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List of IRDA, Important Role of IRDA, Objectives of IRDA, About IRDA, FAQs…

List of IRDA: The Insurance Regulatory and Development Authority of India is a regulatory body under the jurisdiction of the Ministry of Finance, Government of India and is tasked with regulating and licensing the insurance and re-insurance industries in India. Insurance Regulatory and Development Authority (IRDA) Act, 1999 spells out the Mission of IRDAI as: “… to protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto……” list of general insurance companies in india IRDA

In Hindi:

List of IRDA: भारतीय बीमा नियामक और विकास प्राधिकरण भारत सरकार के वित्त मंत्रालय के अधिकार क्षेत्र में एक नियामक निकाय है और इसे भारत में बीमा और पुनर्बीमा उद्योगों को विनियमित और लाइसेंस देने का काम सौंपा गया है। बीमा नियामक और विकास प्राधिकरण (IRDA) अधिनियम, 1999 IRDAI के मिशन को इस प्रकार बताता है: “… पॉलिसीधारकों के हितों की रक्षा करने के लिए, बीमा उद्योग के व्यवस्थित विकास को विनियमित करने, बढ़ावा देने और सुनिश्चित करने के लिए और उससे जुड़े या आकस्मिक मामलों के लिए। उस पर……” list of irda life insurance company

List of Insurance Companies in India: List of IRDA

Insurance policies can come to your aid and deliver financial assistance when the need arises. Emergencies can occur at any time, whether medical or otherwise, which is the precise time when such insurance plans come into effect. However, before you can learn more about insurance in general, you should be able to categorise them based on type. Broadly, you can divide insurance policies into two types, namely life and general insurance. While life insurance policies indicate just one policy, general insurance can be divided further into subcategories.

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What is the Insurance Regulatory and Development Authority (IRDA)?

The Insurance Regulatory and Development Authority is the main organization or supervisory body that regulates the insurance sector in the country. It sets rules and regulations for the functioning of the insurance industry. Its sole purpose is to protect the interest of policyholders and to develop the industry on the whole.

The IRDA or IRDAI regularly issues advisories to insurance companies in case of changes to the rules and regulations. The regulator guides the insurance industry in promoting efficiency in the conduct of the insurance business all the while controlling the rates and other charges related to insurance. list of companies under irda

The objective of IRDA:

  • The main objective of the Insurance Regulatory and Development Authority of India is to enforce the provisions under the Insurance Act. The mission statement of the IRDA is:
  • To protect the interest and fair treatment of the policyholder.
  • To regulate the insurance industry in fairness and ensure the financial soundness of the industry.
  • And to regularly frame regulations to ensure the industry operates without any ambiguity.
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Important Role of IRDA in the Insurance Sector in India:

The insurance industry in India dates back to the early 1800s and has grown over the years with better transparency and focus on protecting the interest of the policyholder. The IRDA plays an integral role in emphasizing the importance of policyholders and their interests while framing rules and regulations. Here are the important roles of the IRDA:

  • To protect the policyholder’s interests.
  • To help speed up the growth of the insurance industry in an orderly fashion, for the benefit of the common man.
  • And to provide long-term funds to speed up the nation’s economy.
  • To promote, set, enforce and monitor high standards of integrity, fair dealing, financial soundness and competence of the insurance providers.
  • To ensure genuine claims are settled faster and efficiently.
  • Again to prevent malpractices and fraud, the IRDA has set up a grievance redress forum to ensure the policyholder is protected.
  • To promote transparency, fairness and systematic conduct of insurance in the financial markets.
  • To build a dependable management system to make sure high standards of financial stability are followed by insurers.
  • And to take adequate action where such high standards are not maintained.
  • To ensure the optimum amount of self-regulation of the industry.
Top 10 Life Insurance Companies in India (List of IRDA)

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Difference between General & Life Insurance

FactorsLife InsuranceGeneral Insurance
DefinitionCovers an individual’s life for a certain sum of money. Upon the death of the insured, this money is paid out to the next of kin.All insurance plans, which cannot be classified as life insurance, are known as general insurance policies.
Investment or InsuranceLife insurance is a form of investment.General insurance policies act as a contract of indemnity.
Contract TermLong TermShort Term
Insurance ClaimThe sum insured is disbursed as a death benefit or upon the maturity of the life insurance policy.Financial reimbursement for unexpected loss or damage of the insured object or person.
Policy ValueA policyholder decides the value of a life insurance policy, which is reflected in the policy premiums.General insurance claims or reimbursement amount on the loss amount suffered by the policyholder.
Insurance HolderThe policyholder must be present when the life insurance contract is being drawn out.The policyholder must be present during the creation and enforcement of the contract.
PremiumThe premium for life insurance plans is payable throughout the year.General insurance premiums are cleared at once through lump-sum payments.
Difference between General & Life Insurance

