It would provide tips on buying insurance, standard claim procedures and documentation
New Delhi: Insurance Regulatory and Development Authority (IRDA) launched a website to educate consumers for buying insurance cover.
Consumer Education Website – www.policyholder.gov.in– will provide useful information for the benefit of policyholders, IRDA in a statement said.
The portal would provide tips on buying insurance, standard claim procedures and documentation, besides, Do's and Don’ts for a policyholder.
The website would also provide general alerts to consumers, ways to deal with intermediaries and answer general queries (FAQs).
Despite nationalisation of the insurance sector in 1956, its penetration has just increased to 5.1 per cent in 2010, from 2.71 per cent in 2001 mainly due to financial vulnerability across most of the income segments. This is not in line with India's rapid economic growth.
At present, there are 24 life and 27 non-life insurance companies in India.