Insurance Regulatory and Development Authority (IRDAI) of India

Insurance Regulatory and Development Authority (IRDA) is a statutory body set up for protecting the interests of the policyholders and regulating, promoting and ensuring orderly growth of the insurance industry in India.

Brief History of IRDA

  • 1991: Government of India begins the economic reforms program and financial sector reforms
  • 1993: Committee on Reforms in the Insurance Sector, headed by Shri R. N. Malhotra (Retired Governor, Reserve Bank of India) set up to recommend reforms in insurance sector.
  • 1994: Malhotra Committee recommends reforms after studying the insurance sector and taking inputs from all the stakeholders. Key recommendations of Malhotra Committee are:
    • Private sector companies should be allowed to promote insurance companies
    • Foreign promoters should also be allowed
    • Government to vest its regulatory powers on an independent regulatory body answerable to Parliament
  • 1996: Setting up of an interim body called the Insurance Regulatory Authority
  • 1999: Enactment of the Insurance Regulatory and Development Authority (IRDA) Act, 1999
  • 2000: Formation of the Insurance Regulatory and Development Authority as an autonomous regulatory body on 19.4.2000
Since 2000, IRDA has been serving as an independent regulatory authority for the insurance industry and to instill confidence among the policyholders in the financial viability of the insurance companies. IRDA has been playing a pivotal role in the insurance sector with a fundamental commitment to discharge its mandate for orderly growth of insurance sector.

IRDA has played a very important role in the growth and development of the sector by protecting policyholders' interests; registering and regulating insurance companies; licensing and establishing norms for insurance intermediaries, regulating and overseeing premium rates and terms of non-life insurance covers; specifying financial reporting norms, regulating investment of policyholders' funds and ensuring the maintenance of solvency margin by insurance companies; ensuring insurance coverage in rural areas and of vulnerable sections of society; promoting professional organisations connected with insurance and all other allied and development functions.

Insurance Regulatory and Development Authority (IRDAI) of India consists a Chairman, Five Whole time Members and Four Part time members in the administration. However, the regulations are enacted under the guidance of a statutory advisory committee.

Mission statement of the authority

  • To protect the interest of and secure fair treatment to policyholders
  • To bring about speedy and orderly growth of the insurance industry (including annuity and superannuation payments), for the benefit of the common man, and to provide long term funds for accelerating growth of the economy
  • To set, promote, monitor and enforce high standards of integrity, financial soundness, fair dealing and competence of those it regulates
  • To ensure speedy settlement of genuine claims, to prevent insurance frauds and other malpractices and put in place effective grievance redressal machinery
  • To promote fairness, transparency and orderly conduct in financial markets dealing with insurance and build a reliable management information system to enforce high standards of financial soundness amongst market players
  • To take action where such standards are inadequate or ineffectively enforced
  • To bring about optimum amount of self-regulation in day-to-day working of the industry consistent with the requirements of prudential regulation
According to the Section 14 of IRDAI Act of 1999 there are certain duties, powers and functions laid down for the IRDAI and they are as follows:
  1. Subject to the provisions of this Act and any other law for the time being in force, the Authority shall have the duty to regulate, promote and ensure orderly growth of the insurance business and re-insurance business.
  2. Without prejudice to the generality of the provisions contained in sub-section (1), the powers and functions of the Authority shall include,
    1. Issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or cancel such registration;
    2. protection of the interests of the policy holders in matters concerning assigning of policy, nomination by policy holders, insurable interest, settlement of insurance claim, surrender value of policy and other terms and conditions of contracts of insurance;
    3. Specifying requisite qualifications, code of conduct and practical training for intermediary or insurance intermediaries and agents;
    4. Specifying the code of conduct for surveyors and loss assessors;
    5. Promoting efficiency in the conduct of insurance business;
    6. Promoting and regulating professional organizations connected with the insurance and re-insurance business;
    7. Levying fees and other charges for carrying out the purposes of this Act;
    8. calling for information from, undertaking inspection of, conducting enquiries and investigations including audit of the insurers, intermediaries, insurance intermediaries and other organizations connected with the insurance business;
    9. control and regulation of the rates, advantages, terms and conditions that may be offered by insurers in respect of general insurance business not so controlled and regulated by the Tariff Advisory Committee under section 64U of the Insurance Act, 1938 (4 of 1938);
    10. Specifying the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by insurers and other insurance intermediaries;
    11. Regulating investment of funds by insurance companies;
    12. Regulating maintenance of margin of solvency;
    13. Adjudication of disputes between insurers and intermediaries or insurance intermediaries;
    14. Supervising the functioning of the Tariff Advisory Committee;
    15. Specifying the percentage of premium income of the insurer to finance schemes for promoting and regulating professional organizations referred to in clause (f);
    16. Specifying the percentage of life insurance business and general insurance business to be undertaken by the insurer in the rural or social sector; and
    17. Exercising such other powers as may be prescribed

