HANDBOOK

ON
INSURANCE

A Consumer Education Initiative hy

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INSURANCE REGULATORY AND
desi DEVELOPMENT AUTHORITY OF INDIA
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[Link] [Link]
Page | 2 Handbook on Insurance
 Real Value of Insurance
Through Right Buying - A Few Tips

1. Make sure you purchase insurance policies only from the following:

Registered insurance companies

Licensed insurance Agents

Licensed Insurance Brokers and Common Service Centres (CSCs)

Licensed web aggregators

2. Verify genuineness of the person and the entity before making any payment:

Ask for the identity proof of the person /entity soliciting insurance.

Ask for the details of address and telephone numberof the person and the entity
concerned, especially in case of telesales.

Check the IRDAI website to verify the details of insurance companies, brokers
and web aggregators.

3. Choose the insurance product suitable to you based on the following:

Life stage, financial position and financial requirements

Purpose of the policy to be purchased -

to insure against risk to life or property

as long-term savings

to take care of hospitalization needs in future

to save for old age / pension / annuity

to meet mandatory requirements

Benefits offered in terms of adequacy of sum assured / sum insured

Tax incentive, if available

IRDAI Page | 3
 ¥
4. Ensure the following while purchasing any insurance policy:

Read the prospectus and proposalform carefully.

Fill in the details completely before signing the proposal form.

Retain a copy of the proposal form for ready reference.

The insurer has a duty to furnish free of charge a copy of the proposal form
within 30 days of the acceptance of the proposal. Please collect the same along
with the insurance policy.

If the premium Is paid through cheque, please ensure that it is in the name of the
registered insurance company; and obtain receipt of payment.

Do not make paymentin the nameof any individual; orif the payment is by cash,
make sure it is not without ascertaining the credentials.

Follow up with insurer or agent/broker for prompt receipt of policy document.

5. Life insurance policy mainly provides risk coverageforlife.

But it can also serve as a tool for long term investment and involves long term
commitment.

Take care of the following after receiving the Life insurancepolicy:

Read the policy documentcarefully.

Check the mode of premium payment, term of the policy, maturity benefits
offered, lock-in period, surrender value etc.

Ensure that the terms and conditions as per policy document are the same as
promised at the time of purchase.

If you disagree with the terms and conditions, return the policy to the insurer
within 15 days from the date of receipt of policy giving reasons for objections.
You are entitled for refund of the premium paid after deducting proportionate risk
premium, the expenses incurred by insurer for medical examination, stamp
charges.

Pay premium regularly and promptly; and do not allow the policy to lapse.
Page | 4 Handbook on Insurance
 * Continue the policy without a break to derive maximum value out of Insurance
policy as insurance coverwill be available only on timely payment of premium.

* Inform the family members about the purchase of insurance policy and its
benefits, especially to the nominee.

6. Neverfall prey to fictitious offers made by spurious callers

Promising high returns or unreasonable gains involving sale or redemption of insurance

policies or other financial products.

7. Never fall prey to calls made in the name of IRDAI offering bonus or profits on
investment.

IRDAI does not involve in sale of any kind of insurance or financial products or in
investment of premium of insurance companies whatsoever.

8. If any unlicensed intermediaries or unregistered insurers solicit insurance, file FIR

with the police and intimate IRDAI.

Any payment made to such unlicensed intermediaries or unregistered Insurers is at your

own risk.

Disclaimer:
This is intended to provide you general information only and is not exhaustive.
it is an educationinitiative and does not seek to give you any legal advice.

IRDAI Page | 5
1. Why buy Insurance?

Life is full of uncertainties. We face various risks in our day to daylife including risks to
ourlife, health, property and so on. Insurance Is responsibility, security, peace of mind
and the simplest wayoftelling yourself that you care for your loved ones.

2. What is insurance?

Insurance is a financial tool specially designed to reduce the financial impact of

unforeseen events and create financial security. Insurance works on the law of large
numbers where contributions by many in the form of premium paid will take care of the
losses of a few. By paying a small premium for covering a certain type of loss, you will
be protected for a certain sum of moneythat you will receive if you face that loss.

