unlimited years
 

IRDA Has No Records Of Number Of Policy Sales As Per Plan...- RTI

 
 

11 Nov 2014

 
  India RTI News Exclusive  
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Applicant Name

SK Shrivastava

Date of receipt

17/07/2014

Request Filed With

Prime Minister's Office

Text of Application

Information required about life insurance policies sold in India
1. Total Number of policies sold by All Life Insurance Companies till 31 March 2014 Since Launch Of Companies. (Kindly provide web link if available)
2. Total Number of Plans /polices sold by life insurance companies with Plan name , Total premium received (in 1st year) and No. of plans sold (With copy) in any format till March 2014
3. Copy of terms and condition approved by IRDA of Tata AIG plan Invest Assure Appex 110L068V01 , LIC Jeevan Anand , ICICI Pru Guranteed Saving Insurance Plan105N114V01 and 105N114V02, ICICI Pru Save N Protect 105N004V01 and 105N004V02, ICICI Pru Life Stage Pension 105L075V01, ICICI Pru Pinnacle 105L095V01 ( attested)
4. Copy of the terms and condition of Bharti Axa Life Dream Life Pension Plan 130L013V01, Bharti Axa Guarantee Builder 130L019V01,Bharti Axa Bright Star 130L016V01(with Attested).

Request document (if any)

Status

REQUEST DISPOSED OF

Date of Action

21/07/2014

Remarks

Reply :- Your application has been transferred to concerned public authority - Department of Financial Services vide OM RTI/4128/2014-PMR dated 18 July, 2014, a copy of said OM has been sent to you by post, you may approach the transferee public authority for further queries or appeal

 
 

 

Insurance Development and regulatory authority is responsible for all insurance related work to control various insurance companies. But it seems that this organization has been failed to discharge its duties towards national interest. After getting few interesting reply that IRDA don’t have approval certificate format (ie Non of the Life Insurance Policies are Approved), IRDA don't cross examine the AUM of Insurance company , IRDA failed to control life insurance companies by terminating insurance agent illegally ( billions of commissions sucked life insurance companies )etc another interesting reply received from IRDA.
It is the primary duty of IRDA to keep the record of sales of each insurance plan so that customers can cross verify the figure from govt. record. Some time companies make fake claim to increase the sales of product. This data is also useful when a non approved plan is sold to customers for penalizing insurers. In an RTI reply IRDA said that they don't maintain such record ie number of policies sold with plan name and total premium received. In the past IRDA penalized Reliance General for selling non approved plan with Rs 5 Lac on each folio. The total amount was Rs17500 cr. So if the data is not maintain then How they got the number of plan sold by Reliance General?
Is IRDA working in the interest of Insurance Companies after taking salary from public Fund?

 

 
   
   
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