List of Life Insurance Companies in India

Company NameFounding YearHeadquarter Location
Life Insurance Corporation of India1956Mumbai
Max Life Insurance Co. Ltd.2000New Delhi
HDFC Life Insurance Co. Ltd2000Mumbai
ICICI Prudential Life Insurance Co. Ltd.2000Mumbai
Aditya Birla SunLife Insurance Co. Ltd.2000Mumbai
Kotak Mahindra Life Insurance Co. Ltd.2001Mumbai
Pramerica Life Insurance Co. Ltd.2008Gurugram
TATA AIA Life Insurance Co. Ltd.2000Mumbai
Bajaj Allianz Life Insurance Co. Ltd.2001Pune
SBI Life Insurance Co. Ltd.2001Mumbai
Exide Life Insurance Co. Ltd2001Bengaluru
Reliance Nippon Life Insurance Company2001Mumbai
Sahara India Life Insurance Co. Ltd.2000Kanpur
Aviva Life Insurance Company India Ltd.2002Gurugram
PNB MetLife India Insurance Co. Ltd2001Mumbai
Bharti AXA Life Insurance Company Ltd2005Mumbai
IDBI Federal Life Insurance Company Limited2008Mumbai
Future Generali India Life Insurance Company Limited2006Mumbai
Shriram Life Insurance Co. Ltd.2005Hyderabad
Aegon Life Insurance Company Limited2008Mumbai
Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited2007Gurugram
Edelweiss Tokio Life Insurance Company Limited2009Mumbai
Star Union Dai-Ichi Life Insurance Co. Ltd.2007Mumbai
IndiaFirst Life Insurance Company Ltd.2009Mumbai
List of Life Insurance Companies in India
List of Insurance Companies in India (List of IRDA)
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List of General Insurance Companies in India

Company NameFounding YearHeadquarter Location
National Insurance Co. Ltd.1906Kolkata
Go Digit General Insurance Ltd.2016Bengaluru
Bajaj Allianz General Insurance Co. Ltd.2001Pune
Cholamandalam MS General Insurance Co. Ltd.2001Chennai
Bharti AXA General Insurance Co. Ltd.2008Mumbai
HDFC ERGO General Insurance Co. Ltd2002Mumbai
Future Generali India Insurance Co. Ltd.2007Mumbai
The New India Assurance Co. Ltd.1919Mumbai
Iffco Tokio General Insurance Co. Ltd.2000Gurugram
Reliance General Insurance Co. Ltd.2000Mumbai
Royal Sundaram General Insurance Co. Ltd.2001Chennai
The Oriental Insurance Co. Ltd.1947New Delhi
Tata AIG General Insurance Co. Ltd.2001Mumbai
SBI General Insurance Co. Ltd.2009Mumbai
Acko General Insurance Ltd.2016Mumbai
Navi General Insurance Ltd.2016Mumbai
Edelweiss General Insurance Co. Ltd.2016Mumbai
ICICI Lombard General Insurance Co. Ltd.2001Mumbai
Kotak Mahindra General Insurance Co. Ltd.2015Mumbai
Liberty General Insurance Ltd.2013Mumbai
Magma HDI General Insurance Co. Ltd.2009Kolkata
Raheja QBE General Insurance Co. Ltd.2007Mumbai
Shriram General Insurance Co. Ltd.2006Jaipur
United India Insurance Co. Ltd.1938Chennai
Universal Sompo General Insurance Co. Ltd.2007Mumbai
Agriculture Insurance Company of India Ltd.2002New Delhi
Aditya Birla Health Insurance Co. Ltd.2015Mumbai
Manipal Cigna Health Insurance Company Limited2012Mumbai
ECGC Ltd.1957Mumbai
Max Bupa Health Insurance Co. Ltd2008New Delhi
Care Health Insurance Ltd2012Gurgaon
Star Health & Allied Insurance Co. Ltd.2006Chennai
List of General Insurance Companies in India

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Name of Some Insurance Company

FAQs on List of IRDA

What are the benefits of a life insurance policy apart from death benefits?

  • You should think of life insurance plans as a form of investment. You pay a sum of money as a premium throughout the policy tenure.
  • If the insured outlives this tenure, insurance companies offer a substantial return, based on the number of premiums you serviced for the policy. Nevertheless, after expiry, the insured’s family member cannot claim the death benefit.
  • आपको जीवन बीमा योजनाओं को निवेश के रूप में सोचना चाहिए। आप पॉलिसी अवधि के दौरान प्रीमियम के रूप में एक राशि का भुगतान करते हैं।
  • यदि बीमित व्यक्ति इस अवधि को पूरा करता है, तो बीमा कंपनियां पॉलिसी के लिए आपके द्वारा सेवित प्रीमियम की संख्या के आधार पर पर्याप्त रिटर्न प्रदान करती हैं। फिर भी, समाप्ति के बाद, बीमित व्यक्ति के परिवार का सदस्य मृत्यु लाभ का दावा नहीं कर सकता है।

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Is LIC regulated by IRDA?

The opening of branches and operating units of Life Insurance companies are regulated as per IRDAI (Places of Business) Regulations,2015.

What are the main functions of IRDA?

IRDA aims to:

  • Carry forward the interests of the policyholders;
  • Uphold the development of the Insurance Sector;
  • Ensure quick resolution of claims;
  • Prevent frauds and malpractices;
  • Ensure fair conduct in the financial market when dealing with insurance.

What are IRDA and its powers?

The IRDA Authority has the duty to promote, regulate and ensure orderly growth of the insurance and reinsurance businesses across India, subject to the provisions of this Act and any other additional law that is being enforced. list of life insurance companies in india irda

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