3. What Insurance to buy?

Insurance Is available for unpredictable events such as death, accident, sickness, loss
or damage to motor vehicle, property etc. These are someof the risks against which
you should protect yourself from and accordingly buylife insurance, personal accident
insurance, health insurance, motor insurance, property insurance etc. While life
insurance, critical illness, personal accident and health Insurance are offered bylife
Insurance companies; property insurance, motor insurance, householder's insurance,
health and personal accident insurance are offered by non-life insurance companies
{also known as general insurance companies).

Choose the insurance product suitable to your need.

Check for this purpose: Present financial position:
Projected financial requirements; Protection desired from
policy & Preferencetorisk.

Page | 6 Handbook on Insurance

The Insurancepolicy that you buy must meet your requirements. This means you must
first identify what your needs are. You must choose yourlife insurance policy depending
on whichlife-stage you are in and your aspirations for the future. Insurance need may
differ depending on whether you are about to start a family or have growing children
with education needs or want to plan for your retirement. You should join a health
insurance scheme while young and ensure continuous coverage. While third party
motor insurance is statutory, i.e., it is required under the Motor Vehicles Act 1998, it
would be wise to buy a comprehensive motor insurance policy that covers damage to
vehicle as well. Protecting house and contents against the risks of fire, flood and
earthquake will secure your hard earned savings to meet your other financial needs
instead of using them for rebuilding.

4. What kind of policy to purchase?

If you are an earning member of your family, and there are people who are financially
dependent on you, you need life insurance. But you should know or should ask the
insurer or agent to get the most efficient and correct policy that suits your needs and
willingness to take risk for greater return. Accordingly, you can choose a term plan
without maturity benefit, an endowment plan with maturity benefit, a Unit Linked
Insurance Plan with retums based on the performance of the funds chosen by the
policyholder or an annuity plan for periodic payments.

Every advertisement hasa tagline “Insurance is the subject matter of solicitation". What
is solicitation?

“Solicitation” in insurance means approaching a client by an insurer or an intermediary

with a view to convince the client to purchase an insurance policy.

5. How to buy Insurance and whom to buyit from?

A. Purchase Insurance policies only from the following :

. Registered insurance companies

ll. Licensed insurance Agents
(Including corporate agents and micro-insurance agents)

ill. Licensed Insurance Brokers

IV. Licensed web aggregators

IRDAI Page | 7
B. Verify genuineness of the person and entity before making any payment

|. Ask for an identity proof and particulars of IRDAI license of the

person/entity soliciting insurance.

ll. Ask for the details of address and telephone numberof the person and
entity concemed, especially in case of telesales.

lll. Check the IRDAI website to verify the details of insurance companies,
brokers and web-aggregators and use the agent locator on IRDAI web-site
to check for agents.

C. If any unlicensed Intermediary or an unregistered Insurer solicits Insurance,

file FIR with police and intimate IRDAI.

Any payment you make to such unlicensed intermediaries or unregistered insurers is at

your own risk.

| REMEMBER: |
Right buying requires you to enforce your

Right to know about

* identity of the person offering insurance

¢ details of coverage under the proposedpolicy

Satisfy yourself about both to take informed

| decision to purchase insurance

Page | 8 Handbook on Insurance

 Ensure that you are buying right insurance by
taking the following precautions:

* Be wary of the unauthorized calls

* Be suspicious in case of lucrative offers or low premiums; call the insurance
company to check the credentials, in case of a doubt
* Do not sign blank insurance proposal form
« Avoid paying premium in cash. Pay by chequein favourof insurance company
* Request for receipt as evidence of payment of premium
+ Examine the policy after receipt of the same and ensure that the requested
coverage and premium terms are mentioned correctly

Insurance frauds are not uncommon.

DO NOT FALL PREY TO INSURANCE FRAUDS

ep

An insurance company, insurance agent or a corporate agent or a broker may also sell
insurance through tele-marketers. Whichever channel you choose to buy insurance
from, please ensure that you are dealing with an “authorized entity”. Make enquiries by
asking questions and checking from sources to get full information, thereby clarifying
doubts about the genuineness of the person soliciting insurance.

You should also ask for full details of the policy offered, its benefits and exclusions, /.e.,
what the policy pays and does not payfor, clarifications regarding documentation and

IRDAI Page | 9
 Z
procedures at the point of claim, thereby satisfying about the features and suitability of
the insurance product.
6. Who are these tele-callers and whatare they supposed to do?

