Insurance Regulatory and Development Authority (IRDA)

IRDA (Insurance Regulatory and Development Authority of India) is the regulatory body that governs and oversees the insurance industry in India. Its primary function is to regulate, promote, and ensure the orderly growth of the insurance and reinsurance business in the country. Here's a brief overview of IRDA's key roles and responsibilities:

Key Functions of IRDA:

1. Regulation of Insurance Companies:

   • IRDA ensures that insurance companies operating in India adhere to the rules and regulations set for the industry.

2. Licensing and Registration:

   • It issues licenses to new insurance companies, agents, and intermediaries and ensures that only registered companies can operate in the sector.

3. Consumer Protection:

   • The organization protects policyholders by ensuring that insurance companies comply with the contractual obligations and maintain solvency margins.

4. Product Approval:

   • It evaluates and approves insurance products before they are launched in the market, ensuring they meet standards.

5. Promotion of Efficiency:

   • IRDA promotes healthy competition in the insurance sector, thereby increasing efficiency and offering consumers better services.

6. Monitoring of Premium Rates:

   • It monitors the premium rates and ensures fair pricing across the industry.

7. Regulatory and Financial Supervision:

   • IRDA ensures that insurance companies maintain financial health and solvency, thus safeguarding policyholder interests.

8. Insurance Education:

   • The organization takes steps to increase awareness about insurance products and promote insurance penetration.

https://irdai.gov.in/

Life Insurance Corporation of India (LIC)

IC-33 Life Insurance Agent

69%

February 2015

LIC (Life Insurance Corporation of India) is the largest state-owned insurance company in India, providing life insurance products and services. Established in 1956, LIC offers various policies catering to the diverse needs of individuals, including term plans, endowment policies, pension plans, and unit-linked insurance plans (ULIPs).

Key Features of LIC:

1. Wide Range of Policies:

   • LIC offers various life insurance plans such as whole life, term, endowment, money-back, and pension plans. It caters to individual, family, and corporate needs.

2. Government-Backed Institution:

   • Being state-owned, LIC enjoys the trust of millions, as it is backed by the Government of India, providing stability and security.

3. Popular Plans:

   • Some of LIC's well-known policies include:

     • LIC Jeevan Anand: A combination of endowment and whole-life policy.

     • LIC New Endowment Plan: A popular endowment plan with death and maturity benefits.

     • LIC Jeevan Labh: A limited premium, non-linked, and participating endowment plan.

     • LIC e-Term: An online term insurance plan providing high coverage at low premiums.

4. Premium Payment Flexibility:

   • LIC offers flexible payment options such as monthly, quarterly, semi-annually, and annually. It also provides options for auto-debit from bank accounts.

5. Wide Distribution Network:

   • LIC has a widespread network of agents, branch offices, and online platforms, making it easily accessible across urban and rural India.

6. Claim Settlement:

   • LIC has one of the highest claim settlement ratios in the life insurance industry, ensuring prompt service to policyholders and their beneficiaries.

7. Tax Benefits:

   • Premiums paid towards LIC policies are eligible for tax deductions under Section 80C of the Income Tax Act, and maturity proceeds are also tax-exempt under Section 10(10D), subject to conditions.

Gurgaon, Haryana, India

https://licindia.in/