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Additional Details
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vikas m | What will happen to my money if any private insurance company bankrupts in india.Will IRDA pay my money? |
If any private insurance company bankrupts Then whether IRDA will pay the money.This can be possible company is showing false solvency rate for a long time.The solvency rate the company maintains whether it is in the control of IRDA or in the control of company itself |
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Bharat
 |
As we have seen Satyam issue, this is not impossible to show wrong solvency data. Though money in funds are safe as it is investors money.
I mean that money in many ULIP funds are kept in stock market & insurer only manage funds. This money belongs to investor & investor will get it , even if whatever happens to company. |
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raghavpandu
|
Private insurance company in india submits their insuring part to IRDA i.e IRDA will pay the money in any circumstances.only your investment part will be at risk with the company. |
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Shreeniwas Gadiyar
|
Sec. 37 of LIC Act, 1956, all guaranteed payments including bonus declared on policy are payable by Central Government in case of LIC policy. |
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karpakarajan
|
the concern is reasonable. IRDA is a regulatory body. It regulates the fair practices and performance of the insurance company. so the chances of the insurance company going bust is remote. however, technically it is not impossible. insurance functions in probability. as per historical data and hypotheses. if all the insured claim against the policy; naturally the company would bust. i don't think that IRDA would foot the bill. I heard that in the case of LIC, government of india has guaranteed. however, these days, government comes out to bail out private companies to sustain the economy. allowing them to fail would cause more harm to the economy than the cost of supporting the company !!!! good luck..
--
Best Wishes and Warm Regards,
Karpaka Rajan. V Chettiar,
Insurance advisor / Internal Auditor / Banker,
tel - 00971 50 5210891 (from 5.00pm to 9.00pm unless it is an exigency)
email - karpaka@gmail.com |
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bhushan s
 |
Will, simply put, the answer is NO. IRDA will not pay dues of any pvt life insurance company.
While LIC is backed up by Govt of India under a sovereign guarantee. |
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Mark Summers
|
I think you are right... but from where i have done my insurance, I am satisfied with my company...and about your concern that what if the company get bankrupts, we can go to IRDA and sort the issue...for your reference I advised you to go Apollodkv for Health Insurance, personal accident insurance and many more insurance plans suitable to your need... |
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sweet
|
IRDA is only a regulatory authority and they will not pay. Privatisation had happened recently, Public Sector company enjoyed a very stronger position in terms of finance. Prior to nationalisation (think 1972) of insurance companies there were several private companies which went astray and then the Govt grouped the companies and made it as a 4 major players and after several years, the govt had now openned the sector and there are number of companies emerging. We got to wait and watch. However we wish such a situation should not arise as it affects all. YOU AND ME. |
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Arvind Kalol
 |
Don't worry...IRDA body is strong...and never ever Insurance company bankrupts in india ... because indian goverment is strong gov...and "BRIC" means Brazil,Rusia,India,China should invest money in this four country...and IRDA under LIC,Max New York Life,Icici and all 22 insurance company is satrong but i like Max New york life i know history about 4 company MAX is best company india ranking number 1st comany in insurance and number 7th company in allover comany number 1st is microsoft...bye take care |
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