Tuesday, 6 September 2016

How do I Check if an Insurance Company is Legitimate?


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Insurance industry in India is growing at a very rapid pace under the supervision of Insurance Regulatory and Development Authority of India (IRDA). IRDA is an authority setup by the government of India, to surprise and develop insurance sector in India. It issues licenses to insurers and monitors all licensed insurance companies to ensure that insurance services are being delivered smoothly to the policyholders.
It is advised that check list of registered health insurers and life insurers before buying an insurance policy. To protect policyholders’ interest, IRDA refresh its list of registered insurance companies, whenever it issues a new license or terminates registration of an insurer, time to time, anyone can visit IRDA official website to see the list of licensed insurers. As discussed above, IRDA keeps a close watch on private sector insurance companies as well as public sector insurance companies, therefore, it may cancel an insurer’s license at any time; if the insurance company does not comply with terms and conditions of IRDA.
Check Registration of Insurance Company

How to Check Registration of an Insurance Company in India-

  • Visit IRDA official website (Type IRDA on Google search to find out IRDA’s website)
  • For Life Insurance Companies: From the sidebar of Insurance Regulatory and Development Authority of India’s website, go to Insurers, then Life and select List of insurers.
  • For General Insurance Companies such as Health Insurance, Home Insurance, Travel Insurance, Motor Insurance etc: Move your cursor on Insurers, then go to General and select List of Insurers.
Note: All Insurance products except Life Insurance come under General Insurance.
We’ve also provided list of registered Life Insurers, Health Insurers, and Non-life/General Insurers; you can visit list provided by us. Otherwise, you may visit IRDA official list of registered insurance companies by following the steps given above.
If you’re buying an insurance policy then must read our simple but effective guide to opt best Health Insurance or Life Insurance policy. Insurance policies are subject to certain exclusions; therefore, before buying an insurance policy must read, “what does your policy cover and doesn’t cover?”.
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