

Gone are the days when insurance companies could reject claims solely based on delayed filing. IRDAI's guidelines now mandate insurers to ascertain the reasons for claim delays before rejecting them. This move ensures that policyholders are not unfairly penalized for delayed submissions unless the insurer can prove that the claim would have been rejected even if filed on time. Furthermore, to safeguard policyholders' interests, IRDAI has imposed a three-year limit where the claims cannot be denied for the three-year-old policies, except in cases of fraud, misstatement, or non-disclosure.
Grievance Redressal:

Recognizing the importance of addressing policyholders' grievances promptly, IRDAI has established a robust grievance redressal mechanism. Policyholders dissatisfied with claim rejections can escalate their concerns to the insurance company's grievance redressal cell. If unresolved within 15 days, the matter can be referred to IRDAI's grievance redressal cell. Additionally, policyholders can seek recourse through the Insurance Ombudsman or Consumer Forum/Court of Law, ensuring that their concerns are heard and addressed effectively.
Long-Term Focus:

To encourage long-term financial planning and provide stability to policyholders, IRDAI has aligned agents' compensation with policy tenure. Agents now receive higher commissions for long-term policies with premium-paying terms exceeding 12 years, incentivizing the promotion of traditional products over short-term alternatives. This incentivization scheme focuses on the long-term security and protection of policyholders and their families.
Transparency:

IRDAI has tried to increase transparency within the life insurance sector, combating prevalent issues such as mis-selling. Through stringent regulations introduced in 2017, insurers must clearly outline terms, conditions, and policy exclusions upfront. Additionally, insurers must disclose board-approved service parameters and turnaround times on their websites, empowering policyholders with essential information to make informed decisions.
Simplified Products for Better Understanding:

Recognizing the need to enhance consumer understanding and confidence, IRDAI has introduced simplified life insurance products. These products are designed to be transparent and easily understandable to laypersons, facilitating informed decision-making. By promoting simplicity and clarity in policy documentation and terms, IRDAI aims to bridge the gap between insurers and policyholders, fostering trust and increasing insurance penetration.

What Are The Benefits Of IRDAI Regulations In The Indian Insurance Sector?

Here are the benefits of IRDAI regulations in the Indian Insurance Sector:

Policyholder Protection: IRDAI safeguards the interests of policyholders by ensuring insurance policies are fair and transparent. This means policyholders can trust that their insurance coverage will provide the benefits they expect when needed.
Timely Claim Settlement: IRDAI ensures that insurance companies promptly settle valid claims. This means that policyholders don't have to wait unnecessarily long to receive the financial support they are entitled to when they make a claim.
Resolve Grievance Efficiently: IRDAI has set up effective systems for addressing complaints from policyholders. This ensures that someone with an issue with their insurance company can resolve it fairly and quickly.
Fairness and Transparency: IRDAI promotes fairness and transparency in the insurance market. This means that insurance companies must be honest and clear about their products and services so policyholders know exactly what they're getting when they purchase insurance.
Strict Regulation: IRDAI implements rules and regulations to keep the insurance market stable and secure. This helps protect policyholders from any financial risks associated with their insurance policies.

Secure Your Family Future Today

₹1 CRORE

Term Plan Starting @

Get an online discount of upto 15%^#

Compare 40+ plans from 15 Insurers

⁺Standard T&C Applied

Wrapping It Up!

These regulatory moves by IRDAI are designed to create a more customer-centric and transparent life insurance ecosystem in India. By addressing key concerns such as claim denials, grievance redressal, agent incentivization, transparency, and product simplification, IRDAI is paving the way for a healthier and more inclusive insurance industry. As the sector evolves, these regulatory interventions provide hope for policyholders, ensuring their interests remain at the forefront of insurance operations.

People also search for

What is Term Life Insurance

FAQs

Q: What improvements has IRDAI made in the life insurance sector?

Ans: IRDAI has enhanced transparency and efficiency through measures like stricter claim denial rules, efficient grievance redressal, incentivizing long-term policies, and promoting transparency in product terms.
Q: What benefits do IRDAI regulations bring to the Indian insurance sector?

Ans: IRDAI regulations ensure fair treatment of policyholders, prompt settlement of claims, efficient complaint resolution, transparency in insurance products, and stability in the insurance market, safeguarding policyholders from financial risks.
Q: How does IRDAI handle delayed insurance claims?

Ans: IRDAI mandates insurers to assess reasons for claim delays before rejection, ensuring policyholders aren't penalized unfairly. Claims for policies older than three years cannot be denied without valid reasons, protecting policyholders' interests.
Q: What steps has IRDAI taken to improve transparency in insurance?

Ans: IRDAI requires insurers to outline policy terms, conditions, and exclusions upfront, empowering policyholders with essential information. Additionally, insurers must disclose service parameters and turnaround times on their websites, promoting transparency.
How to calculate the term insurance premium online?

Ans: You can easily calculate the term insurance premium online by using the term policy calculator online tool
What are the benefits of term life insurance?
Ans: Here are 4 common term life insurance benefits:
- Low premium rates
- Tax Benefits
- Death Benefit
- Long term coverage
What are the key features of term life insurance?
Ans: Below mentioned are the key features of a best term life insurance in India:
- Affordable premium rates
- Long-tenure life protection
- Easy to understand and buy
- Riders availability
- Whole life protection
- Tax benefits
What are the best term insurance plan in India?

Ans: Let's understand what is term plan here. Term insurance offers financial protection for a certain period to the policyholder, thereby, offering a lump sum payout if the policyholder unfortunately passes away during the policy term.

Different types of Plans

Term Insurance

View Plans

Life Insurance

View Plans

List of Term Insurance Companies

View Plans

TROP

View Plans

Term Insurance For Senior Citizen

View Plans

Term Insurance For Spouse

View Plans

Term Insurance For Family

View Plans

Term Insurance For NRI

View Plans

List of Term Insurance Plan

View Plans

Life Insurance Corporation of India

View Plans

What is Term Insurance?

View Plans

Term Insurance Calculator

View Plans

1 Crore Term Insurance

View Plans

2 Crore Term Insurance

View Plans

Explore the popular searches and stay informed

˜The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in

Rs. 400/month is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 400/month (Rs.13/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 230 is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 8/day is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 12/day is starting price for a 75 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 497/month is starting price for a 1.5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 487/month is starting price for a 2 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 626/month is starting price for a 3 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 905/month is starting price for a 5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,267/month is starting price for a 7 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

*The full refund of premium is available on availing the one-time option of refund of premium. Total premium paid for policy (paid for add-ons) will be the special exit value, payable on availing the one-time option of refund of premium if you wish to completely exit the policy.

+Rs. 447/month is starting price for a 1 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs.679/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 910/month is starting price for a 3 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,374/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,924month is starting price for a 7 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

Women

+Rs. 400/month is Starting price for a 1 crore term life insurance for an 18 year-old Female, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 461/month is the starting price for a 1 crore term life insurance for an 24 year-old female, non-smoker, with no pre-existing diseases, cover upto 54 years of age.

1,642/month is the starting price for a 1 crore term life insurance for an 44 year-old female, non-smoker, with no pre-existing diseases, cover upto 74 years of age.

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale

Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.

˜ Policybazaar Promise reflects the guarantee offered by insurers. Price assurance is based on certifications shared by insurers with us.