Frequently asked questions by RTI Applicants

1.Request for furnishing copies of individual policy documents/policy related documents

such as proposal forms, medical reports, claim Documents etc. by RTI Applicants.
Answer: The information is not available as Individual policy related documents are not
maintained by the Authority.
2.Request to provide personal information of policyholders? Information sought by family
members and others on Life Insurance policies of Individuals?
Answer: The information is not available as Individual policy related data is not
maintained by the Authority.
3.Request for names and addresses of Life insurance companies.
Answer: The List of Life Insurance companies along with the address of the headquarters
can be viewed at the following link
https://www.irdai.gov.in/ADMINCMS/cms/NormalData_Layout.aspx?page=PageNo129&
mid=3.1.9
4.Request for information on employees (i.e. work record, benefits paid, personal details
etc.) of Life Insurance companies.
Answer: The information is not available as the HR matters of the Insurance companies
are not regulated by the Authority.
5.Requesting the Authority to settle the policy claims of individuals.
Answer: IRDAI is a Statutory Regulatory body. The liabilities of the regulated entities are
not discharged by the Authority. However, it is also informed that in case of any grievance
as a policyholder of any Life Insurance Company, the following Grievance Redressal
Mechanism is put in place may be used for resolution of the same.
In the event of any complaint/grievance against insurer/s the applicant is required to first
approach the Grievance/Customer complaints Cell of the concerned Insurer. In case of
non-receipt of a response from insurer(s) with a reasonable period of time or are
dissatisfied with the response of the company, approach the Grievance Cell of the IRDA
at the following address:
Complaints against Life Insurance Companies:
General Manager,
Consumer Affairs Department,
Insurance Regulatory and Development Authority,
Survey No. 115/1, Financial District, Nanakramguda,
Gachibowli, Hyderabad – 500032
Email-id: complaints@irda.gov.in
Call Toll Free Number 155255.
If not satisfied with the Insurance Company’s response the applicant can also file a
complaint with the Insurance Ombudsman of the State. The Authority directed all Insurers
to mention in the policy documents information relating to the ombudsman. The Insurance
Ombudsman is an independent office to provide speedy and cost effective resolution of
grievances to the customers with regard to any grievances connected with claim
settlement up to a limit of Rs. 30 Lakhs per case.
6.Request for grievance redressal on individual Grievances in policy related matters?
Answer: As mentioned in Question No.5
7.What are the various functions of IRDAI? From where the IRDAI draws powers to
discharge these functions?
Answer: The Authority/IRDAI draws powers from IRDA Act 1999 and certain provisions
of Insurance Act,1938.Section 14 of IRDA Act 1999 specifies duties, powers and
functions of IRDAI.
“Section 14. DUTIES, POWERS AND FUNCTIONS OF AUTHORITY. --
(1)Subject to the provisions of this Act and any other law for the time being in force, the
Authority shall have the duty to regulate, promote and ensure orderly growth of the
insurance business and re-insurance business.
(2) Without prejudice to the generality of the provisions contained in sub-section (1), the
powers and functions of the Authority shall include, -
(a) issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or
cancel such registration;
(b) protection of the interests of the policy holders in matters concerning assigning of
policy, nomination by policy holders, insurable interest, settlement of insurance claim,
surrender value of policy and other terms and conditions of contracts of insurance;
(c)specifying requisite qualifications, code of conduct and practical training for
intermediary or insurance intermediaries and agents;
(d) specifying the code of conduct for surveyors and loss assessors;
(e) promoting efficiency in the conduct of insurance business;
(f) promoting and regulating professional organisations connected with the insurance and
re-insurance business;
(g) levying fees and other charges for carrying out the purposes of this Act;
(h) calling for information from, undertaking inspection of, conducting enquiries and
investigations including audit of the insurers, intermediaries, insurance intermediaries and
other organisations connected with the insurance business;
(i) control and regulation of the rates, advantages, terms and conditions that may be
offered by insurers in respect of general insurance business not so controlled and
regulated by the Tariff Advisory Committee under section 64U of the Insurance Act, 1938
(4 of 1938);
(j) specifying the form and manner in which books of account shall be maintained and
statement of accounts shall be rendered by insurers and other insurance intermediaries;
(k) regulating investment of funds by insurance companies;
(l) regulating maintenance of margin of solvency;
(m) adjudication of disputes between insurers and intermediaries or insurance
intermediaries;
(n) supervising the functioning of the Tariff Advisory Committee;
(o) specifying the percentage of premium income of the insurer to finance schemes for
promoting and regulating professional organisations referred to in clause (f);
(p) specifying the percentage of life insurance business and general insurance business
to be undertaken by the insurer in the rural or social sector; and
(q) exercising such other powers as may be prescribed.”
8.Which companies are private life insurance companies?
Answer: There are 23 private sector Life Insurance companies in India. They are: -

