Glossary
What is IRDAI, and what does it do?
IRDAI stands for the Insurance Regulatory and Development Authority of India. It is the statutory body that regulates insurance in India, set up under the IRDA Act, 1999. It licenses and supervises insurers and intermediaries such as brokers, sets the rules policies must follow, and protects policyholders through rules on claims, grievances and disclosure.
In short
- IRDAI = Insurance Regulatory and Development Authority of India.
- Set up under the IRDA Act, 1999.
- It licenses insurers and brokers and sets the rules they follow.
- Its rules decide claim timelines, free look and grievances.
What is the full form of IRDAI?
Insurance Regulatory and Development Authority of India. It was earlier known as IRDA. It regulates life, general and health insurance in India.
What does IRDAI do?
Three main things. It licenses and supervises insurers and insurance intermediaries, including brokers. It sets the rules products and claims must follow. And it protects policyholders, for example through its grievance portal, Bima Bharosa.
How do IRDAI’s rules help policyholders?
They set the timelines and rights you can rely on. For example, a 30-day free look period on new health policies, a one-hour decision on cashless requests, and a cap of 36 months on waiting periods for pre-existing diseases.
Are insurance brokers regulated by IRDAI?
Yes. Brokers must hold an IRDAI licence. A broker’s duty is to the client, not the insurer. Ethika Insurance Broking is an IRDAI-licensed broker.
Frequently asked questions
What is the full form of IRDAI?
Insurance Regulatory and Development Authority of India.
What does IRDAI do?
It regulates insurers and intermediaries such as brokers, sets product and claim rules, and protects policyholders.
Can I complain to IRDAI about an insurer?
Yes, through its Bima Bharosa portal, after first complaining to the insurer in writing.
What happens when you talk to us
A 20-minute video call with a Growth Advisor. No obligation, and no quote pushed. It opens with a five-minute video from our founder on how the benefits stack works and why Ethika exists; the rest is your questions. You’ll leave with an honest read on your current cover and claims experience, and a straight answer on whether we can genuinely help, even if you never become a client.
20 minutes with a Growth Advisor. No obligation.
A note on this page. Everything here is general information, not insurance, legal, financial or tax advice, and nothing is an offer. No insurer or product is named or recommended. What any policy covers depends on its own wording and schedule. For advice about your situation, talk to us.