Benefits of the Insurance Company and the IRDA’s Role

The video tutorial introduces the concept of insurance, likening it to a safety net that provides financial security and risk mitigation for individuals and businesses. It highlights the role of insurance in promoting economic growth and social welfare. The Insurance Regulatory and Development Authority (IRDA) is introduced as the regulatory body overseeing the insurance sector in India, ensuring fair practices and protecting policyholders' rights. The video details IRDA's functions, including licensing, policyholder protection, rule formulation, consumer education, and complaint redressing, emphasizing its role in maintaining trust and integrity in the insurance industry.

Describe the function of IRDA in licensing and regulating insurance companies.

How does IRDA ensure policyholder protection?

What steps does IRDA take to address complaints from policyholders?