S.NO Insurance company

1 Aditya Birla Sun Life Company India Limited
2 AEGON Life Insurance Co. Ltd.
3 Aviva Life Insurance Company India Limited
4 Bajaj Allianz Life Insurance Co. Ltd.
5 Bharti AXA Life Insurance Co. Ltd.
6 Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd.
7 Pramerica Life Insurance Co. Ltd.
8 Edelweiss Tokio Life Insurance Co. Ltd.
9 Exide Life Insurance Co. Ltd.
10 Future Generali India Life Insurance Co. Ltd.
11 HDFC Life Insurance Co. Ltd
12 ICICI Prudential Life Insurance Co. Ltd
13 IDBI Federal Life Insurance Co. Ltd.
14 India First Life Insurance Co. Ltd.
15 Kotak Mahindra Life Insurance Co. Ltd
16 Max Life Insurance Co. Ltd
17 PNB MetLife India Insurance Co. Ltd.
18 Reliance Nippon Life Insurance Co. Ltd.
 19 Sahara India Life Insurance Co. Ltd.
20 SBI Life Insurance Co. Ltd
21 Shriram Life Insurance Co. Ltd.
22 Star Union Dai-ichi Life Insurance Co. Ltd.
23 Tata AIA Life Insurance Co. Ltd.

9.Address, contact details and corporate website Links of all Life Insurance Companies
operating India.
Answer: The Address, contact details and corporate website Links of All 24 Life
Insurance Companies can be viewed on the Authority’s website www.irdai.gov.in
>Insurers>Life>List of Insurers
10.Total number of policies sold by life Insurance companies?
Answer: The year wise policies sold by Life insurance companies and the total premium
obtained by the Life insurers can be viewed in the Authority’s yearly Hand books which
can be viewed on the website www.irdai.gov.in >Reports>Handbook on Indian
insurance
11. Total premium collected by Life insurance companies?
Answer: The year wise total premium collected by the Life insurers can be viewed in the
Authority’s yearly Hand books which can be viewed on the website www.irdai.gov.in
>Reports>Handbook on Indian insurance
12.Request for plan/product wise number of policies sold by Life Insurance Companies
Answer: Information sought is not available as product wise new business data of Life
insurance companies is not maintained by the Authority.
13.Number of claims and Claim amount settled by Life Insurers?
Answer: The year wise death claims settled and death claim amount paid by Life
insurance companies can be viewed in the Authority’s Annual reports and Handbook of
Indian Insurance which can viewed on the website www.irdai.gov.in Reports>Annual
reports of the Authority & www.irdai.gov.in >Reports>Handbook on Indian
insurance.
14.What are the remedies available to insured persons in case of mis-sale of life
insurance policies?
Answer: As per section 10(1) of IRDAI (Protection of Policyholders Interests)
Regulations,2017 the policyholder has a free look period of 15 days (30 days in case of
electronic policies and policies obtained through distance mode) from the date of receipt
of the policy document, to review the terms and conditions of the policy and where the
policyholder disagrees to any of those terms or conditions, he has the option to return the
policy to the insurer for cancellation.
15. Request for claim settlement details of Individuals?
Answer: The information is not available as the details of claim settlement of individual
policies of the insurers is not maintained by the Authority
16.Request for product/plan wise claim settlement data of Life Insurance companies
Answer: The information is not available as the product type wise, product wise details
of settlement of claims is not maintained by the Authority
17. Provide data on number of claims repudiated/rejected by Life Insurers.
Answer: The year wise death claims repudiated/rejected by Life insurance companies
can be viewed in the Authority’s Annual reports which can viewed on the website
www.irdai.gov.in >Reports>Annual reports of the Authority & www.irdai.gov.in
>Reports>Handbook on Indian insurance.
18. Please provide a copy of rules stating the guidelines to be followed by the Life
Insurance Companies while settling Life Insurance Claims.
Answer: Regulation 14 of IRDAI (Protection of Policyholders’ Interests)
Regulations,2017 prescribes the Claims procedure in respect of a Life Insurance policy.
The Regulations can be viewed at the following link
https://www.irdai.gov.in/ADMINCMS/cms/frmGeneral_Layout.aspx?page=PageNo3191
&flag=1