Tele callers are persons engaged by a Tele-marketerfor the purposeof interacting with
Clients through distance mode. The “Tele-marketer” is an entity registered with Telecom
Regulatory Authority of India under Chapter Ill of The Telecom Commercial
Communications Customer Preference Regulations. Authorized Verifiers employed by
Telemarketer / insurance broker shall have to undergo statutory training and pass the
examination as required by IRDAI. The tele-marketer shall have to comply with any
other
terms and conditions as may be prescribed by IRDAI and shall also comply with various
circulars / guidelines and any otherdirection issued by Telecom Regulatory Authority of
India in the matter. For details visit [Link] and [Link]

7. What should the tele-caller do while making calls?

First of all, the name of the caller should be disclosed and the language options
available must be indicated. The subsequent communication should continue only in the
language chosen by the client. Tele-caller has to clearly mention the name of the
insurer and highlight that the purpose of approach Is lead generation or solicitation of
insurance. The tele-caller should ascertain if the client is interested in continuing with
the subject. Only after receiving the consent in explicit terms, the tele caller should
proceed with the process of solicitation.

8. Can! get voice recording of the conversation in case | purchase the policy?

You are entitled to a voice copy of the conversation at any time during the term of the
policy or until a satisfactory settlement of claim, whicheveris later. You can make a
request for a copy.

9. What are the product benefits and features that are required to be explained
during tele-sales?

The standardized script about the products should cover the following items:

|. Name of the product suggested, its nature and parameters.

ll. Insurance cover available under the product for a specified amount of annual
premium and/or premium chargeable towards a specified amount of insurance
cover.

Page | 10 Handbook on Insurance

 lll. The scope of cover, perils covered and not covered, deductibles or franchise,
copayments, loading/discounts on premiums, add-on covers, conditions, other
terms and benefits, mid-term inclusions, short period scales, basis of sum
insured, warranties, clauses and endorsements, compliance with Section 64VB
of the Insurance Act, 1938 — payment of premium before commencement ofrisk,
etc, as applicable.

Please note that before conclusion of sale, the tele-caller/ authorized verifier / specified
Person / employee, as the case may be, shall divulge his name and distinctive code
number / license / employee number to the prospect and this shall form part of the
recorded conversation for the sake of future verification.

10. Can! cancel the Policy purchased through distance mode If It does not meet
my requirements?

In case of disagreement with the terms of the policy underalllife contracts and covers
tied to credit/debit/other cards, and for all personal accident and health insurance policy
contracts with a term of 3 years or more, you have the right to cancel the insurance
policy offered by Insurers over distance mode within 30 days of receipt of the policy,
provided no claim has already been made on the policy.

11. Am | entitled to get the detalls of the conversation based on whichthe policy
is Issued without signing formal proposal?

In all instances where a policy is issued without obtaining a proposal in physical form,
insurers shall forward a verbal transcript of the voice/electronic record of the queries
raised and answers thereto on the basis of which the policy has been underwritten,
along with the policy bond.

12. What are the precautions to be taken while purchasing Insurance through
online Le. through Internet?

Both insurers and intermediaries have webportals providing information pertaining to

insurance products. IRDAI has licensed web aggregators to provide information
pertaining to insurance products and comparisons of similar products of different
insurers. Please ensure that the website you are visiting pertains to a registered
insurer/intermediary licensed by the Authority and prominently displays the information
relating to their registration /licence number and other relevant information on their
website.

In case of a web aggregator, you have the choice of viewing products of at least five
insurers who are offering similar products for online sale, and selecting the insurer and
product of your choice. These on-line portals should have direct link to the concerned

IRDAI Page | 11
insurance company registered with IRDAI for making payments. The premiums for
<4
online sale should be by wayof credit card/debit card/ net banking or any other mode as
permitted by the Reserve Bank of India from time to time through a payment gateway
normally used by the insurer for online sale of insurance policies.

The insurance brokers/agents should not accept any cash payments towards premiums.
On completion of online transaction for payment of premium and sale of the policy, you
should be able to generate and save / print the e-premium receipt and the policy
document also. Alternatively, you could ask for the policy document to be delivered by
e-mail’ or in hard copy as opted for by you.

