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Insurance Concepts and IRDA [Insurance Regulatory and Development Authority]

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Brief Introduction about Insurance

Insurance is a federal subject in India. It is a subject matter of solicitation. The legislations that deal with insurance business in India are Insurance Act, 1938 and Insurance Regulatory & Development Authority Act (IRDA), 1999.

Insurance is defined as is a form of risk management primarily used to hedge against unforeseen risks of contingent losses. Another definition for Insurance is the equitable transfer of the risks from the possibility of occurrence of losses, from one entity to another (or host of others), by the method of diversification in exchange for a premium. As a result the ramifications of a large and devastating loss can be minimized to a great extent.


An Insurer is a company designing, promoting and selling the insurance products and services amongst the public. An insured or policyholder is the person or entity purchasing the insurance products and services. Risk management, the practice of appraising and controlling everpervading risks, has evolved as a discrete field of study and practice. The study of Insurance incorporates the discipline of Risk Management which acts as a driving force.

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I wish to lodge a complaint against SBI Insurance Co. Ltd. with you. How I can proceed in this matter. I am from Delhi. Sushma Malhotra.
smlibra Sunday, April 13, 2014
deven_dra1 Sunday, August 18, 2013
Dear Sir, I have a insurance policy Kotak Mahindra, and paid only one lakh and the other cheque when I sent out it came back undeliverable. I am an NRI. Now when I am writing to Kotak Mahindra regarding the reimbursement of my money they are not replying. Is there a email id or place where I can lodge a complain
pinto Wednesday, December 19, 2012
Myself and my wife aged abot 70 Years [and in good Health so far] have Health Insurance Policy (presently of Rs. 2.25 each) for the last Ten Years with No Claim so far. It is due for renewal shortly. We propose to change Scheme to Family Medicare Policy Flotter subsequently. Will we get benefit of old Policy in the new scheme? De-facto, it is continuance of Health Policy with change of scheme only Jagdish
Jagdish2501 Sunday, September 16, 2012
It is very good. After all, the Chairman of a regulatory body like the IRDA should have domain knowledge on Insurance. For far too long the country has suffered with retired IAS officers getting mansabs or sinecures as Chairmen of these bodies
knowall Wednesday, July 4, 2012
sir, i m runing a trust ...can i take a policy in the name of one of my director
ajeett Wednesday, October 19, 2011
sir, i had invested 45000/- in 1994 in senior citizen plan of u t i,and was given an insurance cover for expances on treatment,i was given no claim bonus and the total amount swelled to over 7 lacs.Last year i got injury in my eye.It was operated several times. and my bill for operation and medicines swelled to 1.80 lacs which included my hospital fee medicines. my transport from Sikar to DELHI as no train connection was there so taxi charges,and some of my previous bills of treatment which were of small amounts.I was handed over a cheque of nearly 67000/- my repeated enquiries as to how so much deduction were made,did not get a response. in fact this whole money is for treatment of me and my spouse.I am 72 yrs i asked that if I dont survive long enough to utilize this amount where this money goes. No reply to this. also can U please solve this.I was in touch with 01123741283, neerja Patra manager at uti Delhi my policy no is 109540310000230,,109540300000230,DR V.K.Khanna M.D FICA USA LLb Sikar
liondrvkkhanna Wednesday, September 14, 2011
Who frames the rules, conduct and terms for insurance policies: Finance ministry or IRDA or insurance companies themselves?? Most of the govt insurance companies discontinue the cover under personal accident and health insurance after insured reaches particular age. Who has approved such policies? Pl. give copy of circular in this regard issued by or approved by Dept. of Financial Services, Insurance Division. 