What is the Grievance Redressal Procedure to be followed?

The Insurance Company is committed to extend the best possible services to its customers. But there could be some situation wherein the insured may not be fully satisfied with the level of service or the decision made by an insurance company on a particular claim. If this is the case, then the insured, can lodge a complaint with the insurance company at their 24X7 Toll free number provided on the policy certificate, policy wordings (terms and conditions) or available on the company website. The insured can also choose to send an email to the customer service desk at the email id specified. After investigating the matter internally and subsequent closure, the insurance company will ideally send a response within a period of 10 days from the date of receipt of the complaint by the Company at its Head office or any of the branches. In case the resolution is likely to take longer time, the insurer will inform the insured of the same through an interim reply.

For lack of a response or if the resolution still does not meet the insured’s expectations, they can write to the Head - Customer Services at the insurance company. After examining the matter, they will send their final response within a period of 7 days from the date of receipt of your complaint. Within 30 days of lodging a complaint with the insurance company, if the insured still does not get a satisfactory response from the insurer, they can pursue other avenues for redressal of grievances, as well as directly approach Insurance Ombudsman appointed by IRDA under the Insurance Ombudsman Scheme.

The Insurance Ombudsman operates under Territorial jurisdiction and hence the insured will have to approach the appropriate Ombudsman with the details of grievance. The details are in the link here...

Can a complainant, who has already approached Consumer Forum/court on the same subject, approach the Insurance Ombudsman?

No. Any complainant, whose complaint on the same subject matter is or was before a Court/Consumer Forum or an Arbitrator cannot approach an Insurance Ombudsman.

What are the complaints that are entertained by the Insurance Ombudsman?

The Ombudsman will receive and consider complaints or disputes relating to:
  • delay in settlement of claims, beyond the time specified in the regulations, framed under the Insurance Regulatory and Development Authority of India Act, 1999;
  • any partial or total repudiation of claims by the life insurer, General insurer or the Health insurer ;
  • disputes over premium paid or payable in terms of insurance policy;
  • misrepresentation of policy terms and conditions at any time in the policy document or policy contract;
  • legal construction of insurance policies in so far as the dispute relates to claim;
  • policy servicing related grievances against insurers and their agents and intermediaries;
  • issuance of life insurance policy, general insurance policy including health insurance policy which is not in conformity with the proposal form submitted by the proposer;
  • non-issuance of insurance policy after receipt of premium in life insurance and general insurance including health insurance; and
  • any other matter resulting from the violation of provisions of the Insurance Act, 1938 or the regulations, circulars, guidelines or instructions issued by the IRDAI from time to time or the terms and conditions of the policy contract, in so far as they relate to issues mentioned at clauses (a) to (f) .

Is there any time limit to approach the Insurance Ombudsman?

Yes. No complaint to the Insurance Ombudsman shall lie unless the complaint is made within one year:
  • From the date of receipt of the order of the insurer rejecting the representation.
  • From the date of receipt of decision of the insurer which is not to the satisfaction of the complainant;
  • After expiry of a period of one month from the date of sending the written representation to the insurer if the insurer named fails to furnish reply to the complainant.

Is there any other Grievance Redressal System with IRDAI?

