Role of IRDAI
IRDAI is responsible for regulating and promoting and regulating the insurance and re-insurance industries in India. IRDAI is a ten-member body that consists of one chairman, four part-time members, and five full-time members. The main role of IRDAI, inclusive of different events on insurance awareness day, is the issuing, renewing, modifying, withdrawing, suspending, or cancelling different registrations.
It protects the interests of different policyholders. It designs the code of conduct for loss assessors and surveyors. It ensures the ethical working of different insurance companies and specifies bookkeeping requirements. All the disputes between the insurers and the intermediaries fall under the jurisdiction of IRDAI only.
New Insurance Policy Changes
There are certain life insurance policy changes recently that include :
- New Covid-19 health plans : The increase in hospitalization laid stress on considering and getting different health plans. The IRDAI has now directed all insurance companies to launch Covid-19 specific health plans, and hence the Corona Kavach, and Corona Rakshak were born.
- Increase online sales : The IRDAI has further asked the insurers to boost the online insurance sales to ensure that no user has to resort to physical buying. The Regulator has further emphasized the image uploading of different KYC documents.
- Withdrawal of long-term motor insurance plans : The IRDAI has mandated the purchase of different motor vehicles through long- term third-party covers. Now, the vehicle owners can buy bundled plans with a long-term third-party cover along with a one-year damage cover. Thus, the comprehensive plans are now withdrawn.
- Telemedicine coverage : IRDAI has asked different insurance providers to include the telemedicine medical costs if the existing health plans cover doctor consultations. Thus, the modern health plans in the Covid-19 pandemic now cover telemedicine costs. The consultation over phones has increased due to the existing and mandatory social distancing guidelines of the government in the Covid-19 pandemic.
- Elimination of physical signatures : The newly introduced concept is the elimination of the physical signatures on insurance policies. Thus, online insurance proposals can be verified using different OTPs rather than going for the physical signatures on different forms. Thus, the insurers can go for the leading service providers that offer services within the social distancing norms only.
It is thus imperative to stay up-to-date with the relevance of insurance awareness and the need to stay up to date with such changes whether you’re planning to buy or already have an insurance policy. The national insurance awareness day is celebrated on the 28th of June every year that aims to create awareness about different insurance plans and insurance benefits. All the new policy changes by IRDAI are critical and helpful for different users in challenging times of the Covid-19 pandemic. You can go for the Bharti AXA Life insurance plans to safeguard your future while leveraging the benefits of the newly introduced changes.