In this world, with full of uncertainties, individuals are often
confronted with the threat of changing scenarios. To safeguard
their interests against the sudden change of events, people opt for
cover of Insurance which is the contracts of indemnity assurance
whereby one party undertakes to pay a certain sum of money on the
occurrence of any contingency. They provide an umbrella of
protection mitigating the loss/ damage caused due to the occurrence
of an uncertain event. In India, insurance policies provided are
life, fire, marine, vehicle (including third party insurance),
commercial crime, etc.
Regulatory mechanism
In India, the Insurance Regulatory and Development Authority
(hereinafter referred to as "IRDA") regulates, promotes
and ensures orderly growth of the insurance industry, protection of
the policy holders and settlement of insurance claims under the
provisions of the Insurance Regulatory and Development Authority of
India Act, 1999 (hereinafter