Yes, IRDA has implemented the Integrated Grievance Management System (IGMS). IGMS provides a gateway for policyholders to register complaints with insurance companies first and if need be escalate them to the IRDA Grievance Cells. It uses Web interface to ensure that it is accessible at all places and is on real time. It has also a mechanism to capture complaints received in physical as well as email form or voice calls received by IRDA Grievance Call centre (IGCC).

Also IRDA Grievance Call Centre (IGCC) can be accessed through
  • Call : Toll free number 1800 4254 732
  • Email :
  • Post: Write to
    Insurance Regulatory and Development Authority of India
    Consumer Affairs Department – Grievance Redressal
    Sy.No.115/1, Financial District, Nanakramguda, Gachibowli, Hyderabad – 500 032

List of non insurance companies

Sl.No. Insurer & Address
1 IFFCO TOKIO General Insurance Co. Ltd.
IFFCO Sadan, C-1, District Centre, Saket, New Delhi - 110017
2 Liberty General Insurance Co. Ltd.
10th Floor, Tower A, Peninsula Business Park, G.K. Marg, Lower Parel, Mumbai-400013
3 Shriram General Insurance Co. Ltd.
E-8, EPIP, RIICO Industrial Area, Sitapura, Jaipur-302022(Raj.)
4 Reliance General Insurance Co.Ltd
H Block, 1st Foor, Dhirubhai Ambani Knowledge City, Navi Mumbai - 400 710
5 DHFL General Insurance Co. Ltd
2nd Floor, DHFL House, 19 Sahar Road, Off Western Express Highway, Vile Parle (East), Mumbai - 400099
6 Bajaj Allianz Allianz General Insurance Co. Ltd
Bajaj Allianz House, Airport Road, Yerawada, Pune – 411006
7 Edelweiss General Insurance Co. Ltd.
Edelweiss House, Off CST Road, Kalina, Mumbai 4000098
8 Kotak Mahindra General Insurance Co. Ltd.
27 BKC, C-27, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051
9 Go Digit General Insurance Co. Ltd
Smartworks Business Center, 1st Floor, Nyati Unitree, West Wing, Samrat Ashok Road, Yerawada, PUNE - 411006
10 Royal Sundaram General Insurance Co. Ltd.
"Vishranthi Melaram Towers" No.2/319 , Rajiv Gandhi Salai (OMR) Karapakkam, Chennai - 600 097
11 Exports Credit Guarantee of India Co. Ltd
Express Tower, 10th Floor, Nariman Point,Mumbai-400021
12 The New India Assurance Co. Ltd
87, M.G Road, Fort, Mumbai, Maharashtra – 400 001
13 Tata AIG General Insurance Company Limited
Peninsula Business Park, Tower A, 15th Floor, G.K. Marg, Lower Parel, Mumbai – 400013
14 National Insurance Co. Ltd.
3, Middleton Street, Prafulla Chandra Sen Sarani , Kolkata, West Bengal, 700071.
15 Universal Sompo General Insurance Co. Ltd.
Unit No. 401, 4th floor, Sangam Complex, 127, Andheri Kurla Road, Andheri (E) , Mumbai – 400059, Maharashtra
16 Agriculture Insurance Company of India Ltd.
