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IRDAI celebrated its 25th Anniversary


Why is it in the news?

  • The Insurance Regulatory and Development Authority of India (IRDAI) celebrated its 25th Anniversary.

More about the news

  • Formed based on Malhotra Committee recommendations, constituted as an autonomous body in 1999, and incorporated as a statutory body in 2000 under the Insurance Regulatory and Development Authority Act, 1999.
  • Aimed at facilitating the speedy and orderly growth of the insurance industry, ensuring speedy settlement of genuine claims, and establishing an effective grievance redressal mechanism.
  • It operates under the Ministry of Finance.
  • It certifies insurance companies, protects the interests of policyholders, and adjudicates disputes.

Significance in Transforming the Insurance Sector:

  • Facilitated growth in insurance penetration (4.2% in 2021-22 compared to 2.71% in 2001-02) and insurance density ($91 in 2021-22 compared to $11.5 in 2001-02).
  • Enabled the entry of new intermediaries such as corporate agents, bancassurance (selling insurance products through banks), and online sales, leading to increased employment opportunities.
  • Accelerated digital transformation through initiatives like e-KYC, paperless policies, and digital payments.
Initiatives of IRDAI

路聽聽聽聽聽聽 Integrated Grievance Management System: Streamlines the grievance redressal process.

路聽聽聽聽聽聽 Saral Jeevan Bima: Introduces a standard term life insurance product.

路聽聽聽聽聽聽 Saral Pension: Offers an immediate annuity plan.

路聽聽聽聽聽聽 Bima Sugam: Provides a one-stop digital platform for insurance-related activities.

 

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