Consumer Bodies - Policy Holder

Consumer Bodies

IRDAI uses various channels to create awareness about insurance and consumer bodies can play a very important role in this area.

IRDAI encourages consumer bodies to conduct seminars on insurance, thereby not only educating the consumer but also providing a platform for the consumer to interact with IRDA about insurance.

IRDAI itself conducts, participates in and supports several national level seminars on different insurance and consumer related topics to reach out to the public and facilitate dissemination of information to consumers in various parts of the country.

Recently IRDAI partly sponsored seminars conducted by various consumer organisations on topics like health insurance, life insurance and rights and obligations of policyholders.

IRDAI’s sponsorship scheme

IRDAI considers sponsoring seminars conducted by consumer organisations up to an amount of Rs 1 lakh on the following terms:

IRDAI can bear

1 50% of the expenses incurred for the seminar subject to a limit of Rs.1 lakh

2Up to 75% of projected expenses or Rs.75,000, whichever is lower, may be granted as an advance

3 The balance will be paid only on receipt of the original bills or copies of bills duly certified by the auditor of the organisation

4 The sponsorship money can be only towards:

Development of educational material

Expenses towards publicity

Expenses relating to presentation by faculty

Infrastructure and other expenses such as lunch, tea, snacks and photographs but the quantum for this will be only up to 25% of IRDA’s reimbursement

IRDAI considers request from Consumer Bodies (Trust/ Society/ NGO/ Research Institutions and any other body approved by IRDAI) that

1 Have conducted, or have the knowledge base to conduct, seminars or other education activities relating to topics like policyholder education, research on insurance and dispute redressal for sponsorship and are:

2Registered by the Ministry of Consumer Affairs, Government of India or

3 Recommended by any Government Authority or Department or State Government

4Registered with other regulator in India

5Can demonstrate that they have the necessary infrastructure and reach to achieve the desired objectives

While examining proposals, due weightage is given to geographical and regional factors in order to achieve maximum penetration of the message/s in the country.