13th floor, Ambadeep Building, 14, K.G. Marg, New Delhi-110001
17 Acko General Insurance Co. Ltd.
Unit No. 301 & 302, 3rd Floor, F Wing, Lotus Corporate Park, Off Western Express Highway, Goregaon East, Mumbai 400 063.
18 SBI General Insurance Co. Ltd.
‘Natraj’, 101, 201 & 301, Junction of Western Express Highway & Andheri-Kurla Road, Andheri (East), Mumbai - 400069
19 Bharti AXA General Insurance Co. Ltd.
First Floor, Ferns Icon, Survey No. 28, Doddanekundi, Bangalore-560037
20 ICICI LOMBARD General Insurance Co. Ltd.
ICICI Lombard House, 414, Veer Savarkar Marg Near Siddhivinayak Temple, Prabhadevi Mumbai 400025, India
21 Magma HDI General Insurance Co. Ltd.
401, 4th Floor, Rustomjee Aspiree, Off. Eastern Express Highway, Imax Dome Theatre Road, Sion (East), Mumbai-400022
22 HDFC ERGO General Insurance Co.Ltd.
HDFC House, 1st Floor, 165-166, Backbay Reclamation, H.T. Parekh Marg, Churchgate, Mumbai - 400020
23 United India Insurance Co. Ltd.
24,Whites Road, Chennai-600 014
24 The Oriental Insurance Co. Ltd.
The Oriental Insurance Co. Ltd. “Oriental House” A-25/27, Asaf Ali Road NEW DELHI 110 002
25 Future Generali India Insurance Co. Ltd.
Indiabulls Finance Centre, 6th Floor, Tower 3, Senapati Bapat Marg, Elphinstone Road (W), Mumbai - 400 013
26 Cholamandalam MS General Insurance Co. Ltd.
Dare House, 2nd floor, No 2. NSC Bose Road, Chennai 600001
27 Raheja QBE General Insurance Co. Ltd.
Raheja QBE General Insurance Co. Ltd. “Windsor House”, 5th Floor CST Road Kalina, Santa Cruz (East) MUMBAI 400 098
28 Star Health & Allied Insurance Co.Ltd.
Star Health & Allied Insurance Co.Ltd. 1, New Tank Street Valluvar Kottam High Road Nungambakkam CHENNAI 600 034
29 Apollo Munich Health Insurance Co. Ltd
Apollo Munich Health Ins. Co. Ltd. 2nd & 3rd Floor, iLabs Centre Plot no. 404 & 405, Udyog Vihar, Phase – III Gurgaon – 122 016, Haryana
30 Religare Health Insurance Co. Ltd
Religare Health Insurance Co. Ltd. Vipul Tech Square, Tower C, 3rd Floor, Sector – 43, Golf Course Road, Gurgaon – 122009
31 Max Bupa Health Insurance Co. Ltd
Max Bupa Health Insurance Co. Ltd. Block B1/1-2, Mohan Cooperative Industrial Estate, Mathura Road, NEW DELHI – 110 044.
32 CIGNA TTK Health Insurance Co. Ltd.
CIGNA TTK Health Insurance Co. Ltd. CIGNA TTK Health Insurance Company Limited 401/402 Raheja Titanium, Westren Express Highway, Goregaon (East), Mumbai – 400063
33 Aditya Birla Health Insurance Co. Ltd.
9th Floor, One Indiabulls Centre, Tower-1,Jupiter Mill Compound, 841,S.B Marg, Elphinstone Road MUMBAI - 400013.
34 Reliance Health Insurance Limited
Reliance Centre, 6th Floor, North Wing, Off Western Express Highway, Santa Cruz (East) Mumbai – 400055

