Topic
life insurance
IRDAI Unveils Comic Book Series to Simplify Life Insurance Concepts for Consumers
The Insurance Regulatory and Development Authority of India (IRDAI) has launched a comic book series to improve life insurance literacy, focusing on key concepts like the Married Women's Property Act and Critical Illness riders. The initiative, unveiled on National Insurance Awareness Day, aims to address a protection gap affecting 87% of Indians, especially 18-35 age group.
Rise in Early Exits from Life Policies Points to Misselling, RBI Report Warns
RBI's Financial Stability Report has flagged a rise in early exits from life insurance policies, with surrenders and withdrawals now exceeding maturity pay-outs, signalling policyholder dissatisfaction and the risk of mis-selling. The report also noted surging distribution costs, especially among private insurers, raising the risk of acquisition-cost-driven mis-selling. Irdai chairman Ajay Seth said the regulator is working on distribution reforms to address product suitability.