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The Life Insurance Council is a forum that connects numerous stakeholders in the life insurance sector. It facilitates discussions between the government, regulatory board, and the public. Let’s understand about the Life Insurance Council of India in detail.
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The Life Insurance Council is a regulatory body dedicated to ensuring the smooth and efficient operation of the insurance industry. Established under Section 64 of the Insurance Act, 1938, the Council functions through various sub-committees that oversee its activities. It includes all insurance companies in India, with a total of 24 life insurers collaborating to offer a variety of new and traditional products.
The primary aim of the Council is to assist India's insurance industry in maintaining its high standards of vibrancy and trustworthiness. By fostering a reliable and dynamic insurance sector, the LI Council of India also helps people on their journey towards securing a prosperous future. Through its regulatory and coordinating efforts, the Life Insurance Council plays a crucial role in supporting the industry's growth and ensuring it meets the evolving needs of the public.
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Below mentioned are the roles of the Life Insurance Council of India:
Positive Industry Image: Create a positive image of the industry and enhance consumer confidence.
Ethics and Governance: Maintain high standards of ethics and governance.
Awareness Promotion: Promote awareness of the role and benefits of life insurance.
Government Interaction: Organize structured and proactive discussions with the government, lawmakers, and regulators.
Research and Development: Conduct research in life insurance, publish monographs, and contribute to sector development.
Sector Interaction: Act as a forum for interaction with other financial services organizations.
Education and Training: Lead in insurance education, research, training, and conferences.
Member Support: Provide help and guidance to members when necessary.
Global Link: Act as an active link between the Indian life insurance industry and global markets.
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Here are some of the key functions of the Life Insurance Council of India:
Link Between Stakeholders
The Life Insurance Council of India serves as a crucial link between the Indian Insurance Regulatory and Growth Authority and the non-life insurance sector. It also promotes business concerns with the Government, acting as a bridge to ensure smooth communication and coordination between these entities.
Role and Development
The Council performs the role envisioned by the Insurance Act, while also encouraging the overall development of the industry in a rational and balanced manner. This ensures that the interests of all stakeholders are considered and addressed, fostering a healthy and sustainable insurance sector.
Platform for Discussion
One of the main formative functions of the Council is to provide an active platform for discussion. This platform allows all concerns about insurance policies to be raised, addressed, and resolved. Additionally, the Council builds awareness about life insurance and hosts conferences that bring together professionals in the industry to share insights and knowledge.
Awareness Campaign
In 2018, the Council initiated a 100-crore multimedia campaign aimed at raising awareness about insurance policies, like life and term insurance plans, and dispelling misconceptions. The main objective of this campaign was to ensure that life insurance is better understood and to emphasize its importance in goal-oriented financial planning.
Additional Activities
The Life Insurance Council of India is also actively working to combat insurance fraud. It serves as a mediator for dialogues and the exchange of information with foreign insurance companies. Furthermore, the Council organizes meetings to discuss the common interests of insurance companies globally, fostering international cooperation and collaboration.
You can contact the Life Insurance Council Of India using the following details:
Life Insurance Council
4th Floor, Jeevan Seva Annexe Building,
Santacruz (West), Mumbai
Telephone Number: 022 – 26103303 / 05 /06
Fax Number: 022 - 26103304
Website: http://www[dot]lifeinscouncil[dot]org/
Email: licouncil[at]lifeinscouncil[dot]org
So to conclude, the Life Insurance Council of India is dedicated to fostering a positive industry image, maintaining high ethical standards, and promoting awareness of life insurance benefits. Through proactive government interactions, research, education, and global collaboration, the Council supports the continuous development and confidence in the life insurance sector.
Note: It is suggested to calculate the term plan premium on the term plan calculator online tool by Policybazaar before buying.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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