The life insurance industry in India has seen significant growth over the years. Hundreds of new insurance companies have been set up since independence and thousands of people are purchasing new insurance policies every day. With the life insurance market seeing such a high inflow of investments, the need for a government organization that regulates all the transactions and monitors the life insurance policies of various companies was paramount.
Therefore the life insurance council was formed. It is the organization that maintains the smooth and efficient functioning of the insurance industry. Let’s now learn about the life insurance council in a little brief.
The life insurance council is a regulatory body that governs all the transactions made regarding insurance policies. It monitors every new and old life insurance policy available in the market. It also safeguards the interests of the policyholders and protects them from any kind of exploitation. The council was formed under Section 64 of the Insurance Act 1938. All the life insurance companies in India function under the guidance of the life insurance council. There are a total of 24 Life insurance companies that work closely with the council to offer a variety of life insurance policies to the customers.
The life insurance council is counted amongst the most important financial institutions in the country. It ensures the proper functioning of the life insurance industry and also works to protect the interests of the policyholders. It overlooks the operations of insurance companies and ensures that they provide life insurance policies that meet global standards
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