13. What are my rights & duties?

As a smart consumer, you should be aware of your duties and rights about yourpolicy
coverage, claims and grievance redressal. The rights and duties during various stages
of the life-cycle of insurance policy are briefly discussed here:

When you buy an Insurance policy:

+ Fill the proposal form yourself correctly and truthfully. You will be responsible for
any information in this documentasit bears your signature.

* Disclose “all material information” about the risk you want to cover

* Select the term of the policy as per your needs

* Select the amount of premium you can afford to pay

Page | 12 Handbook on Insurance

 Choose between Single Premium and Regular Premium

Choose your premium paying frequency such as annual, half-yearly, quarterly or

monthly

Optfor electronic payment of your premium (ECS) for your convenience, safety
and records

Ensure to register nomination under your policy. Fill the nominee's name
correctly.

DO NOT LEAVE ANY COLUMN BLANK

DO NOT SIGN A BLANK PROPOSAL FORM

After you submit the proposal:

Once the proposal is submitted, you should hear from the insurance companyin
15 days about their decision on issue or refusal of grant of insurance

If not, take up the matter in writing

If any additional documents are asked for, comply immediately

If the insurer refuses grant of insurance,It should be informed in writing with

reasons.

After you buy the insurance policy

The policy bond should reach you within a reasonable period of time after the
proposal is accepted by the insurance company

If not received, contact the insurance company about it.

When policy bond is received, checkit and be sure that the policy is the one that
you wanted.

Go throughall the policy conditions and be sure that these are the same that
were explained to you by the intermediary/ insurance companyofficial at the time
of sale

In case of doubts, contact the intermediary’ insurance company official

immediately for clarification.
IRDAI Page | 13
 * Whereverpossible, contact the insurance companydirectly.

Free Look Cancellation:

* You can seek cancellationa life insurance policy within 15 days (30 daysif sold
by distance mode) from the date of receipt of the policy documentif you disagree
with any of the terms or conditions in the policy.

* For this, you should return the policy stating the reasons for objection.

« You will be entitled to a refund of the premium paid.

* A proportionate risk premium for the period on cover and the expenses incurred by the
insurer on medical examination and stamp duty chargeswill be deducted

* If itis a unit linked insurance policy (ULIP) in addition, the insurer can repurchase the
units at the price on the cancellation date

REMEMBER
Life insurance policies offer protection of long term nature. The insurance
caver will cease in case of non-payment of premium. The real value of
insurance protection will be available only when the policies are renewed
continuously without any break.

Maintaining the policy:

* Inform the beneficiary of the policy about the benefits and claim procedure.

* Pay your premium regularly on the due dates or at least in the grace period (30
days
* after due date for annual premium and 15 days for other premium payment
period)

Page | 14 Handbook on Insurance

at>
Do not wait for a premium notice. It is your duty to pay the premium when due,
whether notice is received or not to avoid lapsation or other penalties

Do not wait for your intermediary or anyone to pick your cheque. Make your own
arrangements for paying the premium on time

If there is a change of address, please intimate the insurance company

immediately.

Nomination:

After the policy is issued, you can change the nomination by:

Filing a notice of change of nomination and

Sendingit to the Insurance companyfor registering It in their records

If the nominee is a minor, appoint an appointee to receive any claim paid while
the nomineeisstill a minor

Get the appointee to sign in the endorsement showing consent to act as an

appointee

If your policy lapses:

If you fall to pay the premium when due, your policy may lapse. Contact the
insurance companyfor reviving it.

Alteration In your policy

You can ask for the following alterations in the policy for consideration of the company
subject to the terms and conditions of the policy or regulatory requirements:

Modeof payment of premium

Term of the policy

Increase In sum assured

If you lose your policy document:

IRDAL Page | 15
 * Report loss to the insurance company immediately

* Get a duplicate policy by complying with the formalities

* The duplicate policy confers the samerights as the original policy bond

At the time of a claim:

* Comply with all the requirements of the Insurance company

* Whenever required, you should help the insurer in a prosecution or for recovery
of claims which the insurer has againstthird parties ULIPs

* Premium allocation charges and fund management charges would normally be

levied on the

ULIPpolicy.

