Irdai regulator seeks feedback on ₹800cr fund for policyholder protection
Business
Irdai, India's insurance regulator, is asking for feedback on a new ₹800 crore fund created to boost policyholder awareness and protection.
This fund kicked off in March 2026 under the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025, aiming to help everyone get insured by 2047.
Insurers premiums penalties to fund projects
The proposal is for insurers to chip in a slice of their premium earnings, plus penalties, grants, donations, and investment returns.
The money will fuel projects like insurance literacy drives, better complaint systems, and tools to track unclaimed policies.
A dedicated committee has also been proposed to keep an eye on how the fund is used and make sure it delivers results.