Indian Insurance Policy is regulated by few acts such as Insurance Act(1938), Life Insurance Corporation Act(1956), Insurance Regulatory and Development Authority (IRDA) Act(1999), and General Insurance Business Nationalization Act(1972). This policy determines cover against risks, opens investment alternatives with insurance firms setting higher returns, plus informs about tax benefits.
Well, we have have many insurance policies in the market offering best deals. But most of them do not give what they claim and the terms are conditions are most of the times misleading. How do we clarify if the policy genuinely offers what it claims? and if not, under which act can we file a suit on the firm?