* You have a right to receive a fund statement from the insurer periodically.

* You have the right to switch funds, premium redirection and / or seek partial
withdrawal subject to the terms and conditions of the policy.

* You can surrender the policy after the lock-in period from the date of
commencementof the policy

* The nominee/assignee undera life Insurance policy has the right to the death
claim amount

FREE LOOK PERIOD

This is the period within which,if you do not agree to the terms and conditions
of the policy after reading the same, you can return the policy immediately and
seek refund of premium from the insurance company. Normally, all life
insurance policies and health insurance policies having a term of three years
or more have a provisionfor free look period.

14. Policyholder Protection Framework

Page | 16 Handbook on Insurance
Regulatory Framework

IRDAI (Protection of Policyholders' Interests) Regulations, 2002

Redressal of Public Grievance Rules, 1998 (RPG Rules, 1998)

Guidelines for Grievance Redressal, 2010

If you are unhappy with your Insurance company

Approach the Grievance Redressal Officer of its branch or any other office that
you deal with. Give your complaint in writing along with the necessary support
documents

Take a written acknowledgement of your complaint with the date.

The insurance company should deal with your complaint within 15 days.

If that does not happen orif you are unhappy with their solution you can use the
below available channels to escalate the complaint to IRDAI for taking up with
the companyfor reconsideration.

Channels for Complaints offered by IRDAI

IGMS (Integrated Grievance Management System) Registering a complaint at
[Link]

IGCC (IRDAI Grievance Call Centre) Calling Toll Free Number 155255 or1800
425 4732

E-mail to complaints@[Link]-in

Letter to Consumer Affairs Department, Insurance Regulatory and Development

Authority, 3-5-817/818, United India Towers, 9th Floor, Hyderguda,
Basheerbagh, Hyderabad - 500 029.

Fax 040-66789768

IRDAI facilitates resolution of policyholders’ grievances by insurers but does not

investigate into or adjudicate upon complaints.
IRDAI Page | 17
Options for unresolved or unsatisfactorily resolved complaints

Insurance Ombudsman

Only for personal lines of insurance

Complaint in writing should be made to the concerned Ombudsman as per the

jurisdiction under RPG Rules,1998

Complaint must be grounds as per RPG Rules, 1998

Any partial or total repudiation of claims by an insurer

Any dispute about premium paid or payable in terms of the policy

Any dispute on the legal construction of the policies as far as it relates to claims

Delay in settlement of claims

Non-issue of any insurance documentafter payment of premium

IRDAI does not act as an Appellate Authority on the decisions of Insurance

Ombudsmen.

Consumer Forum or

Any appropriate Court

Page | 18 Handbook on Insurance

 PUBLIC NOTICE

Ref: IRDA/CAD/PNTC/MISC/197/08/2014 August 26, 2014

IRDAI CAUTIONS PUBLIC AGAINST SPURIOUS CALLS ANDFICTITIOUS OFFERS

1. Members of public have been receiving a lot of spurious calls in the nameof officials
of Insurance Regulatory and Development Authority making fraudulent claims and
fictitious offers.

2. IRDAI issued a public notice on January 29, 2014 cautioning members of public from
falling prey to such offers and issued advertisements in newspapers.

3. In spite of these efforts, it is observed that members of public are still receiving
spurious calls in the name of officials of IRDAI. The nature of calls are as indicated
below:

Claiming that IRDAIis distributing bonus to insurance policy holders out of the
funds invested by insurance companies with IRDAI.

Claiming that the policyholder would receive bonuses being distributed by IRDAI
if they purchase an insurance policy and wait for a few months after which the
bonus would be released by IRDAI.

Advising existing policyholders that money in respect of their policy has been
fraudulently transferred to someone else and for receiving that money back from
IRDAI, they haveto fulfil certain formalities including payment of money

Claiming that they are from the Grievance Cell or IGMS Department of IRDAI
making a call in continuation with a complaint made against an Insurer and for
resolving the grievance and release of benefit, they have to fulfil certain
formalities including payment of money.

4. Theother kinds of spurious calls are:

Advising customers to subscribe to a fresh policy after surrender of the existing

policy and wait for a few months after which the fresh policy would be entitled for
additional enhanced returns/ benefits.

