There are various insurance companies in India which provide life insurance products to its customers depending on their varying needs based on the number of policies sold by them and the premiums paid by their customers, these insurance companies are able to measure the success of their business. However, the insurance companies while selling life insurance products also have to bear in mind the various laws that they are governed by. They simply cannot sell their products for a price they deem fit and have to take into account the needs of their customers before selling a plan. We will have a look at some of the laws related to life insurance in India.
Insurance Regulatory and Development Authority of India (IRDAI) is the controlling body which regulates the rules and regulations related to insurance in India. It is a government body and some of its functions are given below:
Apart from the IRDAI, there are other bodies which function in order to ensure that laws related to insurance is maintained and the insurance industry functions in a smooth and orderly manner. These bodies are:
We will have a look at some of the laws and regulations related to insurance that you must be aware of:
Hence, these are some of the laws related to life insurance that you must be aware of. Being aware of these laws helps you make better decisions when it comes to purchasing a life insurance policy. You can also visit the official website of the IRDAI in order to get acquainted with the laws related to life insurance in detail and have a better understanding of your rights as a policyholder.
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