19. Provide the maximum time limit of settlement of Life insurance claims?
Reply: As per regulation 14(2)(i) of IRDAI (Protection of Policyholders’ Interests)
Regulations,2017, a death claim under a life insurance policy shall be paid or be rejected
or repudiated giving all the relevant reasons, within 30 days from the date of receipt of all
relevant papers and required clarifications. However, where the circumstances of a claim
warrant an investigation in the opinion of the insurer, it shall initiate the same at the
earliest and complete such investigation expeditiously, in any case not later than 90 days
from the date of receipt of claim intimation and the claim shall be settled within 30 days
thereafter.
Also as per regulation 14(2)(iv) of IRDAI (Protection of Policyholders’ Interests)
Regulations,2017, in respect of Maturity, Survival Benefit claims and Annuities, the Life
Insurer shall initiate the claim process by sending intimation sufficiently in advance or
send post-dated cheque or give direct credit to the bank account of claimant through any
electronic mode approved by RBI, so as to pay the claim on or before the due date.

20.Whether any penal interest is paid in case of delay in settlement of Life Insurance
claims?
Answer: As per regulation 14(2)(ii) of IRDAI (Protection of Policyholders’ Interests)
Regulations,2017. In respect of death claim if there is delay on the part of Insurer beyond
the timelines mentioned in sub regulation 14(2)(i), the insurer shall pay interest at a rate,
which is 2% above bank rate from the date of receipt of last necessary document
As per regulation 14(2)(iv) of IRDAI (Protection of Policyholders’ Interests) Regulations,
2017.In respect of Maturity, Survival Benefit claims and Annuities, in case of any delay
on the part of the Insurer in settling the claim on due date, the life insurer shall pay interest
at a rate, which is 2% above bank rate from the due date of payment or date of receipt of
last necessary document from the insured/claimant, whichever is later.
21. Please inform the guarantee of claim if any Life Insurance company gets insolvent as
per record?
Answer: The solvency of Insurers is monitored on a quarterly basis. Further according to
Schedule III of IRDAI (Assets, Liabilities, and Solvency Margin of Life Insurance
Business) Regulations, 2016 every insurer at all times shall maintain a control level of
solvency i.e. solvency ratio of 150 percent (Which means 150 percent of Assets over
Liabilities). The regulations can be viewed at the following link
https://www.irdai.gov.in/ADMINCMS/cms/frmGeneral_Layout.aspx?page=PageNo2847
&flag=1
Also section 56 (1) of Insurance Act 1938 states that in the winding up of an insurance
company and in the insolvency of any other insurer the value of the assets and the
liabilities of the insurer in respect of life insurance business shall be ascertained
separately from the value of any other assets or any other liabilities of the insurer and no
such assets shall be applied to the discharge of any liabilities other than those in respect
of life insurance business.

22.Request for Surrender value of individual Life Insurance policies?