7. Most of the general insurance companies offer cashless card for health cover. But they or their TPA approves this card and sanction limits to hospital against request for cashless approval. a] Whether as per government guidelines prior approval is necessary ?? Pl. give relevant copy of circular. b) Can insurer / TPA ask for copies of policy/ policies inspite of insured carrying valid cashless card and getting admitted in approved panel hospital Even if he possesses cashless card or original copy of latest valid policy document? c) Can insurer ask for 6 to 10 years of policy documents? Is insured suppose to keep old policy documents? If yes then for how many years. d) With in what time frame in the approvals for cashless admission/ treatment / hospitalization must be given by insurers as per the guidelines of govt/ IRDA? Give copy of same. e) If the cashless approval does not come and patient has been admitted in emergency and is not in his home town and is unable to get funds then what is a remedy for such cases?? f) Have u fixed some penalty / cancellation of licence for erring insurers / TPA’s and what is a procedure? g) Whether settlement of claim depends on latest policy terms or is based on old policies too??? In accounts we carry forward all debits and credits to latest balance sheet. And the latest balance sheet reflects the true and latest status/ balances of anyone. Same way the latest policy should contain all limitations/ exclusions / what company will pay, what is the percentage of expenses allowed per day on room etc. But insurers / TPA’s ask form insured copies of old policy documents?? Pl. give copy of relevant documents / govt guidelines/ IRDA guidelines on this issue.
tholiya Sunday, August 28, 2011
sanguineinsurance writes Grievances can be sent to CALL CENTER : TOLL FREE NO:155255 Contact information: Complaints against Non-life insurance companies: Private Insurers: Shri K.Srinivas, Asst. Director, Insurance Regulatory and Development Authority Consumer Affairs Department United India Tower, 9th floor, 3-5-817/818, Basheerbagh, Hyderabad – 500 029. e-mail Public Sector Insurers: Mr.R.Srinivasan, Officer on Special Duty Insurance Regulatory and Development Authority Consumer Affairs Department United India Tower, 9th floor, 3-5-817/818, Basheerbagh, Hyderabad – 500 029. e-mail ids: Complaints against Life Insurance Companies: Mr. T Venkateswara Rao, Deputy Director Insurance Regulatory and Development Authority Consumer Affairs Department United India Tower, 9th floor, 3-5-817/818, Basheerbagh, Hyderabad – 500 029. e-mail id: Register The IGMS can be used by policyholders but they must first register themselves on the site Information Apart from providing personal details and contact information, the complainant must select an identification number such as PAN, passport number, voter ID, etc.
SANGUINEINSURANCE Tuesday, August 2, 2011
Hello, Sir, I bought a policy from TATA AIG in october 2010,policy no. "u031246134" for Rs50000.00.The advisor told me that i will recieve the policy documents within 1 month meanwhile i called the agent several times for my bond each time she gave me false assurance that they were on the way ,I kept waited for 45days but hadn't recieved the policy so finally I asked the agent to cancel my policy due to bad services rendered to me and asked her refund the complete amount as it was in "FREELOOK" period they canecelled my policy and sent out a cheque of Rs 46350.34.I lodged acomplaint in their branch for incomplete refund they assured me that remaining amount of Rs 3633.60 will refunded later . My ordeal started from there I made several complaints for the remaining amount but they are making fun of mee and keep harrassing me, all this caused a lot of mental agony and harrassment by this insurance company because they are not folowing the "IRDA RULE THAT A CUSTOMER CAN CANCEL HIS OR HER POLICY WITHIN 15DAYS IF HE OR SHE IS NOT SATISFIED WITH POLICY TERMS". I made severals complaint to concerned authorities to address my grivences but noone is paying any heeds to my pain ,so I request you to take some strict action against this errant company to get my remianing hard earned money Rs 3633.60 along with the judicial monetary compensation for the inconvenience caused to me from the last 7months .Plz I request you as I saved that money for my daughter's future and due their callous attitude i can not buy a new policy from a reputed insurance company I am "UNEMPLOYED " FROM LAST 4 MNTHS . "PLZ. HELP ME "
jatin78 Friday, May 27, 2011
sir i read all post and i noticed that your unemployed.sir i have a way which is best and better way to change your life .and sir there is no investment needed,in this way you can secure your and your family life both also for more details
well_wisher Thursday, September 22, 2011

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