Informing that ‘Survival Benefit or Maturity Proceeds or Bonus’ is due undertheir

existing policy and investing in a new insurance policy is mandatory to receive
the amounts which are due.

IRDAL Page | 19
 \‘s
* Advising public to invest in insurance policies to avail gifts, promotional offers,
interest free loans, or setting up of Telecom towers or other such offers.

5. The general public is hereby informed that IRDAI is a regulatory body established by
an Act of Parliament, i.e. the Insurance Regulatory and Development Authority Act
1999, 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. Further, IRDAI informs the members of public that:

* IRDAI does not involve directly or through any representative in sale of any kind
of insurance orfinancial products.

* IRDAI does not invest the premium received by insurance companies.

* IRDAI does not announce any bonusfor policyholders or insurers.

* IRDAI has put in place Grievance Redressal Cell in Consumer Affairs

Department, Integrated Grievance Management System and IRDAI Grievance
Call Centre to provide an alternate platform for registering grievances against
insurers therebyfacilitating resolution of customer grievancesby insurers.

* IRDAIor its officials dealing with Grievance Management do not makecalls in

relation to complaints lodged with IRDAI as IRDAI plays facilitative role and
does not adjudicate uponorinvestigate into such complaints

* Any person making any kind of transaction with such individuals/agents will be
doing the sameat their own risk.

. IRDAI hereby urges the public to remain alert and not to fall prey to frauds or scams
perpetrated by miscreants who impersonate to be employees / officers of IRDAI or
other insurance companies. These miscreants frequently use the names of Shri
Rakesh Bajaj, Smt. Manju Arora, Shri R. Srinivasan, Shri Mukesh Sharma, Sri
Mukesh Kumar etc. as IRDAI officials to give confidence to the customer that they
indeed are receiving calls from the IRDAI.

. In order to make the members of public aware of the kind of calls that are being
received, one such spurious call indicating the modus operandi adopted to force the
gullible customertofall their prey, is indicated below:

Page | 20 Handbook on Insurance

 MODUS OPERANDI

The spurious callers call the victims repeatedly and introduce themselves as
employees of IRDAI.

They would inform that proceeds of one’s insurance policy are being transferred
to some other person.

They would suggest the policyholder to visit IRDAI at Hyderabad / Delhi and
meet one particular officer who is responsible for transferring this money. They
would give mobile numbers ofthis officer.

On being called on the given number the person on the other side would
introduce himself/ herself as IRDAIofficer.

They would inform that IRDAI is maintaining money from such accounts where
agents had committed frauds and this money is being returned to policy holders.

The officer would tell that on policyholder's mandate the due from existing policy
ls being transferred to some otherperson.

When informed that no such mandate was given, they would indicate that
somebody has committed fraud and that they will file an FIR with police in
Hyderabad / Delhi. They would also give details of the FIR filed.

For further assistance they would give another number. The person on this
number would suggest that to get back the money, the policyholder has to
engage the services of a particular company. The policyholder has to deposit the
following documents:

i) An account payee cheque in the name of the company;

li) PAN;

ili) First page of the policy document; and

iv) Address proof.

IRDAL Page | 21
 «tgs db,

* They would further suggest that these documents be courlered and the details of
the despatch including docket number etc be furnished to them.

* They would keepon calling for details of the despatch of cheque and documents
and would assure the policyholder that the transfer of dues from the policy to
other persons account would be stopped once they receive these documents.

The following are the links to the Audio files (available at IRDAI's Website)
which contain the voice recordings of the conversation as made available
by one of the complainants

Spurious Call — Audio 1

Spurious Call — Audio 2

8. If any member of the public notices such instances, he or she may lodge a police
complaint giving full details, along with the details of the caller and telephone
number from which the call was received,in the local police station.

9. As a customer education Initiative, on August 15, 2014, IRDAI issued an

advertisement in English in leading newspapers with the title “Real Value of
Insurance through Right Buying — A Few Tips". This advertisement also contained
caution to public from falling prey to spurious calls made in the name of IRDAI and
making payments to unlicensed intermediaries. IRDAI would continue its efforts to
caution members of public from falling prey to spurious calls and fictitious offers in
the name of IRDAIor insurance companies or intermediaries.