Answer: The information is not available as the details of the individual policies are not
maintained by the Authority. However, the benefits and payments under the policy are
based on the terms and conditions of the policy.
23.Whether there are any rules/regulations framed by Authority Mandating Life Insurance
before availing loan from any Financial Institutions?
Answer: No
24. Is it mandatory to take Life Insurance for availing Home Loan?
Answer: No. However, Securing the loans, either by way of insurance or other modes, is
the prerogative of the lending institutions concerned which may be as per terms and
conditions of the loan or may be as per the directives if any, prescribed by the regulator
governing the lending institution.
25. Kindly provide rules and regulations followed to open branch and its sub units for life
insurance companies
Answer: The opening of branches and operating units of Life Insurance companies are
regulated as per IRDAI (Places of Business) Regulations,2015. The same can be viewed
at the following link.
https://www.irdai.gov.in/ADMINCMS/cms/frmGeneral_Layout.aspx?page=PageNo2594
&flag=1
26. What is the maximum limit of premium which can be paid in cash.
Answer: IRDAI has not imposed any limits on cash payment. However as per Master
circular on AML/CFT guidelines for Life Insurers dated 28/09/2015 cash payments
beyond Rs.50000 should always be accompanied by PAN.
The Master circular can be viewed at the following link
https://www.irdai.gov.in/ADMINCMS/cms/Circulars_Layout.aspx?page=PageNo2627&fl
ag=1
27. How much deposit is required for IRDAI to provide permission to a new life insurance
company?
Answer: According to section 6 of Insurance Act 1938, no insurer carrying on the
business of life insurance in India or after the commencement of the Insurance Regulatory
and Development Authority Act, 1999, shall be registered unless he has a paid-up equity
capital of rupees one hundred crores.
28.List of Life insurance companies which provide the PRIME MINISTER JEEVAN JYOTI
BEEMA YOJNA.
Answer: 13 Life Insurers are providing PMJJBY
1. Tata AIA Life Insurance Co. Ltd.
2. ICICI Prudential Life Insurance Co. Ltd
3. HDFC Standard Life Insurance Co. Ltd
4. SBI Life Insurance Co. Ltd
5. Max Life Insurance Co. Ltd
6. India First Life Insurance Co. Ltd
7. Life Insurance Corporation of India
8. Star Union Dai-ichi Life Insurance Co. Ltd
9. Shriram Life Insurance Co. Ltd
10. Bharati Axa Life Insurance Co. Ltd
11. Canara HSBC Life Insurance Co. Ltd
12. Exide Life Insurance Co. Ltd
13. PNB Met Life Insurance Co. Ltd

29.Year wise (Policy Year June 1st to May 31st) No of people enrolled in Pradhan Mantri Jeevan
Jyoti Bima Yojana(PMJJBY) scheme.

Answer:

Enrollments during the

year
Year
(Renewals + Fresh
enrollments)
2015-16 2,73,54,338
2016-17 2,53,77,102
2017-18 2,53,41,306
2018-19 2,98,77,876
30.Year wise (Policy Year June 1st to May 31st) premium collected in Pradhan Mantri Jeevan Jyoti
Bima Yojana(PMJJBY) scheme.

Answer:

Amount of premium
Year received during the
year (Amount in Rs.)
2015-16 790,55,40,844
2016-17 733,42,39,630
2017-18 732,41,95,198
2018-19 788,50,33,166

31.Year wise (Policy Year June 1st to May 31st) No. of Claims settled in Pradhan Mantri Jeevan
Jyoti Bima Yojana(PMJJBY) scheme.

Answer:

Number of
Year claims paid
during the year

2015-16 41,231
2016-17 42,662
2017-18 37,811
2018-19 42,191
32.Year wise (Policy Year June 1st to May 31st) Claim Amount settled in Pradhan Mantri Jeevan
Jyoti Bima Yojana(PMJJBY) scheme.

