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No Life Insurance Policy In India Got Plan Approval Certificate From Insurance Regulator IRDA......- RTI


01 Nov 2014

  India RTI News Exclusive  

In India More than 26 Life Insurance companies are working. The life Insurance Sector is of Rs 20Lac Cr Approx. More than 10 Cr citizens have purchased life insurance plan from different life insurance companies. A activist filed RTI application to know the format of approval certificate of any policy approved by IRDA. If the companies are taking approval after designing any plan then IRDA must be issuing approval certificate to each plan after approval. So activist filed RTI application to know the format and demanded copy of format. The CPIO did not understand the issue and denied to reply. Then in appeal IRDA appellate authority understood the question and said that he tried to search the approval format in good sake but there is no specific format for providing approval to policy.

In the time of SBI life insurance scam where Allahabad High court order fraud investigation to check all the policies of SBI life as per IRDA guidelines. Also in another matter IRDA informed Bombay High Court that the approval certificate of all the policies are available in IRDA portal found fake .This reply confirmed that non of the policy have approval certificate from IRDA.

People are also sad that Bombay High Court Chief Justice bench trusted the fake claim of IRDA that approval certificate are present in website. Court not demanded any copy of approval certificate in physical form and trusted IRDA in just verbal discussion. This irresponsible behavior and negligence hurted people trust in quality of judgment ! If non of the polices in India is really not approved then it will be the biggest scam of India which is neglected by Bombay High Court. Allahabad high court should be thankful for exposing SBI life scam. Activist received many documents from RTI indicated that life insurance companies don't clear all the objections of IRDA while approving any plan and launch the plans in market . IRDA also not take objection against such companies because of friendly behavior. But in safe hand IRDA may have not issued final approval to any plan so they must have not designed any format till date.

In the case of Mutual fund , SEBI cleared in RTI that we don’t certify or approve any mutual fund scheme. So what is the role of regulator in India for Public Interest?


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