Consumer grievances in insurance sector: An analysis
- Bihar Journal of Public Administration
- 16(1), Jan-Jun, 2019: p.25-40
The ratio of insurance policy holders in India is still low, hence the public and private financial companies are luring people to buy their products. Secondly, the insurance business and the need for insurance cover are increasing with the growing complexity of life and commerce. As a consequence, there is now a bewildering variety of insurance cover. The present paper finds that it is high time for the consumers to buy any type of insurance only by taking cognizance of all facts before making a purchase. Consumer insurance literacy is a major challenge for consumer protection regulation. There are many rules established in the sector by the Regulator-IRDAI, which has stipulated directions for protection of consumer interests that mandatorily have to be implemented and executed by the insurance companies. In case of any non adherence by the insurance companies, the authority has the power to act as per the regulations.- Reproduced