Consumer Affairs Department

IRDAI

Page | 22 Handbook on Insurance

 SOME USEFUL WEBSITES FOR QUICK REFERENCE

Insurance Related Resources

1. Insurance Regulatory and Development

Authority of India (IRDAI)

2. IRDA! Consumer Education Website [Link]

3. Insurance Information Bureau (IIB) [Link]

4. IRDAI Agency Licensing Portal [Link]

5. Integrated Grievance Management www. i in

System (IGMS)

6. Mobile Application to Compare ULIPs www.m_irda.[Link]

Insurance Education Institutions

1. Institute of Insurance and [Link]

Risk Management (IIRM)

2. InsuranceInstitute of India (III) [Link]

3. Institute of Actuariesin India (IAI) [Link]

4. National Insurance Academy (NIA) [Link]

IRDAI Page | 23
 .
International Resources

1. International Association of [Link]

Insurance Supervisors (IAIS)

2. National Association of Insurance www_naic.org

Commissioners

3. International Gatewayfor Financial [Link]

Education

Other Resources

1. Governing Body of Insurance Council [Link]

(GBIC)

2. Life Insurance Council _ [Link]

3. General Insurance Council [Link]

4. Insurance Brokers Association of India [Link]

(IBAI)

5. Indian Institute of Insurance Surveyors [Link]

and Loss Assessors (IIISLA)

6. National Centre for Financial Education [Link]

Page | 24 Handbook on Insurance

IRDAI Page | 25
 CONSUMER EDUCATIONINITIATIVES

For detailed information, please go through IRDAI's Website

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Page | 26 Handbook on Insurance

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Householders & Shapkeepers Llaadnok on
Package Insurance ite Insurance

IRDAL Page | 27
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ANIMATION FILMS, DOCUMENTARIES & COMIC STRIPS

IRDAI Integrated Grievance Management System

https:/[Link]/watch?v=FQstnp9NmBA

Ranjan's Discovery of Insurance Ombudsman

[Link]

Page | 28 Handbook on Insurance

 Health Insurance Portability

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[Link]

IRDAI Grievance Call Centre IGCC

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PRCekg

155255

IRDAI Page | 29
 BE CAUTIOUS - OFFERS CAN BE SPURIOUS ORFICTITIOUS

Neverfall prey to fictitious offers made by spurious callers promising high returns or
unreasonable gains involving sale or redemption of insurance policies or other
financial products. Sometimes these calls luring you with bonus or profits on
investment are madein the name of IRDAofficials also. IRDA does not involve in
sale of any kind of insurance or financial products or in investment of premium of
insurance companies. If you are making any payments to the unlicensed
intermedianes or unregistered insurers soliciting insurance; you are doing so at your
own risk,

canes

Contact IRDAI:

r . r >
Head Office: Hyderabad Regional Office: New Delhi

insurance Regulatory and Insurance Regulatory

Development Authority and Development Authority

3rd Floor, Parisrama Bhavan, Gate No. 3, Jeevan Tara Building

BasheerBagh, HYDERABAD- 500 004 First Floor, Sansad Marg
TELANGANA(INDIA) NEW DELHI-110001
Ph: (040) 23381100 Ph: (011) — 2344 4404
Fax: (040) 6682 3334 Fax: (011) 2374 7650
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Disclaimer:
This bookletis intended to provide you general information only and is not exhaustive.
It is an educationinitiative and does not seek to give you any legal advice.

Page | 30 Handbook on Insurance

 INSURANCE GRIEVANCE REDRESSAL SYSTEM

IRDA Channels for taking up complaints with insurers

‘,
if your insurer does net hear, IMDA Grievance | Cant reach trawrec? Camnect thraugh computer.
Call Cerstee ts Prere @ 1 55255/1RNO A256 azar } ~ aweeew. toriirene

Please note that IRDA facilitates resolution of complaints.

IRDA does notinvestigate into or adjudicate upon complaints.

Approach insurance ombudsman for mediation and adjudication

Affordable and hassle free resolution,

Insurance Ombudsman is the best option
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A Consumer Education initiative by

INSURANCE REGULATORY AND

indies. DEVELOPMENT AUTHORITY OF INDIA
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[Link] [Link]