Answer:

Claim Amount
paid during the
Year
year (Amount
in Rs.)
2015-16 824,62,00,000
2016-17 853,24,00,000
2017-18 756,22,00,000
2018-19 843,82,00,000

33. What are the Micro Insurance Products offered by Life Insurance companies

Answer: The List of Micro Insurance Products offered by Life Insurers can be viewed on
Annexure-V of IRDAI Annual Reports. The Authority’s Annual Reports can be viewed at
www.irdai.gov.in > Reports > Annual reports of the Authority.
 34.New Business figures under Micro Insurance covering Individual policies and premium, Group
schemes premium and Lives covered.

Answer: The New Business figures under Micro Insurance can be viewed in the
Authority’s Annual reports and Handbook of Indian Insurance which can viewed on the
website www.irdai.gov.in >Reports>Annual reports of the Authority &
www.irdai.gov.in >Reports>Handbook on Indian insurance.

35. Frequently Asked Questions under Pradhan Mantri Vaya Vandana Yojana
PMVVY) with UIN:512G336V01

I. What is Pradhan Mantri Vaya Vandana Yojana (PMVVY)?

Answer: Pradhan Mantri Vaya Vandana Yojana (PMVVY) (UIN: 512G336V01) is a

Government subsidized pension Scheme for senior citizens aged 60 years and
above.

II. Who is the administrator of the PMVVY?

Answer: Life Insurance Corporation of India will be the administrator of PMVVY on

behalf of Government of India.

III. What is the period for which this Scheme is available for sale?

Answer: This Scheme is available for sale upto 31st March, 2023.

IV. Who can purchase this Scheme?

Answer: Senior citizens of India aged 60 years (completed) and above can purchase
this Scheme.

V. Is there any upper limit on age for purchasing this Scheme?

Answer: There is no upper age limit for purchasing this Scheme.

VI. What is the term of this Scheme?

Answer: The term of this Scheme is 10 years.

VII. What is the mode of pension under this Scheme?

Answer: Mode of pension payment can be monthly/quarterly/half-yearly or yearly. The

first instalment of pension shall be paid after 1 year, 6 months, 3 months, or 1 month
from the date of purchase of the same depending on the chosen mode of pension
payment i.e. yearly, half-yearly, quarterly or monthly respectively.

VIII. What are the benefits available under this Scheme?

Answer: The following benefits are available under the scheme:
a. Pension Payment:
 On survival of the Pensioner during the policy term of 10 years, pension in
arrears (at the end of each period as per mode chosen) shall be payable. For
example, if you choose monthly mode of annuity, the first pension payment will
be made after one month from the date of purchase of policy.

b. Death Benefit:
On death of the Pensioner during the policy term of 10 years, the Purchase Price
shall be refunded to the beneficiary.
c. Maturity Benefit:
On survival of the pensioner to the end of the policy term of 10 years, Purchase
price along with final pension installment shall be payable.

IX. What is the rate of interest for pension under this Scheme?
Answer: For the Policies sold upto 31.03.2021, the Scheme will provide an assured rate
of return of 7.40% p.a. payable monthly (i.e. equivalent to 7.66% p.a.). For the policies
sold during the next two financial years, the applicable assured rate of interest, at
which the pension payment shall be made, will be reviewed and decided at the
beginning of each financial year by Ministry of Finance, Government of India.

X. Will the rate contracted at the time of purchase of the policy remain the same for the
entire ten years policy term or the rate of interest payable on the policy at the time of
purchase will keep changing every year for the policyholder?
Answer: The rate contracted at the time of purchase of the policy will remain the same
for the entire ten years policy term. Thus the rate of interest for policies purchased
during F.Y. 2020-21 will be assured return of 7.40% p.a. payable monthly (equivalent
7.66% p.a.) for the full term of 10 years. For the policies sold during the next two
financial year’s i.e Financial Year 2021-22 and 2022-2023, the applicable assured
rate of interest, at which the pension payment shall be made, will be reviewed and
decided at the beginning of the said financial year by Ministry of Finance, Government
of India. However, once the rate of interest is fixed for policies purchased during that
Financial year, it will remain the same for the full term of 10 years.
.
XI. How is this Scheme different from the earlier versions of Pradhan
MantriVayaVandanaYojana with UIN: 512G311V01 and 512G311V02?