List of Life insurance companies

Sl.No. Name of the Company – Corporate Office Address
1 Life Insurance Corporation of India
Yogakshema, Jeevan Bima Marg Post Box No. 19953 Mumbai – 400 021
2 HDFC Standard Life Insurance Co. Ltd.
13th Floor, Lodha Excelus, Apollo Mills Compound, N.M. Joshi Road, Mahalaxmi, Mumbai 400 011, Maharashtra
3 Max Life Insurance Co. Ltd.
3rd, 11th, 12th Floor, DLF Square Building, Jacaranda Marg, DLF City, Phase – II, Gurgaon – 122002, Haryana
4 ICICI Prudential Life Insurance Co. Ltd,
ICICI Prulife Towers 1089, Appasaheb Marathe Marg, Prabhadevi,Mumbai – 400 025
5 Kotak Mahindra Life Insurance Co. Ltd.
7th Floor, Kotak Infiniti, Building No.21, Infinity Park, Off Western Express Highway, General AK Vaidya Marg, Malad (East), Mumba – 400 097
6 Aditya Birla SunLife Insurance Co. Ltd.
One India Bulls Centre, Tower 1, 16th Floor, Jupiter Mill Compound, 841, SenapatiBapatMarg, Elphinstone Road, Mumbai-400013.
7 TATA AIA Life Insurance Co. Ltd.
14th Floor, Tower A, Peninsula Business Park Lower Parel, Senapati Bapat Marg, Mumbai - 400013
8 SBI Life Insurance Co. Ltd.
“Natraj”, M.V. Road & Western Express Highway Junction, Andheri (East), Mumbai 400069
9 Exide Life Insurance Co. Ltd.
3rd Floor, JP Techno Park, No. 3/1, Millers Road, Bengaluru, Pin: 560 001, Karnataka
10 Bajaj Allianz Life Insurance Co. Ltd.
Bajaj Allianz House, Airport Road, Yerawada,Pune – 411 006
11 PNB MetLife India Insurance Co. Ltd,
Unit No. 101, 1st Floor, Techniplex-1, Techniplex Complex,Veer Savarkar Flyover, Off S V Road Goregaon (West), Maharashtra- 400062.
12 Reliance Nippon Life Insurance Company Limited
, Reliance Centre, Off Western Express Highway, Santacruz East, Mumbai – 4000 055.
13 Aviva Life Insurance Company India Ltd.
Aviva Tower, Sector Road, Opposite Golf Course, DLF-Phase V, Sector 43, Gurgaon 122003
14 Sahara India Life Insurance Co. Ltd.
Sahara India Centre, 1, Kapoorthala Complex, Aliganj, Lucknow – 226 024
15 Shriram Life Insurance Co. Ltd.
Ramki Selenium,Plot No:31 & 32,Beside Andhra Bank Training Centre, Financial District, Gachibowli,Hyderabad – 500032.
16 Bharti AXA Life Insurance Company Ltd,
Unit no:1904,19th Floor, Parinee Crescenzo, ‘G’ Block, Bandra Kurla Complex, BKC Road, Behind MCA Ground, Bandra East, Mumbai - 400051
17 Future Generali India Life Insurance Company Limited
, Indiabulls Finance Centre, Tower 3, 6th Floor, Senapati Bapat Marg, Elphonstone (W), Mumbai – 400 013
18 IDBI Federal Life Insurance Company Limited
22nd Floor, A Wing, Marathon Futurex, N. M. Joshi Marg, Lower Parel – East Mumbai – 400013
19 Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited
Orchid Business Park, Second Floor, Sohna Road, Sector-48, Gurgaon 122 018, Haryana, India,Phone: +91 124 4535 5794
20 Aegon Life Insurance Company Limited,
Building No. 3, Third Floor, Unit No. 1, Nesco IT Park,Western Express Highway, Goregaon (East), Pincode (Mumbai- 400063)
21 DHFL Pramerica Life Insurance Co. Ltd.
4th Floor, Tower B, Building No.9 DLF Cyber City, Phase-III, Gurgaon 122002
22 Star Union Dai-Ichi Life Insurance Co. Ltd.
11th Floor, Plot No:34,35 & 38, Vishwaroop IT Park, Sector-30A of IIP, Vashi, Navi Mumbai 400703
23 IndiaFirst Life Insurance Company Ltd.,
301, B Wing, The Qube, Infinity Park, Dindoshi – Film City Road, Malad (East), Mumbai 400 097
24 Edelweiss Tokio Life Insurance Company Limited
Edelweiss Tokio Life Insurance Company Limited,3rd & 4th Floor, Tower 3, Wing B, Kohinoor City,Kirol Road, Kurla (West), Mumbai -400070

Addresses of offices of IRDAI

  • Head Office
    • Insurance Regulatory and Development Authority of India Sy No. 115/1, Financial District, Nanakramguda,Gachibowli, Hyderabad – 500032
      Ph: (040) 20204000, e-mail:
  • Delhi Office
    • Insurance Regulatory and Development Authority of India Delhi Office – Gate No. 3 Jeevan Tara Building, First Floor Sansad Marg, New Delhi-110001
      Ph: (011) - 2344 4400, Fax: (011) - 2374 7650, e-mail:
  • Mumbai Office:
    • Insurance Regulatory and Development Authority of India Mumbai Regional Office Royal Insurance Building 12, J. Tata Road, Ground Floor Mumbai 400 020. Near Churchgate)
      Phone No.: 022- 22898600, e-mail:

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Email / Call Back

  • Address
  • InstantCover Insurance Web Aggregator Private limited
    710, 6th B Cross, 16th Main Road, Koramangala 3rd Block,
    Bangalore - 560 034.
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