Answer: As per the terms and conditions under this Scheme, guaranteed rates of
pension for policies sold during a year will be reviewed and decided at the beginning
of each year by Ministry of Finance, Government of India. For the first financial year
i.e. upto 31st March 2021, the Scheme will provide an assured pension of 7.40% p.a.
payable monthly. In the earlier version of PMVVY, rate of guaranteed pension was
8.00% p.a. payable monthly.

XII. If the interest rates are to be reset on every First of April of new financial year, will it
have any impact on policies already taken?

Answer: As per the terms and conditions under this Scheme, guaranteed rates of
pension for policies sold during a year will be reviewed and decided at the beginning
 of each year by Ministry of Finance, Government of India. Hence there may be a
change in the guaranteed rates of pension for policies that will be sold during next
two years i.e. for the financial year 2021-22 and 2022-23. However once the
guaranteed rate of pension is fixed for that Financial Year, it will remain the same for
the full policy term of 10 years.

XIII. What is the minimum and maximum pension available under this Scheme?

Answer: The following are the details of minimum and maximum pension available
under the Scheme.

Mode of Pension Monthly Quarterly Half year yearly

Minimum pension Rs. 1,000/- Rs. 3,000/- Rs. 6,000/- Rs. 12,000/-
Maximum pension Rs. 9,250/- Rs. 27,750/- Rs. 55,500/- Rs. 1,11,000/-

XIV. What is the minimum and maximum purchase price available under this Scheme?

Answer: The following are the details of minimum and maximum pension available
under the Scheme.

Mode of Pension Monthly Quarterly Half year yearly

Minimum purchase price Rs. 1,62,162/- Rs. 1,61,074/- Rs. 1,59,574/- Rs. 1,56,658/-
Maximum purchase price Rs. Rs. 14,89,933/- Rs. 14,76,064/- Rs. 1,449,086/-
15,00,000/-

XV. Are there any restrictions on the maximum purchase price under this Scheme?

Answer: Total amount of purchase price under all the policies under this Scheme (UIN
512G336V01), and all the policies taken under earlier versions of Pradhan
MantriVayaVandanaYojana (with UIN 512G311V01 and UIN: 512G311V02) allowed
to a senior citizen shall not exceed Rs. 15 lakhs.
XVI. Whether a policy taken under this Scheme can be surrendered?

Answer: A policy taken under this Scheme can be surrendered anytime during the term
of the policy.
XVII. What are the conditions for surrender under this Scheme?
Answer: A policy taken under this policy can be surrendered anytime during the term of
the policy during the policy term under exceptional circumstances like the Pensioner
requiring money for the treatment of any critical/terminal illness of self or spouse.
XVIII. What is the surrender value under this Scheme?

Answer: The Surrender Value payable under this Scheme shall be 98% of Purchase Price.
XIX. Whether loan is allowed under the Scheme?
Answer: Loan facility is available after completion of 3 policy years. The maximum loan that
can be granted shall be 75% of the Purchase Price.
XX. What is the rate of interest on loan under this Scheme?

Answer: The rate of interest to be charged for loan amount shall be determined at periodic
intervals. For the loan sanctioned till 30th April, 2021, under earlier versions of this
scheme, the applicable interest rate is 9.5% p.a. for the entire term of the loan.
XXI. How will loan and loan interest recovered under this Scheme?

Answer: Loan interest will be recovered from pension amount payable under the policy.
The Loan interest will accrue as per the frequency of pension payment under the policy
and it will be due on the due date of pension. However, the loan outstanding shall be
recovered from the claim proceeds at the time of exit.
XXII. Is there any difference in the guaranteed pension rate if the policy is taken online?

Answer: The guaranteed pension rate is similar for offline as well as online mode of sale.